World Gold Council: China's jewellery demand reached 157t in Q3 this year, up 32% year-on-year

Source: People's Daily Original manuscript

People's Daily Beijing, November 2 (Reporter Du Yanfei) The "Global Gold Demand Trend Report" (hereinafter referred to as the "Report") released by the World Gold Council a few days ago shows that in the third quarter of this year, China's gold consumption and investment demand rose in an all-round way. Among them, China's jewellery demand reached 157t, up 32% year-on-year and 7% month-on-month.

"China's gold demand in the third quarter as a whole showed an upward trend. Jewellery demand has returned to pre-COVID-19 levels, mainly due to lower gold prices and the emergence of new varieties, such as the relatively thick paleo gold products, which have also allowed the paleo gold category to continue to occupy the center stage of China's jewellery market. Wang Lixin, CEO of the World Gold Council in China, said that at the same time, the market share of hard-footed gold jewelry is relatively stable, which is favored by young consumers.

In terms of bar and coin sales, the Report shows that China's bar and coin sales performed strongly in the third quarter of this year, reaching a total of 65 tons, up 12% year-on-year. From an investment point of view, as of the end of the third quarter of this year, the overall position of China's gold-backed ETF was 72 tons, and the inflow inflow in the quarter was 3.2 tons.

With the rise in demand, domestic gold imports have also rebounded significantly. The "Report" shows that China's total gold imports in the third quarter reached 228 tons, not only a significant increase of 300% year-on-year, but also a 23% year-on-year increase compared with the third quarter of 2019.

Talking about the demand for gold jewellery in China in the coming months, Wang Lixin said that it is expected that the overall domestic gold demand will maintain an upward trend in the fourth quarter. Q4 is the traditional peak season for jewellery consumption in China, and with the greater popularity of new varieties such as ancient gold that incorporates traditional cultural elements, we are cautiously optimistic about the future demand for gold jewellery in the Chinese market. In addition, the anti-risk attributes of gold have emerged, and products such as gold bars and coins will provide strong support for gold investment demand.