中国黄金协会：2026年前三季度我国黄金产量220.935吨，同比下降18.71%

English version

What happened

Data from the China Gold Association show that in the first three quarters of 2026, domestic raw-material gold output was 220.935 tonnes, down 18.71% year on year, a fall of 50.847 tonnes; over the same period, gold output from imported raw materials was 127.055 tonnes, up 5.906 tonnes.

The economics

The sharp fall in domestic output is a contraction of gold supply: the supply curve shifts left and, with demand unchanged, tends to push the gold price up. Rising output from imported raw materials shows that part of the domestic shortfall is met from abroad, illustrating how supply sources adjust. Students can draw the leftward supply shift and discuss substitution between domestic production and imports.

Figures to quote

• 220.935 tonnes
• down 18.71%
• 127.055 tonnes

Evaluation

The price effect of lower domestic output depends on demand and on how far imports fill the gap: continued growth in imported raw materials or weaker demand would dampen any price rise. The fall may also reflect longer-term resource, cost or policy factors, so the short-run price effect may be limited.

Practice question

Using the data, apply supply and demand analysis to explain how the fall in domestic gold output affects the gold price, and how increased imports of raw materials modify this effect.