Global gold demand, including over-the-counter (OTC) purchases, increased by 3 percent year on year in the first quarter of 2024 to 1,238 tons, marking the strongest first quarter since 2016, according to a report released by the World Gold Council on Tuesday.
The report revealed that gold jewelry consumption declined by 2 percent to 479 tons, but remained above the five-year average for the first quarter at 465 tons. Conversely, gold bar and coin demand surged by 3 percent to 312.3 tons.
"In the first quarter, the biggest gold market growth came from retail investment, primarily in gold coins and bars. This growth is not only seen in developed countries but also in emerging economies," said Wang Lixin, CEO of the World Gold Council China.
Wang also highlighted the notable increase in gold demand for technology applications, which typically experiences growth of around 1-2 percent annually.
"We observed a growth of over 10 percent in gold demand in the technology sector this quarter, mainly driven by artificial intelligence," added Wang.
The reports says healthy investment from the OTC market, persistent central bank buying, and higher demand from Asian buyers, helped drive the gold price to a record quarterly average of 2,070 U.S. dollars per ounce, which was 10 percent higher year on year and 5 percent higher quarter-on-quarter.
Additionally, global central banks increased their gold reserves by 290 tons in the first quarter, a one percent year-on-year growth and a 69 percent increase compared to the five-year quarterly average. This marks the highest first-quarter data since 2000.
The report also noted a gradual diversification in Chinese gold demand during the first quarter, despite the high gold prices in March.
Data shows that gold jewelry consumption in the Chinese market decreased by 6 percent year on year to 184 tons in the first quarter, while the demand for gold bars and coins reached 110 tons, representing a significant 68 percent rise year on year increase.
Furthermore, the report reveals that the People's Bank of China continued its gold purchases. By the end of the first quarter, China's official gold reserves reached 2,262 tons, increasing by 27 tons compared to the previous quarter.
Currently, gold accounts for 4.6 percent of China's total official foreign exchange reserves, reaching its highest historical level.
Global gold demand up 3 pct in Q1
Centuries-old maps handed down to fishermen by their ancestors in Tanmen Township of China's southernmost Hainan Province provides compelling evidence to China's sovereignty over the South China Sea, according to a China Global Television Network (CGTN) documentary released on Friday.
Like many people in Tanmen, Lu Jiabing was born into a fishermen' family going back generations. What distinguishes Lu's family is a treasured family heirloom -- a booklet used to navigate the South China Sea which Tanmen residents call "Genglubu", meaning "Route Map."
Each family's Genglubu is different from another. Passed down through successive generations, the documents embody the Tanmen fishermen's adventurer spirits, and have become an important basis for China's territorial rights in the South China Sea. "I'm not sure when this Genglubu was written. Anyway, it's been passed down from generation to generation, and I'm the sixth in line to inherit it. We used it along with a compass at sea. The needle of the compass points toward south and north. 'Zi' refers to north and 'Wu' to south. There are 24 squares, each containing one character. One square represents 15 degrees, and there are 360 degrees in total," Lu told CGTN.
Out on the vast ocean, the compass and Genglubu have forged new routes at sea for the fishermen over the past centuries. One line of text on the map indicates a route From the Xisha Islands' Panshiyu in the central part of the sea to the Nansha Islands' Shuangzi in its south, covering some 280 nautical miles.
Among Tanmen's fishermen of centuries past, there were several hundred Genglubu in circulation, and the Lu family's manuscript is one of the most detailed. It records 135 routes -- 84 in the Nansha Islands and 38 in the Xisha Islands.
"One red circle represents a single sea route. Our ancestors' exploration covered the entire South China Sea. It has been passed down through generations. Whenever my grandfather headed out to sea, he would read Genglubu by the light of kerosene lamp the previous night. I'd climb on his back to look at it along with him. In the beginning, I would follow my father to work in the Nansha Islands. We would stay there for six months. We sailed all over the Nansha Islands," said Lu.
Long before satellite navigation or even accurate nautical charts came into being, Hainan fishermen used Genglubu and drove wooden sailboats to cultivate the sea. These documents have survived to witness the development the South China Sea islands by local people.
"This is the sea chart passed down in my family. The names marked on the entire nautical chart were all left by our ancestors. Meiji Island (Panganiban Reef) was called 'Shuangmen.' These are the sections that are connected. We call them 'Duanjie' as it's easier to remember. Its official name is Ren'ai Reef. These places are known as the 'ancestral waters.' These are the places our ancestors explored and developed. So, I feel proud of them," Lu said.
Centuries-old map shows how ancient Chinese fishermen navigated South China Sea
