World Gold Council: China's Gold Jewelry Consumption May See Traditional Seasonal Improvement in Q4

The latest data released by the World Gold Council shows: In the third quarter of 2025, retail gold investment and consumption demand in the Chinese market (including gold jewelry, bars, coins, and gold ETFs) reached 152 tonnes, down 7% year-on-year and falling 38% quarter-on-quarter. Among this, gold jewelry demand in Q3 reached 84 tonnes, a seasonal increase of 21% quarter-on-quarter, but still down 18% year-on-year.

The World Gold Council believes that gold jewelry consumption may see a traditional seasonal improvement in the fourth quarter, but this could be constrained by rising gold prices (if the upward trend continues) and the later timing of the 2026 Spring Festival holiday (typically a peak season for gold consumption) compared to previous years. However, potential fiscal or monetary policy stimulus, expected to boost consumer spending power, may help alleviate some of the weakness in gold jewelry consumption.