According to the China Gold Association, in the first quarter of 2023, the domestic raw material gold output was 84.972 tons, an increase of 1.571 tons compared with the same period in 2022, a year-on-year increase of 1.88%. 18.466 tons. In addition, in the first quarter of 2023, 29.901 tons of gold were produced from imported raw materials, a year-on-year increase of 24.41%. If the gold production from this part of imported raw materials is included, a total of 114.873 tons of gold were produced nationwide, a year-on-year increase of 6.92%.
In the first quarter of 2023, the national gold consumption was 291.58 tons, an increase of 12.03% compared with the same period in 2022. Among them: 189.61 tons of gold jewelry, a year-on-year increase of 12.29%; 83.87 tons of gold bars and gold coins, a year-on-year increase of 20.47%; 18.10 tons of industrial and other gold, a year-on-year decrease of 16.90%. As the impact of the epidemic gradually subsides and a series of consumption-promoting policies have taken effect, consumers' willingness to consume has increased. Gold consumption has recovered significantly in the first quarter, especially in February and March. The growth rate of gold consumption accelerated significantly. According to data from the National Bureau of Statistics, retail sales of gold, silver and jewelry became the fastest-growing category of social consumer goods in March. Benefiting from the increase in demand for hedging, the consumption of gold bars and coins has also achieved substantial growth. The continuous rise of domestic gold prices led to a slow recovery of industrial gold demand.
In the first quarter of 2023, the cumulative trading volume of all gold varieties on the Shanghai Gold Exchange was 11,600 tons bilaterally (5,800 tons unilaterally), a year-on-year increase of 20.72%, and the bilateral transaction volume was 4.84 trillion yuan bilaterally (2.42 trillion yuan unilaterally) , an increase of 31.10% year-on-year; the cumulative trading volume of all gold varieties on the Shanghai Futures Exchange was 25,200 tons bilaterally (12,600 tons unilaterally), an increase of 7.48% year-on-year, and the bilateral turnover was 9.35 trillion yuan (4.67 trillion yuan unilaterally), a year-on-year increase of 9.35 trillion yuan. An increase of 11.24%. In the first quarter, the scale of domestic gold ETF holdings decreased slightly, with a total reduction of 0.82 tons. As of the end of March, domestic gold ETF holdings were about 50.60 tons.
In the first quarter of 2023, global central banks maintained net purchases of gold. From November 2022 to March 2023, the People's Bank of China will increase its gold holdings for five consecutive months, including a total of 57.85 tons of gold in the first quarter. As of the end of March, my country's gold reserves reached 2068.38 tons.
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