On November 10th, the reporter learned from the China Gold Association that,In the first three quarters of 2025, domestic raw material produced 271.782 tons of gold, an increase of 3.714 tons compared to the same period in 2024, a year-on-year increase of 1.39%.Additionally, imported raw materials produced 121.149 tons of gold, an increase of 8.94% year-on-year.A total of 392.931 tons of gold were produced from domestic raw materials and imported raw materials, an increase of 3.60% year-on-year.

In the first three quarters of 2025, China's gold industry focused on the goal of high-quality development, and a number of key exploration and development projects with strategic significance were steadily promoted, injecting strong impetus into the sustainable development of the industry.The preliminary review of the gold resources of the Dadaogou Gold Mine in Liaoning Province has nearly 1500 tons, which is expected to become the second world-class gold mine in China after the Jiaodong Gold Mine in Shandong Province.The construction technology of China's ultra-deep mine has achieved a milestone breakthrough, and the auxiliary shaft engineering of the Sanyoshan Gold Mine has been safely and smoothly completed, with the final depth locked at 2005 meters.

The strategy of "going out" for key gold enterprises has been rapidly advanced and has achieved remarkable results.In the first three quarters of 2025, China's large gold groups have achieved a mineral gold production of 61.439 tons overseas mines, an increase of 18.39% year-on-year.

From January to September 2025, China's gold consumption was 682.730 tons, a year-on-year decrease of 7.95%. Among them: gold jewelry was 270.036 tons, a year-on-year decrease of 32.50%; gold bars and coins were 352.116 tons, a year-on-year increase of 24.55%; industrial and other uses of gold were 60.578 tons, a year-on-year increase of 2.72%.

The performance differences among different types of gold products are significant.Lightweight and high-value added jewelry products still maintain strong market attractiveness and have good sales. The demand for gold bars remains strong, as geopolitical conflicts and economic uncertainties have further highlighted the function of gold as a risk-hedging and preservation of value. The rapid development of industries such as electronics and new energy has led to a steady recovery in the demand for industrial gold.

In the first three quarters of 2025, the total volume of all gold varieties on the Shanghai Gold Exchange increased by 2.45% year-on-year to 23,800 tons (one-way) / 47,600 tons (two-way); the total turnover increased by 41.55% year-on-year to 17.68 trillion RMB (one-way) / 35.35 trillion RMB (two-way). The total volume of all gold futures and options on the Shanghai Futures Exchange increased by 59.98% year-on-year to 1.036 million tons (one-way) / 2.072 million tons (two-way); the total turnover increased by 112.60% year-on-year to 6.108 trillion RMB (one-way) / 12.215 trillion RMB (two-way).

In the first three quarters of 2025, the domestic gold ETF added 79.015 tons of positions, an increase of 29.927 tons compared to the first three quarters of 2024, a year-on-year increase of 164.03%. By the end of September, the domestic gold ETF held 193.749 tons.

At the end of September, the London spot gold fixing price was $3,825.30 per ounce, up 44.65% year-on-year. The closing price of Au9999 gold on the Shanghai Gold Exchange was RMB87.186 per gram, up 42.00% year-on-year.

The global central banks continue to increase their gold holdings.From November 2024 to September 2025, China has continuously increased its gold holdings for 11 consecutive months. In the first three quarters of 2025, China increased its gold holdings by 23.95 tons, and as of the end of September, China's gold reserves amounted to 2303.52 tons.

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