Domestic gold jewelry consumption falls in H1

China’s gold jewelry consumption was only 281 tons H1 this year, down 17 percent and nearly 20 percent lower than the ten-year average.

On July 28, WANG Lixin, CEO of the World Gold Council China, told Jiemian News that young consumers are increasingly demanding transparency in pricing, driving the popularity of gold jewelry products weighing between 5 grams and 10 grams.

In H1, the total demand for bullion and coins in China was only 87 tons, down about 40 percent and the lowest level for more than ten years.

As of the end of June, the total domestic gold ETF holdings were 57 tons, or about 22.6 billion yuan, a net outflow of 18.3 tons compared with the end of last year. 

As of the close on July 27, the international gold price was US$1,732 per ounce, down 5.36 percent from the beginning of the year and 20 percent from the year’s high.