According to the latest statistics from the China Gold Association, China's gold consumption in the first quarter of 2026 reached 303.292 metric tons, marking a year-on-year increase of 4.41%. Within this total, gold jewelry consumption accounted for 84.620 metric tons, representing a significant decline of 37.10% compared to the same period last year. In contrast, consumption of gold bars and coins surged to 202.062 metric tons, reflecting a robust year-on-year growth of 46.40%. Industrial and other gold usage stood at 16.610 metric tons, down 7.43% year-on-year.

The persistently high and volatile international gold price has continued to exert pressure on domestic gold jewelry consumption, leading to a further decline in demand for these products. Concurrently, investment demand for gold has remained strong, with gold bars and coins becoming popular investment vehicles. Sales channels, particularly through banks, have reported substantial growth in gold bar sales. Additionally, the elevated gold price has increased the material costs for industrial enterprises, contributing to a certain degree of reduction in industrial gold demand.