BEIJING — China's gold market grew substantially in the first quarter (Q1) of 2020 as investors sought safe-haven assets amid the COVID-19 outbreak, according to the China Gold Association (CGA).

The combined turnover of all gold products on the Shanghai Gold Exchange (SGE) soared 54.08 percent to 6.4 trillion yuan (about $907 billion) in Q1, the CGA data showed.

Trading volume expanded by 24 percent from a year earlier to 18,000 metric tons in SGE in the first three months.

During the same period, the total trading volume of gold futures on the Shanghai Futures Exchange surged 62.26 percent to 20,600 tons, with turnover skyrocketing 94.25 percent year-on-year to 7.06 trillion yuan.

Global gold prices averaged $1,585.22 per ounce in Q1, up 21.58 percent year-on-year.