The 2024 China Gold Congress, cohosted by the World Gold Council and the China Gold Association, was recently held in Shanghai. The event, which ran from July 26–28, 2024, attracted roughly 2,000 participants from abroad as well as home.
The event focused on three sectors: gold consumption, gold market and gold mining, with issues such as gold ESG, utilization of resources, safe production, green mine construction and intelligent applications being discussed. Consumption upgrades, new gold product R&D and the dual carbon strategy were also discussed.
The event’s objective was to build a healthy and green-development path for the worldwide gold market and gold industry.
During the conference, the World Gold Council CEO David Tait stated that the gold market in China had become a leader in important areas. Since the ‘90s, the demand for gold in China has recorded stable growth, reaching its pinnacle when the Shanghai Gold Exchange was established in the early 2000s. Tait explained that China had bagged a leading position in the worldwide gold market thanks to strong economic growth during the last few decades.
For more than a decade, China has been the biggest consumer of gold globally. Additionally, the country has been the biggest producer of the precious metal for the last 17 years. This achievement calls attention to the country’s important influence and role in shaping the future of the international gold industry.
Tait expects that the east Asian country’s gold market will continue driving innovation in the worldwide gold market, particularly in areas such as artisanal mining and responsible supply chains, digitalization and gold-bar integrity.
Figures announced at the conference show that China’s consumption of gold in the first half of the year hit 523.7 tons while output of gold in the same period hit 179.6 tons.
Since the year begun, the precious metal has recorded new highs, with its price in USD increasing by 12% in the first six months of 2024. This increase was primarily driven by strong consumer demand in Asia, geopolitical uncertainties, rising global debt and sustained purchases by central banks.
Data from the last month’s Central Bank Gold Reserves Survey show that 29% of central banks plan to increase their gold reserves further in the next year. This is the highest level observed since 2018.
The conference organizers invited representatives from domestic regulatory agencies, industry associations, major gold-producing countries and major gold production companies, among other organizations and bodies, to attend the event.
The discussions during such events give gold-industry actors such as Reunion Gold Corp. (OTCQX: RGDFF) pointers of the likely direction of the industry in the coming years, and this can help in formulating medium- to long-term plans.
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