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China’s gold consumption fell 5.96% year-on-year to 290.492 tons in the first quarter of 2025, according to the China Gold Association, as high gold prices dampened demand for traditional jewellery. The surge in gold prices has shifted consumer behavior, with more buyers favoring gold bars and coins as investment vehicles rather than ornamental pieces.
Gold jewellery demand saw a sharp 26.85% decline compared to a year earlier, totaling 134.531 tons. In contrast, consumption of gold bars and coins jumped 29.81% to 138.018 tons, as investors sought safe-haven assets amid persistent geopolitical tensions and economic uncertainties.
Meanwhile, China's domestic gold production grew by 1.49% year-on-year to 87.243 tons in the first quarter. Including 53.587 tons of gold extracted from imported materials, the country's total gold output reached 140.830 tons, marking a 1.18% annual increase.
The shift toward gold investment products highlights growing concerns among Chinese consumers over global economic stability, prompting a move away from luxury purchases toward assets perceived as financial protection. Analysts expect this trend to continue if high gold prices and market volatility persist.
