China’s gold consumption fell 3.54% YoY to 505.2 tonnes in H1 2025, according to the China Gold Association. Gold jewelry demand dropped 26% to 199.8 tonnes, while gold bars and coins surged 23.69% to 264.2 tonnes amid rising safe-haven demand driven by geopolitical tensions and economic uncertainty. Gold prices soared, with London spot gold up 24.31% to $3,287.45/oz by end-June. Despite high prices, China’s gold production remained flat at 252.8 tonnes. Overseas production by major Chinese gold firms rose 16.17% to 39.6 tonnes. Gold trading boomed: Shanghai Gold Exchange transaction volume rose 12.7%, and futures turnover on the Shanghai Futures Exchange jumped 149.17%.