The latest statistics from the China Gold Association show that in the first three quarters of 2023, domestic raw material gold production was 271.248 tons, an increase of 1.261 tons compared with the same period in 2022, a year-on-year increase of 0.47%, of which 214.866 tons of gold mined gold were completed, and 214.866 tons of non-ferrous metals were produced. By-product gold was 56.382 tons. In addition, in the first three quarters of 2023, imported raw materials produced 96.277 tons of gold, a year-on-year increase of 11.48%. If this part of imported raw materials is included in the gold production, the country produced a total of 367.525 tons of gold, a year-on-year increase of 3.14%.
In the first three quarters of 2023, national gold consumption was 835.07 tons, an increase of 7.32% compared with the same period in 2022. Among them: 552.04 tons of gold jewelry, a year-on-year increase of 5.72%; 222.37 tons of gold bars and gold coins, a year-on-year increase of 15.98%; 60.66 tons of industrial and other gold, a year-on-year decrease of 5.53%. In the first three quarters, the national economy continued to recover and market demand continued to expand. Data from the National Bureau of Statistics showed that the growth rate of retail sales of gold, silver and jewelry commodities continued to lead other categories of commodities. The price of gold continued to remain high in the third quarter, and the growth rate of gold jewelry consumption slowed down. Especially when the price of gold fluctuated sharply near the "Double Festival" at the end of September, the wait-and-see mood in gold jewelry consumption increased. However, upgraded products such as hard pure gold and ancient gold Commodities are still growing rapidly. The high fluctuations in gold prices have attracted greater attention to physical gold investment, and the consumption of gold bars and gold coins continues to grow rapidly.
In the first three quarters of 2023, the cumulative trading volume of all gold varieties on the Shanghai Gold Exchange was 31,500 tons bilaterally (15,800 tons unilaterally), a year-on-year increase of 3.08%, and the bilateral transaction volume was 13.86 trillion yuan (unilaterally 6.93 trillion yuan) ), a year-on-year increase of 16.52%; the cumulative trading volume of all gold varieties on the Shanghai Futures Exchange was 92,200 tons bilaterally (46,100 tons unilaterally), a year-on-year increase of 40.55%, with a bilateral transaction volume of 35.27 trillion yuan (unilateral 17.64 trillion yuan), A year-on-year increase of 51.81%. In the first three quarters, the size of domestic gold ETF holdings generally showed a trend of first declining and then rising. In the third quarter, the size of domestic gold ETF holdings increased significantly by 9.53 tons. As of the end of September, domestic gold ETF holdings were approximately 59.69 tons.
In the first three quarters of 2023, downward pressure on the global economy continues to accumulate, geopolitical conflicts continue to worsen, and international gold prices fluctuate at high levels. At the end of September, as the market's expectations for the Federal Reserve to maintain high interest rates increased, international gold prices fell sharply back to the level at the beginning of the year, but still remained at historically high levels. At the end of September, the London spot gold fixed price was 1,870.50 US dollars/ounce, up 1.48% from the beginning of the year; the closing price of Au9999 gold on the Shanghai Gold Exchange at the end of September was 447.10 yuan/gram, up 8.78% from the beginning of the year.
In the first three quarters of 2023, the People's Bank of China increased its gold holdings by a total of 181.02 tons. From November 2022 to September 2023, the People's Bank of China has increased its gold holdings for eleven consecutive months. As of the end of September, my country's gold reserves reached 2,191.55 tons.
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