World Gold Council: Investment demand surges, driving China's gold demand to a record high in the first quarter

World Gold Council: In the first quarter, the total gold investment and consumption demand in the Chinese market (including gold jewelry, gold bars, gold ETFs, and industrial gold) reached 362 tons, a year-on-year increase of 24%, marking the highest level for the same period since our records began. Overall, the explosive growth of gold investment fully offset the sluggish trend in gold jewelry consumption. In terms of value, total gold consumption in China in the first quarter reached 394.9 billion yuan, also setting a new quarterly historical high. The total demand for various categories, including jewelry, has all improved. Demand for gold jewelry in the first quarter declined by 32% year on year to 85 tons, but increased by 4% quarter on quarter. Overall, gold price volatility and still low consumer confidence continue to put pressure on domestic gold jewelry consumption. However, the consumption value of gold jewelry has further increased, showing that consumer interest in gold jewelry remains undiminished. Demand for gold bar investments in the first quarter soared to a historical high, up 67% year on year, and surged 180% quarter on quarter to 207 tons. This was mainly due to the ongoing demand from domestic residents for value-preserving allocation, rising risk aversion sentiment, and the strong performance of gold relative to other assets.

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