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SunSirs: Gold Output Was 269.987 Tons In the First Three Quarters of 2022

November 02 2022 09:21:47     

According to the latest statistics from the China Gold Association, in the first three quarters of 2022, the domestic raw material gold output was 269.987 tons, an increase of 33.235 tons compared with the same period in 2021, a year-on-year increase of 14.04%. Among them, gold mines completed 214.109 tons of gold and non-ferrous by-products. Gold completed 55.878 tons. In addition, in the first three quarters of 2022, the imported raw materials produced 86.362 tons of gold, a year-on-year increase of 9.70%. If this part of the imported raw materials was added to produce gold, the country produced a total of 356.349 tons of gold, a year-on-year increase of 12.95%.

In the first three quarters of 2022, the production and operation of mines and smelters in major gold-producing areas such as Shandong, Gansu, and Inner Mongolia have been steadily improving. In the first three quarters of 2022, the domestic mines and mines of large gold enterprises (groups) produced 115.083 tons of gold, accounting for 53.75% of the national total, an increase of 8.60 percentage points over the same period in 2021.

In the first three quarters of 2022, the overseas mines of large gold enterprises (groups) Zijin Mining, Shandong Gold, Chifeng Gold and Lingbao Gold achieved 36.466 tons of mined gold, a year-on-year increase of 35.57%.

In the first three quarters of 2022, the national gold consumption was 778.09 tons, a decrease of 4.36% compared with the same period in 2021. Among them: 522.15 tons of gold jewelry, down 1.31% year-on-year; 191.73 tons of gold bars and coins, down 10.46% year-on-year; 64.21 tons of industrial and other gold, down 8.79% year-on-year. In the first three quarters, affected by the multi-point spread of the domestic epidemic, the gold consumer market recovered amid fluctuations, and the market share of leading brands further increased. The overall consumption of gold jewelry showed a slight downward trend, but key retail enterprises seized the opportunity of channel expansion and competed for the sinking market. The sales of Laofengxiang, Laomiao and other brand enterprises increased against the trend. Similarly, although the overall decline in physical gold investment and consumption, some large-scale gold Retailers and commercial banks continued to see growth in bullion and coin sales.

In the first three quarters of 2022, the cumulative trading volume of all gold varieties on the Shanghai Gold Exchange was 30,600 tons bilaterally (15,300 tons unilaterally), a year-on-year increase of 16.25%, and the bilateral turnover was 11.89 trillion yuan (5.95 trillion yuan unilaterally), a year-on-year increase of 11.89 trillion yuan. An increase of 20.13%; the cumulative trading volume of all gold varieties on the Shanghai Futures Exchange was 65,600 tons bilaterally (32,800 tons unilaterally), down 9.71% year-on-year, and the bilateral turnover was 23.23 trillion yuan (11.62 trillion yuan unilaterally), a decrease of 9.32% year-on-year %. In the third quarter, the domestic gold ETF holdings rebounded, but the total amount of the first three quarters was still reduced by 17.32 tons. As of the end of September, the domestic gold ETF holdings were about 57.97 tons.

At the beginning of 2022, the price of gold fluctuated and rose. On March 8, it exceeded US$2,000 per ounce, almost hitting an all-time high. In the second and third quarters, the strength of the US dollar index kept the price of gold under pressure. At the end of September, the spot gold price in London was $1,671.75 per ounce, down 7.71% from the beginning of the year. However, affected by the RMB exchange rate, domestic gold prices remained firm. Au9999 gold on the Shanghai Gold Exchange opened at 373.00 yuan/gram at the beginning of the year and closed at 390.00 yuan/gram at the end of September, up 4.56% from the beginning of the year. The weighted average price in the first three quarters was 387.57 yuan/gram, up 3.31% from the same period last year.

In the first three quarters of 2022, global central banks maintained their net purchases of gold, with Turkey, India and other countries increasing their holdings of gold.

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