Current location:style >>
China overtakes India to become the world's largest gold jewelry consumer in 2023
style53People 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.“World Walkthrough news portal”。http://spratlyislands.graduatethesis.org/content-57e299920.html
Related articles
Shohei Ohtani's first walk
styleLOS ANGELES (AP) — Shohei Ohtani’s first walk-off hit for the Los Angeles Dodgers was also his first ...
【style】
Read moreJapan defense chief urges higher security after drone video of warship posted on China social media
styleTOKYO (AP) — Japan’s defense chief Friday called for the bolstering of its anti-drone capability aft ...
【style】
Read moreTwo more tennis players banned over links to Belgian match
styleLONDON (AP) — Two more low-ranking tennis players linked to a match-fixing syndicate in Belgium have ...
【style】
Read more
Popular articles
- Amtrak train hits pickup truck in upstate New York, 3 dead including child
- Virginia women's rowing coach Kevin Sauer says this will be his final season
- Police arrest brother and lawyer of Peru's president over alleged influence peddling
- Ancelotti faces goalkeeper dilemma ahead of Champions League final. Courtois or Lunin?
- Nuggets blow 20
- Trump hush money trial: Michael Cohen awaits turn after graphic Stormy Daniels account
Latest articles
Liverpool confirms Arne Slot as Jurgen Klopp's replacement
PGA CHAMPIONSHIP '24: A trivia quiz for over a century of golf
PGA CHAMPIONSHIP '24: The big moments at Valhalla
Zurich presents counterrevolutionary staging of Wagner's Ring Cycle under Noseda and Homoki
Election 2024: Biden and Trump bypassed the Commission on Presidential Debates
Bodies of 2 backcountry skiers buried by Utah avalanche recovered from mountain, names released
LINKS
- Romeo Beckham takes inspiration from his dad David AGAIN by sporting a bandana in new snap
- The Dow closed above 40,000. What it means for your 401(k)
- China, Azerbaijan vow to lift bilateral relations to new heights
- An unusual autumn freeze grips parts of South America, giving Chile its coldest May in 74 years
- Former top Baltimore prosecutor applies for presidential pardon
- Shanna Moakler, 49, poses in a bikini on her ex
- Peng Liyuan visits Hungarian
- China, Azerbaijan vow to lift bilateral relations to new heights
- Mike and Zara Tindall team up with Peter Phillips and his ex
- Thought 'off