The China Gold Association reported on Monday that the country’s gold consumption reached 741.732 tons in the first three quarters, down 11.18 percent from the same period in 2023. The drop was mainly driven by a 27.53 percent decline in gold jewelry consumption, which totaled 400.038 tons, as rising gold prices dampened demand.

In contrast, consumption of gold bars and coins surged 27.14 percent year-on-year to 282.721 tons, driven by lower premiums and investor interest despite fluctuating prices in the third quarter. Gold for industrial and other uses saw a modest 2.78 percent decline, reaching 58.973 tons.

Instant retail at brick-and-mortar stores, and ecommerce trends like live streaming have boosted sales of lightweight gold jewelry, but overall, higher prices have led to more cautious consumer spending on physical gold.