Shanghai, March 3 (ZXS) -- Industry experts said at the "20 Platinum Market New Media Training Course" held in Shanghai on the 20th that China's gold consumption showed a rapid recovery momentum from the Spring Festival to the Lantern Festival this year, and China's platinum demand will also increase sharply in 2023.

Tao Minghao, director of the Beijing Gold Economic Development Research Center, secretary of the Party Committee and president of China Gold News, said at the training session that China has maintained its position as the world's largest consumer of gold from 2013 to 2022, and in 2022, the Chinese market accounted for more than 27% of total global jewellery demand. At the same time, China is also the world's largest consumer market for platinum group metals, accounting for about <>% of the total global demand.

Tao Minghao said that in 2022, the annual gold trading volume of the Shanghai Gold Exchange will be about 3,88 tons (bilateral), an increase of 11.49% year-on-year, and the turnover will be 15.18 trillion yuan (bilateral), an increase of 16.06% year-on-year; Platinum volume was approximately 124.37 tonnes (bilateral), up 3.1% year-on-year, a record high since the launch of the platinum business, and annual platinum turnover of RMB261.31 billion (bilateral), down 0.78% year-on-year. In that year, China produced 372.048 tons of gold, an increase of 13.09% year-on-year.

"According to data from the China Gold Association, China's gold consumption increased by 18.2% year-on-year from the Spring Festival to the Lantern Festival this year, showing a rapid recovery momentum and has basically recovered to the same period in 2019." Tao Minghao said.

According to Zhang Wenbin, head of China market research at the World Platinum Investment Association, the global average annual platinum production is about 180 tons, about 5% of the average annual production of gold, and by the end of 2022, the world's known platinum surface stock is only about 8500,126 tons. China's total reserves of platinum group metals are 73.6 tons, only <>% of the total reserves of gold. Platinum is a veritable precious metal.

The total global demand for platinum in 2022 is 200.6 tons, with a demand structure of automotive, jewellery, industrial and investment. Zhang Wenbin expects global platinum demand to grow by 2023% strongly in 24, due to: the replacement of palladium in the catalyst and the increase in platinum loading will promote a 10% increase in global automotive platinum demand; Platinum demand in the glass industry increased by 55%, offsetting the decline in platinum demand in the chemical, electronics and other industries, or driving global industrial platinum demand to an all-time high in 2023; Strong demand for platinum bars and coins will spur platinum investment growth of more than 2023t in 28.

"Especially with the optimization of epidemic prevention and control measures, China's jewelry consumption will grow, and it is expected that China's platinum demand will increase by 2023% in 15. Overall, global demand for platinum for jewellery will grow by 2023% to 2 tonnes in 60. Zhang Wenbin said. (End)