China Gold Association: Structural Divergence Notable in Domestic Gold Consumption Market in First Three Quarters of 2026

China Gold Association: In the first three quarters of 2026, structural divergence in the domestic gold consumption market was significant. Driven by both high gold prices and the new gold tax policy, the consumption structure of gold bars and coins versus gold jewelry continued to diverge. Among these, the sales model for investment-oriented products underwent structural reshaping, with direct sales gradually replacing distribution models; the category structure of gold jewelry continued to optimize, with products upgrading toward higher value-added directions, and the sales share of priced products steadily increased.