Current location:opinions >>
China overtakes India to become the world's largest gold jewelry consumer in 2023
opinions1296People have gathered around
IntroductionChina's consumption of gold jewelry overtook India to become the world's top gold jewelry consumer i ...
China's consumption of gold jewelry overtook India to become the world's top gold jewelry consumer in 2023, becoming the main engine of growth globally as demand has recovered post-pandemic, a report released by the World Gold Council (WGC) showed on Wednesday.
In 2023, the world's total gold jewelry consumption stood at 2,092.6 tons. China's gold jewelry consumption rose by 10 percent year-on-year to reach 630 tons in 2023, while India's consumption declined by 6 percent on a yearly basis to reach 562.3 tons last year, according to WGC.
"Both China and India are major gold jewelry consumers, and the fact that China has overtaken India in this area underlies that Chinese consumers have strong demand for gold jewelry and that Chinese's consumption capacity continues to rise," Zhou Yinghao, a senior gold analyst at the Bank of Urumqi, told the Global Times on Thursday.
China's GDP grew 5.2 percent year-on-year to hit 126.06 trillion yuan ($17.7 trillion) in 2023. The stable economic recovery built a strong foundation for the growth of gold jewelry consumption, Zhou said.
"On the one hand, continuously rising gold price stimulated consumers' desire to buy more gold bars and gold jewelry, and on the other hand, the improvement in the craftsmanship and the more exquisite design of gold jewelry meet consumers' pursuit of beauty, which gives a further boost to the development of the gold jewelry market," he said.
Looking ahead to 2024, Zhou forecast that global demand for gold bars will continue to be robust. "Against the backdrop of increasingly complex geopolitical situation, sluggish global economy and major central banks' moves of increasing gold reserves, more investors are likely to shift to safe haven assets including gold. As a result, gold price may continue to rise this year," he said.
China's central bank has ramped up gold reserve for the 14th consecutive month, with holdings rising to 71.87 million ounces (2,037 tons) at the end of December, from 71.58 million ounces at the end of November.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Stellar Standpoint news portal”。http://spratlyislands.fictionsmistress.com/html-02e099920.html
Related articles
Tom Brady and Jay
opinionsA small group of NFL rookies from the 2024 class, including Caleb Williams and Drake Maye, sat down ...
【opinions】
Read moreGeneral Hospital's Nancy Lee Grahn defends former co
opinionsGeneral Hospital star Nancy Lee Grahn has come to the defense of her former onscreen daughter, Haley ...
【opinions】
Read moreKnies scores in overtime, Matthews
opinionsBOSTON (AP) — Matthew Knies scored less than three minutes into overtime off a feed from John Tavare ...
【opinions】
Read more
Popular articles
- Tom Brady and Jay
- Rays and Brewers get into wild brawl, with Uribe and Siri in the middle of it
- Rockies become first to team to trail in opening 29 games, waste 5
- Escape the ordinary: Top 10 irresistible spring travel tips, from sun
- Kevin Pillar gets 1,000th career hit in Angels' win at Texas
- Rojas and Castellanos homer in the 9th, leading the Phillies to a 7
Latest articles
Who is Jacob Zuma, the former South African president disqualified from next week's election?
Bachelor runner
King Charles returns to public duties after cancer diagnosis
Rojas and Castellanos homer in the 9th, leading the Phillies to a 7
Russian theater director and playwright go on trial over a play authorities say justifies terrorism
Life coach Michelle Elman, 30, will address break
LINKS
- Xi Sends Congratulations to 32nd Arab League Summit
- Across China: Protecting indigenous fish in Yunnan
- Autumn view of Potala Palace in Lhasa, SW China's Tibet
- China's Changde boasts great area of wetlands
- Xi Sends Congratulations to 32nd Arab League Summit
- Autumn scenery of imperial Xiaoling Mausoleum in Nanjing, E China
- Xi Calls for Enhancing All
- China sees holiday trips rise 70% to 274 million
- In pics: autumn scenery across China
- Summer travel booms in country