According to the Global Gold Demand Trend Report by the World Gold Council on May 5, China's gold jewelry consumption totalled 198 mt in the first quarter of 2023, an increase of 11% year-on-year and a quarter-on-quarter increase of 56%, which is the strongest performance in the first quarter of gold jewelry demand since 2015.
Wang Lixin, CEO of the World Gold Council China, said that thanks to the recovery of the Chinese economy and the pent-up gold jewelery demand in the previous quarters, China's gold jewelery demand rebounded sharply in the first quarter of this year.
In the first quarter after China's scraping of its pandemic control policy, China's GDP grew by 4.5% year-on-year, and the per capita disposable income of urban residents increased by 4.0% year-on-year in nominal terms.
The Report pointed out that in the first quarter of this year, the asset management scale of gold ETFs in the Chinese market was about 22 billion yuan.
China's investment demand for gold bars and coins has increased significantly.
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