China National Gold Group Gold Jewelry Association: In the first half of 2025, China's gold production was 179.083 tons, a year-on-year decrease of 0.31%.

According to the latest statistics from the China National Gold Group Gold Jewellery Association, in the first half of 2025, domestic raw gold production was 179.083 tons, a decrease of 0.551 tons compared to the first half of 2024, a decrease of 0.31% year-on-year, and basically the same as last year. Among them, gold ore production completed 139.413 tons, and by-product gold completed 39.67 tons. In addition, in the first half of 2025, imported raw gold production was 76.678 tons, an increase of 2.29% year-on-year. If this imported raw gold is added, the total gold production in the country was 252.761 tons, an increase of 0.44% year-on-year, remaining the same as last year. In the first half of 2025, large gold groups in China's overseas mines achieved a gold production of 39.608 tons, a year-on-year increase of 16.17%. In the first half of 2025, China's gold production was 179.083 tons, a decrease of 0.31% year-on-year, and gold consumption was 505.205 tons, a decrease of 3.54% year-on-year. In the first half of 2025, the policy orientation of high-quality development and the high gold price provided historic opportunities for gold enterprises. Gold production enterprises increased their profit margins, with some enterprises choosing to reduce the average grade of the ore and maximizing the use of gold resources, but the gold production did not increase significantly. Large gold enterprises are committed to long-term high-quality development, increasing investment in large mine production projects, and technological renovations, adjusting their short-term production plans, and experiencing a temporary decline in gold production. Gold smelting enterprises saw a decrease in raw material supply, leading to a decrease in gold production. Key gold mining projects in Shandong's offshore and Shaling areas have been rapidly progressing. The gold mining production line in Zhaojinhe successfully completed water-coordinated commissioning, overcoming technical difficulties such as corrosion protection in high-corrosion underwater environments. The project has industrial production capacity and is expected to enter a comprehensive trial operation phase by the end of 2025. The main shaft elevator, shaft frame, ventilation and drainage system, and substation expansion at Zhongjin Shaoling Gold Mine have been completed, with over half of the surface engineering progress, the installation of ore dressing equipment entering the final stages, and it is expected to be ready for trial commissioning by the end of 2025. Key gold enterprises actively promoted the "going out" development strategy, with significant results. In the first half of 2025, large gold groups in China's overseas mines achieved a gold production of 39.608 tons, a year-on-year increase of 16.17%. In the first half of 2025, China's gold consumption was 505.205 tons, a decrease of 3.54% year-on-year. Where gold jewelry consumption was 199.826 tons, a decrease of 26.00%; gold bars and coins were 264.242 tons, an increase of 23.69%; industrial and other uses of gold were 41.137 tons, an increase of 2.59%. High gold prices have suppressed gold jewelry consumption, with lightweight, well-designed, and high-value jewelry products still popular. These products have contributed to good profits for businesses. There is still a strong demand for gold bars in gold shops, but profit margins are lower. Increasing geopolitical conflicts and economic uncertainty have highlighted the role of gold as a hedge and store of value, leading to a significant increase in investment demand for private gold bars and coins. Industrial gold demand has seen a slight increase due to the demand for gold salts. In the first half of 2025, the Shanghai Gold Exchange recorded a total trading volume of 16,786.87 tons (33,573.74 tons on a bilateral basis) for all types of gold, a year-on-year increase of 12.70%, with a total trading value of 12.118 trillion yuan (24.236 trillion yuan on a bilateral basis), a year-on-year increase of 56.46%. The share of total trading value of gold varieties at the Shanghai Gold Exchange increased from 96.27% in the same period last year to 97.58%. In the first half of 2025, the Shanghai Futures Exchange recorded a total trading volume of 75,477.958 tons (150,955.916 tons on a bilateral basis) for all gold futures and options, an increase of 88.39% year-on-year. The total trading value was 4.4429 trillion yuan (8.8859 trillion yuan on a bilateral basis), a year-on-year increase of 149.17%. The share of total trading value of gold futures and options at the Shanghai Futures Exchange increased from 16.56% in the same period last year to 33.54%. In the first half of 2025, domestic gold ETFs increased by 84.771 tons, an increase of 173.73% compared to the first half of 2024. By the end of June, the total holdings of domestic gold ETFs were 199.505 tons. The Shanghai Gold Exchange has made significant progress in establishing gold reserves in Saudi Arabia and Hong Kong. On May 8, 2025, the Shanghai Gold Exchange officially opened its Saudi Delivery Warehouse for the exchange of Renminbi and gold, facilitating Middle Eastern investors to participate directly in gold trading in Shanghai through the Saudi Gold Delivery Warehouse. On June 26, 2025, the Shanghai Gold Exchange officially opened its International Board Designated Warehouse in Hong Kong and launched gold trading contracts for delivery in Hong Kong. On the first day, many domestic and foreign institutions successfully completed transactions. In the first half of 2025, conflicts in various regions around the world continued to escalate, favoring gold as a safe haven, leading to a significant increase in international gold prices. At the end of June, the London spot gold fixing price was $3,287.45 per ounce, an increase of 24.31% since the beginning of the year, with an average price of $3,066.59 per ounce in the first half of the year, a 39.21% increase compared to the same period last year. At the end of June, the closing price of Au9999 gold at the Shanghai Gold Exchange was 764.43 yuan/gram, an increase of 24.50% since the beginning of the year, with a weighted average price of 725.28 yuan/gram in the first half of the year, a 41.07% increase compared to the same period last year. In the first half of 2025, China increased its gold holdings by 18.97 tons, bringing the country's gold reserves to 2,298.55 tons by the end of June. This article is compiled from the "China National Gold Group Gold Jewellery Association" by GMTEight editor Jiang Yuanhua.