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China's Q1 gold consumption climbs nearly 6% on safe-haven demand

26th April 2024

By: Reuters

  

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BEIJING - China's gold consumption in the first quarter of 2024 climbed by 5.94% from a year earlier on soaring safe-haven demand, the country's Gold Association said on Friday.

Bullion consumption in the world's largest consumer totalled 308.905 metric tons in the first three months of the year.

Purchase of gold bars and coins jumped 26.77% in the January-March period to 106.323 t, or 34% of the total consumption.

Additionally, buying from the central bank in the world's second-largest economy continued for a 17th straight month in March, bringing the total gold reserve to 2,262.67 tons by end-March.

However, gold jewellery consumption fell 3% to 183.922 t, or 59.5% of the total, as some consumers preferred to take a watchful stance amid rapidly rising bullion prices.

The most-traded gold futures contract on the Shanghai Futures Exchange SHAUc1 advanced by 10% from the beginning of the year to 531.3 yuan ($73.32) a gram on March 29, the last working day of the month.

Soaring gold prices heightened operational risks for processing and sales enterprises of bullion, according to the Association.

China's gold output made of domestically produced raw materials rose 1.16% to 85.959 t, it added.

Spurred by higher prices, smelting enterprises purchased more raw materials from abroad to ramp up gold production.

Output of gold from imported raw materials soared 78% to 53.225 t, bringing the total gold output in China in the first quarter to 139.184 t, a rise of 21.16%.

Edited by Reuters

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