China Gold Consumption Rises as Official Reserves Expand
China increased its official gold reserves for 23 consecutive months while gold bar and coin demand surged during the first three quarters of 2026.
The Government of China added 103.26 tons to its official gold reserves between January and September 2026, bringing total holdings to 2,409.59 tons. This expansion marks 23 consecutive months of growth since November 2024, positioning China as the fifth-largest holder of gold reserves globally.
Overall gold consumption in the country rose 0.28 percent year-on-year to 684.62 metric tons during the first three quarters of the year. According to the China Gold Association, a 26.26 percent surge in demand for gold bars and coins, totaling 444.58 tons, offset a 33.86 percent decline in gold jewelry consumption. Industrial gold use increased slightly by 1.41 percent.
Production trends shifted toward international sources as domestic raw material output fell 18.71 percent, a decline attributed to maintenance and safety supervision upgrades. To compensate, major Chinese mining groups increased overseas production by 15.77 percent to 71.126 tons.
