(Kitco News) - China’s gold production and consumption both increased over the first nine months of 2023, while the country’s gold ETFs also saw significant inflows in the third quarter, according to a report from Xinhua.
“China produced 271.248 tonnes of gold in the first nine months of 2023, up 1.261 tonnes or 0.47 percent compared with the same period last year,” the report said, citing data released by the China Gold Association . “In the January-September period, gold consumption in China totaled 835.07 tonnes, up 7.32 percent year on year.”
The third quarter also witnessed significant inflows to the holdings of Chinese gold-backed exchange-traded funds. “In the third quarter alone, holdings of gold-backed exchange-traded funds in China added 9.53 tonnes,” the CGA said. Zernov said he believes gold is one of the few viable alternatives to U.S. Treasuries. “In this scenario, China could increase its gold purchases in the upcoming months,” he wrote.
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