Volatility intensifies, gold enters a short-term correction

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Source: China Gold News

This issue’s corporate updates show that industry concentration is accelerating, with leading companies’ performance diverging clearly. Zijin Mining acquired control of Chifeng Gold with approximately 18.258 billion yuan; China National Gold Group held intensive discussions with Sanmenxia City and Shandong Gold Group to deepen resource and strategic collaboration. In terms of performance, Zijin Mining’s revenue in 2025 is projected to reach 349.079 billion yuan, with net profit attributable to shareholders increasing by 61.55% year-on-year; Shandong Gold’s net profit grew by 61% year-on-year; mining companies such as Zhaojin Mining, Chifeng Gold, and Lingbao Gold all achieved significant growth. In the jewelry sector, there is notable differentiation: Lao Puo Gold’s net profit increased by 230.5% year-on-year, Chow Sang Sang’s profits hit a record high, while Yuyuan shares shifted from profit to loss, and Mengjin Yuan’s net profit decreased by 49.03% year-on-year.

Industry data shows that the Fifth Member Congress of the China Gold Association has convened, with Zhou Zhou elected as the new president. Retail sales of gold, silver, jewelry, and related products in China increased by 13% year-on-year from January to February, with Beijing seeing a growth of 66.7%. The Shanghai Gold Exchange issued a risk warning again, with several banks alerting to volatility risks in precious metals. The World Gold Council plans to build a “Gold as a Service” platform to promote infrastructure development in the digital gold market.

On the policy front, the “Notice on Further Improving Natural Resource Element Guarantee” has been issued, promoting flexible land use policies to support mining development; the Shenzhen Gold and Jewelry Industry Association released public guidance to regulate gold market operations, strictly prohibiting illegal trading and fundraising; the All-China Federation of Gold, Silver, and Jewelry Industry Chambers issued two group standards to promote industry credit and innovation evaluation systems.

Price trend analysis indicates that in mid to late March, due to hawkish signals from the Federal Reserve and geopolitical conflicts, international gold prices experienced a significant correction. Looking ahead to early April, ongoing US-Iran conflicts may continue to boost inflation expectations, with gold prices expected to remain “weak with short-term oscillations,” and volatility risks increasing.

The Market Outlook section focuses on mining area space utilization and talent empowerment. Wu Qiang, member of the National Committee of the Chinese People’s Political Consultative Conference and Academician of the Chinese Academy of Engineering, pointed out that comprehensive utilization of underground space throughout the entire lifecycle of mining areas is an important direction for industry transformation, with huge potential in carbon sequestration and energy storage. Liu Junlai, member of the National Committee of the Chinese People’s Political Consultative Conference and professor at China University of Geosciences (Beijing), emphasized that the deep application of artificial intelligence and embodied intelligence technologies urgently requires the mining talent structure to shift toward high-end technical positions such as algorithm engineers and intelligent equipment maintenance.

Overseas perspectives show that Chile has issued the “National Critical Mineral Strategy,” listing 14 minerals including copper and gold as critical minerals; BHP’s copper business has for the first time surpassed iron ore to become the group’s primary profit source; OREX Alliance in the United States plans to acquire Cobalt and Copper assets in Congo (DRC) from Glencore for $9 billion.

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Editor: Zhu Hena