A faster expansion in China's gold holdings signifies a shift to greater support for the gold industry, S&P Global Ratings said in a Tuesday report.

China's share of gold in official reserves remains smaller and only gradually rising, despite being the world's largest consumer and producer, S&P said.

Labeling gold a "strategic mineral" will accelerate China's capture efforts, leading to gradual but committed progress, said Charles Chang, S&P's Greater China corporates lead in Hong Kong.

Global factors such as the Russia-Ukraine war have led major Chinese miners to quicken acquisitions abroad and prompted the first offshore gold vault in Hong Kong under China's "Gold Road" roadmap, S&P said.

Chang expects China's share of the global gold market to keep rising amid these efforts.