China’s gold consumption reaches 555 tons, rising 16.4% in the first half of 2023

Global Times/Staff/7-25-2023

“Among the gold consumption, the purchase of gold bars jumped 30.12 percent year-on-year to 146 tons in the first six months, while that of gold jewelry reached 368 tons, up 14.82 percent from the same period last year. Gold used for industrial and other purposes declined 7.65 percent to 40 tons, the data showed.”

USAGOLD note: China’s appetite for gold grows as its middle classes gain wealth……Note the strong gain in bullion bar demand, a sign that Chinese investors are buying gold as a safe haven.