黄金市场“消费冷、投资热”，金价跳水、上车时机来临？

Core Insights - The article discusses the recent fluctuations in gold prices and their implications for investment opportunities in the gold market, highlighting a significant increase in global gold investment demand despite a decline in gold jewelry consumption [1][2][6]. Gold Investment Demand - In Q1 2025, global gold investment demand surged to 552 tons, a staggering increase of 170% year-on-year, with gold bar and coin demand reaching 325 tons, up 3% compared to the previous year and 15% higher than the five-year quarterly average [1][6]. - China's gold bar and coin demand in Q1 2025 reached 124 tons, marking a 48% increase from the previous quarter and a 12% rise year-on-year, the second-highest quarterly level since Q2 2013 [6]. Jewelry Consumption Trends - Global gold jewelry consumption fell to 380 tons in Q1 2025, a 21% decline year-on-year, while the consumption value increased by 9% to $35 billion, indicating a shift in consumer behavior towards investment rather than ornamental purchases [2][3]. - In China, gold jewelry consumption dropped by 32% to 125 tons, the weakest performance since 2020, reflecting the impact of high gold prices on consumer purchasing decisions [2][3]. Market Dynamics - The high gold prices have led consumers to adopt a more cautious approach, with many opting for lighter, more affordable gold products, indicating a trend towards market segmentation and diversification in consumer preferences [3][4]. - Despite the decline in volume, the sales value of gold jewelry remains robust, suggesting that consumers still value gold as an investment, even as they become more selective in their purchases [2][3]. Future Outlook - The report anticipates that price will continue to be a critical factor influencing gold jewelry sales in China, with potential further declines in demand expected if high prices persist alongside economic uncertainties [5]. - The ongoing geopolitical tensions and economic concerns are likely to sustain the heightened demand for gold as a safe-haven asset, reinforcing its role in investment portfolios [6][7].