China's gold output rose in 2025, investment demand surpassed jewelry use, and gold ETF holdings surged.

China's gold output rose 1.09% in 2025 to 381.339 tonnes, with imported raw material production up 8.81%. Total gold consumption fell 3.57% to 950.096 tonnes, but investment demand for gold bars and coins surpassed jewelry purchases for the first time, driven by rising prices and economic uncertainty. Gold ETF inflows surged 149.91% to 133.118 tonnes, ending the year with 247.852 tonnes in holdings.