Output of China's gold enterprises recovers to pre-epidemic levels in Q1

BEIJING -- Production of China's gold enterprises has returned to normal in the first quarter of this year with output recovering to pre-epidemic levels, according to industry data.

As COVID impacts waned, the gold output of domestic mines operated by big gold enterprises reached around 32.72 tonnes during the first quarter, accounting for nearly half of the country's gold output, data from the China Gold Association showed.

Central banks globally maintained net purchases of gold in the first quarter. The People's Bank of China increased its gold holdings for five consecutive months from November 2022 to March 2023, including a total increase of 57.85 tonnes in the first quarter.

China's gold reserves reached 2,068.38 tonnes by the end of March, the association data showed.