Chinese gold consumption boomed during the January holiday season. This continued the 2021 trend where Chinese gold demand climbed back above prepandemic levels.
Chinese gold consumption rebounded in 2021, rising by 36.53% year on year as the market continues to recover after taking a hard hit during the coronavirus pandemic.
More significantly, gold demand was up 11.78% compared with consumption in 2019, before the pandemic.
China ranks as the world’s number one gold consumer.
While the Federal Reserve talks about tightening monetary policy, the Chinese central bank is heading in the opposite direction. This could boost gold demand in that country even further.
Earlier this month, the People’s Bank of China announced a 0.5% cut in financial institutions’ required reserve ratio (RRR). According to the World Gold Council, this move will inject about $1.2 trillion yuan into the Chinese economy.
In October, Chinese gold imports reached the highest level since December of 2019 as the market continues to recover after taking a hard hit during the coronavirus pandemic.
According to the latest data from Chinese customs, the country imported 123 tons of gold in October. That was a 38-ton month-on-month increase.
China ranks as the world’s number one gold consumer.
Gold demand remained strong in October according to the latest data released by the World Gold Council.
Both gold withdrawals from the Shanghai Gold Exchange (SGE) in October and gold imports in September were up year-on-year, and Chinese ETF gold holdings set a new record. These all signal that the Chinese gold market continues to recover after it was hit hard by the coronavirus pandemic.
Gold demand in China was up in September, as the country approaches a peak gold-buying season.
Both gold withdrawals from the Shanghai Gold Exchange (SGE) in September and gold imports in August were up, a sign that the Chinese gold market continues to recover after it was hit hard by the coronavirus pandemic.
The Chinese gold market continues to show signs of recovery after it was hit hard by the coronavirus pandemic.
Chinese gold demand rebounded sharply in the first half of 2021 after plummeting in 2020, and imports remained strong in July, above 2019 levels, according to the latest data from the World Gold Council.
China ranks as the world’s largest gold consumer.
Chinese gold demand rebounded sharply in the first half of 2021 after plummeting in 2020, according to data released by the China Gold Association (CGA).
Chinese gold imports have nearly returned to pre-pandemic levels and the world’s biggest gold market continues to recover.
According to the latest data reported by the World Gold Council, China imported 67.6 tons of gold in May. That was 65 tons higher than May 2020 and only three tons lower than May 2019, before the coronavirus pandemic gripped the country.
China and India rank one-two in global gold consumption, and through the first quarter of 2021, gold demand charted an impressive rebound in both countries.
China’s year-on-year gold consumption surged 93.9% as first-quarter demand rebounded to pre-pandemic levels. Meanwhile, official Indian gold imports hit the highest level in a decade in March.
