China Gold Consumption Up 4.41% in Q1 2026, But Jewelry Demand Falls; Brands Launch May Sales

According to the China Gold Association, China's total gold consumption reached 303.292 tonnes in Q1 2026, up 4.41% year-over-year, though gold jewelry consumption declined. The World Gold Association noted that Q2 is traditionally a weak season for jewelry demand, with 2025 Q2 jewelry consumption falling 45% quarter-over-quarter to 69 tonnes.

Multiple gold retailers launched promotional campaigns in May to counter softening demand, including Old Temple Gold reducing prices by 90 yuan per gram and offering 7-8 fold discounts on select pieces, while other brands offered reductions of up to 130 yuan per gram or discounts starting at 7 fold.