2026 China Gold Industry Demand Status Analysis: Gold bars and coins become the largest consumer market [Gallery]

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Source: Qianzhan Industry Research Institute

Key publicly listed companies in the gold industry: China Merchants Gold (000506.SZ); Shandong Jinyin (000975.SZ); Hunan Gold (002155.SZ); China Gold (600489.SH); Shandong Gold (600547.SH); Chifeng Gold (600988.SH); Westgold (601069.SH); Laofengxiang (600612); Chow Tai Seng (002867); Chaohongji (002345), etc.

This article’s core data: China’s gold consumption volume; the distribution of downstream demand in China’s gold industry; China’s gold jewelry consumption volume; China’s consumption volume of gold coins and bullion

Domestic gold consumption demand: fluctuations and changes

From China’s gold consumption demand, China’s gold consumption volume from 2017 to 2022 shows fluctuating changes. In 2018, China’s gold consumption volume reached a peak of 1,151.43 tons; in 2025, China’s gold consumption volume was 950.10 tons, down 3.57% year over year

Bullion bars and coins dominate demand

Gold demand mainly consists of three parts: consumption demand, reserve demand, and investment demand. Consumption demand includes the use of gold in jewelry and industrial applications. The speed and condition of economic development determine the demand for gold in industry and among residents. Reserve demand is gold official reserves held by central banks of countries to guard against financial risks. Investment demand for gold includes buying gold bars and coins, gold ETFs, and other products to meet investors’ needs for value storage and preservation, including safe-haven demand when facing political, economic, and financial risks such as combating inflation, responding to economic downturns, and dealing with international geopolitical issues.

According to the China Gold Association, from 2022 to 2025, downstream demand in China’s gold industry shifted from traditional consumption-led to investment-led. Specifically, the share of gold jewelry consumption continued to decline significantly, while the share of investment demand for gold bars and coins rose rapidly correspondingly; the two shares crossed and reversed in 2025. Meanwhile, the shares of industrial and other gold-using demands remained relatively stable. Market recognition of gold’s financial-asset attributes is rapidly increasing, and it has already replaced its role as a commodity decoration attribute to become the main driving force behind demand at this stage.

Gold jewelry consumption volume declines rapidly

Specifically, as the prices of gold jewelry products keep rising, consumption volume continues to decline from 2023 to 2025. In 2025, China’s gold jewelry consumption volume fell to 363.84 tons, down 31.61% year over year.

Coin and bullion gold consumption demand grows rapidly

At the same time, consumers’ understanding of gold’s investment attributes continues to deepen. In 2025, China’s consumption volume of gold bars and coins for the first time surpassed that of gold jewelry, marking a phased shift in the consumption structure of the gold market. In 2025, the consumption volume of gold bars and coins was 504.24 tons, up 35.14% year over year.

For more in-depth industry research and analysis, please see Qianzhan Industry Research Institute’s “China Gold Industry: Market Outlook and Investment Strategy Planning Analysis Report.” At the same time, Qianzhan Industry Research Institute also provides solutions such as big data on industries, industry research reports, industry planning, park planning, industrial招商 (investment promotion), an industry map, a smart investment promotion system, industry position certificates, IPO consultation / feasibility study for fundraising projects, and consultation on IPO working papers. When the contents of this article are cited in any public information disclosure such as in the prospectus or the company’s annual report, you need to obtain official authorization from Qianzhan Industry Research Institute.

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