The China Gold Association has released a report indicating that total gold demand in China fell by 22% YoY to 218 tons by the end of September 2023. Among this, gold jewelry consumption decreased by 29% to 130 tons, while the consumption of gold bars and coins dropped by 9% to 69 tons. In the first three quarters of this year, total gold consumption decreased by 11% YoY to 742 tons. This year, global gold prices have risen by about one-third and reached a new high last week, primarily due to increased purchases by central banks and sustained growth in investors' demand for safe-haven assets. At the same time, many Chinese consumers are feeling the pressure of a prolonged economic slowdown, leading to a decline in gold jewelry consumption.