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Domestic gold production in China declined in the I quarter of 2026, as consumer demand for the precious metal shifted toward physical investment amid price volatility.
Total gold production, including both domestic and imported gold, fell 3.27% year-on-year to 136.23 tonnes.
The decline in domestic supply was primarily due to a 7.08% decline in mine output, driven by numerous safety inspections and temporary production shutdowns across the country.
Amid the domestic downturn, major Chinese gold producers recorded a significant expansion of overseas operations, with overseas production increasing by more than 30% in the quarter. On the demand side, total gold consumption in China increased by 4.41% year-on-year to reach 303.29 tonnes. However, the composition of this demand underwent significant changes due to high and volatile prices.
Purchases of investment gold—specifically bars and coins—sharply increased by 46.4%. This surge in investment demand was driven by the jewelry sector, where consumption plummeted by 37.1% as buyers held off on purchases amid record-high gold prices.
Furthermore, the People's Bank of China continued to increase its national reserves, adding 7.15 tonnes of gold in the first quarter.
Following this addition, the country's total official gold reserves reached 2,313.48 tonnes by the end of March, placing China fifth in the world in terms of sovereign gold reserves.
These data highlight a growing divergence between tightening domestic mining regulations and accelerating demand for gold as a strategic financial asset.