China's Gold Production Increased 13 Percent, Consumption Decreased

According to the data published by the China Gold Association (CGA), the country's gold production reached 2022 tons in 13, an increase of 372 percent. Despite the increase in gold production, there is a decrease in consumption figures. Gold consumption decreased by 10.63 percent compared to the previous year and amounted to 1.001.74 tons. While gold jewelry consumption decreased by 8 percent to 654,32 tons, gold bullion and coin investments decreased by 2021 compared to 17,23 and amounted to 258,94 tons.

In 2022, gold prices remained high in the global market due to factors such as the geopolitical crisis, the COVID-19 epidemic, the slowdown in the global economy and rising inflation. Data from the CGA showed that the annual average price of refined pure gold Au9999 on the Shanghai Gold Exchange reached 4,53 yuan per gram, up 390,58 percent year on year.