By John Meyer, financial consultant. Eurasia Business News, February 2, 2022
Gold consumption in China in 2021 increased by 37% compared to 2020 and amounted to 1,120.9 tons, reported the China Gold Association (CGA). The indicator increased even compared to the “pre-Covid” 2019, while the dynamics was 12%.
Including demand from Chinese jewellers has grown by almost one and a half times by 2020, to 711.29 tons while investment demand for gold bars and coins increased by 27%, to 312.86 tons. Both of these indicators also increased compared to 2019 – by 5% and 39%, respectively.
Demand from industrial and other consumers, although it dipped (by 4%) by 2019, grew by 15% by 2020, amounting to 96.75 tons. Demand for industrial gold is supported by the development of new energy in China and the electronics industry.
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At the same time, as follows from the statistics, by the end of the year, the growth IN gold demand in China slowed down. In the fourth quarter, the growth in total consumption compared to the same period in 2020 amounted to only 13%, including investment demand even decreased by 5%.
Gold production in China from domestic raw materials in 2021 decreased by 10% and amounted to 328.98 tons. China produced another 114.58 tons of gold from imported raw materials. In total, 443.56 tons of gold were produced in 2021 from domestic and imported raw materials in China, which is 7% less than in 2020.
The Chinese state gold reserves more than quadrupled from less than 500 tons of physical gold in 2000 to nearly 2,000 tons in 2020. The gold held in state reserve in is all managed through the People’s Bank of China.
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