Business News Asia
According to the China Gold Association (CGA), China produced 372.048 tonnes of gold in 2022, a significant increase of 43.065 tonnes or 13.09% compared to the previous year.
Despite the increase in production, CGA data reveals that gold consumption in China totaled 1,001.74 tons last year, a decrease of 10.63% from 2021. Gold jewelry consumption fell 8.01% year-on-year to 654.32 tonnes, while investment in gold bullion and coins decreased 17.23% from 2021 to 258.94 tonnes.
The high global gold prices in 2022 were attributed to various factors such as geopolitical crisis, the ongoing COVID-19 pandemic, the global economic slowdown, and rising inflation.
According to CGA data, the average annual price of Au9999, a high-purity gold on the Shanghai Gold Exchange, rose 4.53% year on year to 390.58 yuan per gram.