According to the latest statistics of China National Gold Group Gold Jewellery Co.Ltd(600916) Association, the actual consumption of gold in China was 260.26 tons in the first quarter of 2022, a decrease of 9.69% compared with the same period in 2021. Gold jewelry: 168.0% year-on-year decrease; Gold bars and gold coins were 69.62 tons, a year-on-year decrease of 27.71%; Industrial and other gold consumption was 21.78 tons, a year-on-year decrease of 4.10%.
China National Gold Group Gold Jewellery Co.Ltd(600916) association analysis shows that gold jewelry consumption remained strong from January to February, benefiting from the release of consumer demand and coincided with the shopping boom of Spring Festival, Lantern Festival and Valentine’s day. However, with the rise of gold price in March and the occurrence of aggregation epidemic in some parts of China, gold jewelry consumption was greatly impacted, and the overall consumption was pulled down in the first quarter. The changing global political and economic situation has supported the demand for gold investment. The sales of gold bars of some large gold retailers and commercial banks have maintained a certain growth, but the high price of gold has exacerbated the wait-and-see mood of private investors.
China National Gold Group Gold Jewellery Co.Ltd(600916) association data show that in the first quarter of 2022, China’s raw gold output was 83.401 tons, an increase of 8.962 tons over the first quarter of 2021, a year-on-year increase of 12.04%, including 65.009 tons of gold and 18.392 tons of nonferrous by-product gold. In addition, in the first quarter of 2022, the gold production of imported raw materials was 24.034 tons, a year-on-year increase of 0.18%. If this part of imported raw materials was added, the country produced 107435 tons of gold, a year-on-year increase of 9.15%.
Compared with the same period last year, gold production enterprises in Shandong and Henan, China’s major gold producing provinces, have basically restored their normal production capacity in previous years in the first quarter of 2022, and the national gold production has increased significantly compared with the same period last year. The gold mineral resources in Yantai, Shandong Province have been rapidly integrated and the industrial concentration has been further improved. In the first quarter of 2022, the domestic mining gold output of large gold enterprises (groups) was 33.856 tons, an increase of 10.00% over the same period last year, accounting for 52.08% of the country.
