China's gold demand hits record high in first quarter, investment demand explodes into key support

According to data from an authoritative industry institution, China’s total gold demand in the first quarter — including **gold jewelry, gold bars, gold ETFs and industrial gold consumption** — reached **362 tons**, a year-on-year increase of **24%**, hitting the highest level on record for the same period. Overall, the **explosive growth in gold investment demand** has fully offset the weak performance of gold jewelry consumption.

Measured by value, China’s total gold consumption in the first quarter reached **3949 billion yuan**, also setting a new record high for the quarter. All categories of gold-related demand, including gold jewelry, saw notable improvements.

In the first quarter, **gold jewelry demand** fell **32% year-on-year** to **85 tons**, yet rose **4% month-on-month**. Sharp gold price fluctuations and persistently low consumer confidence continued to weigh on domestic jewelry consumption. Even so, total spending on gold jewelry remained on an upward trend, reflecting sustained public interest in holding gold ornaments.

Demand for **gold bar investment** surged to a historic high in the first quarter, jumping **67% year-on-year** and **180% month-on-month** to **207 tons**. The strong momentum was mainly driven by residents’ steady demand for **asset preservation allocation**, rising market **risk-aversion sentiment**, and gold’s robust performance compared with other major asset classes.

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