H1 2026 China Gold Output: Domestic 152.908 Tonnes Down 14.62%, Total 229.988 Tonnes Down 9.01%
In the first half of 2026, China's domestic raw gold output fell 14.62% year-on-year to 152.908 tonnes, while total output including imported materials declined 9.01% to 229.988 tonnes, according to the China Gold Association. Total gold consumption rose 1.23% to 511.412 tonnes, with jewellery down 33.88% but bars and coins up 28.42%. Output from imported materials increased 4.62%. Gold ETF additions dropped 66.17%, lifting holdings to 276.529 tonnes at end-June. China added 40.12 tonnes to its gold reserves, reaching 2,346.45 tonnes, the world's fifth largest, marking 20 straight months of increases.
During the first half of 2026, total gold consumption in China reached 511.412 tonnes, up 1.23% year-on-year. Of this, gold jewellery consumption stood at 132.133 tonnes, down 33.88% from the first half of 2025; gold bar and coin consumption was 339.336 tonnes, up 28.42% year-on-year; and industrial and other uses consumed 39.943 tonnes, down 2.90% year-on-year. In the same period, domestic raw gold output was 152.908 tonnes, a decrease of 26.175 tonnes year-on-year, or 14.62%. Output from imported raw materials was 77.080 tonnes, an increase of 3.402 tonnes, or 4.62%, year-on-year. Combined output from domestic and imported raw materials totalled 229.988 tonnes, down 22.773 tonnes, or 9.01%, from a year earlier. In terms of gold exchange-traded funds (ETFs), net additions in the first half of 2026 were 28.677 tonnes, down 66.17% from the first half of 2025. As of end-June 2026, domestic gold ETF holdings stood at 276.529 tonnes. Regarding gold reserves, China increased its holdings by 40.12 tonnes in the first half of 2026. As of end-June, the country's gold reserves were 2,346.45 tonnes, ranking fifth globally. From November 2024 to June 2026, China has increased its gold reserves for 20 consecutive months.
Why this event matters
The event has a measured impact on 1 industry. The strongest current signal is negative for Jewellery & Watches, with intensity 70/100 and 85% confidence over a short term horizon.
Impact figures are analytical estimates that combine direction, intensity, confidence and event importance. They are not investment advice.