China finds US$83 billion worth of gold reserves in Hunan
China is the world’s largest gold producer, accounting for around 10% of global output in 2023
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CHINA has found gold reserves worth US$82.9 billion in central Hunan province, state outlet Xinhua news said on Thursday (Nov 21).
China is the world’s largest gold producer, accounting for around 10 per cent of global output in 2023, data from the World Gold Council showed.
It consumed 741.732 metric tons of gold in the first three quarters of this year while output was 268.068 tons, meaning it has to rely on imports to meet domestic demand.
Hunan Academy of Geology found more than 40 gold ore veins at a depth of more than 2,000 metres in Pingjiang county, with a total of 300.2 tons of gold resources discovered in the core exploration area and the highest grade of 138 grams per metric ton, Xinhua said.
The group forecast that there were more than 1,000 tons of gold reserves at a depth of over 3,000 metres, according to Xinhua.
Gold reserves generally refer to the economically extractable part of a resource.
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Gold prices have rallied this year on the back of rising geopolitical tensions globally.
The most active gold futures contract on the Shanghai Futures Exchange touched an all-time high of 639.48 yuan (S$118.58) per gram on Oct 30.
It closed Thursday’s daytime trading 1.16 per cent higher at 617.7 yuan a gram, a rise of 27.8 per cent since the beginning of the year. REUTERS
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