The world's largest gold producer and consumer, China is said to have discovered a mine of the yellow metal worth $82.9 billion in central Hunan province.
China, which accounts for about 10% of global output in 2023, used 741,732 metric tons of gold in the first three quarters of this year while its output was 268,068 tons.
This means it will have to rely on imports to meet domestic demand.
Recently, the Hunan Academy of Geology discovered more than 40 gold ores at a depth of more than 2,000 meters in Pingjiang county with a total of 300.2 tons of gold resources found in the core exploration area and the highest grade of 138 grams per metric ton.
The report further predicted that there are more than 1,000 tons of gold reserves at a depth of more than 3,000 meters.
Meanwhile, gold prices have risen this year due to the heat of geopolitical tensions around the world.
The most active gold futures contract on the Shanghai Futures Exchange hit an all-time high of 639.48 yuan per gram on October 30.
