According to the latest statistics from the China Gold Association, domestic gold production from raw materials in the first quarter of 2026 was 81.065 tons, a decrease of 6.178 tons or 7.08% year-on-year. Gold production from imported raw materials was 55.165 tons, an increase of 1.578 tons or 2.94% year-on-year. The total gold production from domestic and imported raw materials was 136.230 tons, a decrease of 4.600 tons or 3.27% year-on-year.
In the first quarter of 2026, the gold industry conducted concentrated safety inspections at mines and smelters, investigating potential hazards in various production facilities. Some enterprises suspended operations for maintenance in accordance with regulations. These control measures impacted domestic gold production to a certain extent during the quarter. Concurrently, industry resource integration continued to advance, with Zijin Mining Group announcing plans to acquire shares of Chifeng Gold, further consolidating high-quality resources. The overseas production capacity of large gold groups was robust, achieving a mine gold output of 24.173 tons in the quarter, a year-on-year increase of 30.77%.
In the first quarter of 2026, China's gold consumption was 303.292 tons, a year-on-year increase of 4.41%. Within this total, gold jewelry consumption was 84.620 tons, a year-on-year decrease of 37.10%; consumption of gold bars and coins was 202.062 tons, a year-on-year increase of 46.40%; and industrial and other uses accounted for 16.610 tons, a year-on-year decrease of 7.43%.
Affected by high and significantly volatile international gold prices, domestic gold jewelry consumption remained under pressure, leading to a continued decline in gold jewelry consumption. Meanwhile, gold investment demand was strong, with gold bars and coins becoming popular investment categories in the market, and sales volumes of gold bars through bank channels increased substantially. Additionally, high gold prices raised the cost of gold for industrial enterprises, leading to a corresponding decrease in demand for industrial gold.
In the first quarter of 2026, the cumulative one-way trading volume for all gold products on the Shanghai Gold Exchange was 7,200 tons (14,500 tons two-way), a year-on-year decrease of 9.61%; the cumulative one-way trading value was 7.84 trillion yuan (15.68 trillion yuan two-way), a year-on-year increase of 46.58%. The cumulative one-way trading volume for all gold futures and options on the Shanghai Futures Exchange was 33,800 tons (67,600 tons two-way), a year-on-year increase of 22.08%; the cumulative one-way trading value was 28.41 trillion yuan (56.83 trillion yuan two-way), a year-on-year increase of 86.18%.
At the end of March 2026, the London spot gold fixing price was $4,608.35 per ounce, an increase of 5.05% from the beginning of the year's price of $4,386.85 per ounce. The closing price for Au9999 gold on the Shanghai Gold Exchange was 1,018.90 yuan per gram, an increase of 2.92% from the opening price of 990.00 yuan per gram at the beginning of the year. In the first quarter of 2026, the prices of gold, silver, platinum, and palladium repeatedly reached new historical highs, with highly volatile market conditions. The Shanghai Gold Exchange, Shanghai Futures Exchange, and Guangzhou Futures Exchange promptly issued risk warnings, strengthened trading supervision, and activated risk control measures to ensure the stable operation of the domestic precious metals market.
In the first quarter of 2026, the increase in holdings of domestic gold ETFs was 50.438 tons, a growth of 114.88% compared to the first quarter of 2025. By the end of March 2026, the total holdings of domestic gold ETFs were 298.289 tons.
In the first quarter of 2026, China increased its gold reserves by 7.15 tons. As of the end of March, China's gold reserves stood at 2,313.48 tons, moving up one place globally to rank 5th. From November 2024 to March 2026, China has consecutively increased its gold reserves for 17 months.