2026年上半年，中国黄金消费量达511.412吨，较上年同期增长1.23%[1]。其中，金条及金币投资表现强劲，消费量为339.336吨，同比增长28.42%[1]；黄金首饰消费降至132.133吨，同比下滑33.88%[1]；工业及其他用金39.943吨，同比下降2.90%[1]。
交易所市场方面呈现成交额增长、成交量下降的格局。上海黄金交易所单边成交量为1.61万吨，同比下降4.37%，成交额达16.57万亿元，同比上升36.75%[1]；上海期货交易所单边成交量5.85万吨，同比下降22.46%，成交额46.57万亿元，同比上升4.80%[1]。6月底伦敦现货黄金定盘价为4026.05美元/盎司，较年初下降8.22%[1]，国内上海黄金交易所Au9999收盘价879.03元/克，较年初下降11.21%[1]。
国内黄金ETF增仓28.677吨，较2025年上半年的增仓量下降66.17%[1]。官方方面，中国上半年增持黄金40.12吨，黄金储备达2346.45吨，位居全球第五位[1]。从2024年11月以来，中国已连续20个月增持黄金[1]。
China's gold consumption reached 511.412 tons in the first half of 2026, representing a year-over-year increase of 1.23%.[1] However, this overall growth masks significant divergence within the sector, as consumer preferences and market conditions reshaped the composition of demand.
Gold jewelry consumption contracted sharply, declining 33.88% to 132.133 tons, while investment demand for bars and coins surged 28.42% to 339.336 tons.[1] Industrial and other gold applications fell 2.90% to 39.943 tons.[1] The Shanghai Gold Exchange recorded single-sided trading volume of 16,100 tons, down 4.37% year-over-year, but trading value jumped 36.75% to 16.57 trillion yuan, reflecting elevated gold prices.[1] The Shanghai Futures Exchange saw single-sided volume decline 22.46% to 58,500 tons while value rose 4.80% to 46.57 trillion yuan.[1]
Prices moved lower during the period, with London spot gold fixing at $4,026.05 per ounce at end-June, down 8.22% from year-start, and Shanghai Gold Exchange Au9999 closing at 879.03 yuan per gram, down 11.21% from the beginning of the year.[1] Domestic gold ETF additions totaled 28.677 tons, declining 66.17% compared to the first half of 2025.[1]
China added 40.12 tons to its gold reserves in the first half of 2026, bringing total reserves to 2,346.45 tons, maintaining the country's fifth-place position globally.[1] This marks the continuation of a trend, with China adding gold for 20 consecutive months from November 2024 through June 2026.[1]