Core Insights - Global gold demand, including over-the-counter (OTC) transactions, is projected to increase by 3% year-on-year to 1,248.8 tons in Q2 2025, with a significant rise in value by 45% to $13.2 billion [1][6] - Central banks remain a major source of gold demand, although their purchases decreased by 21% to 166.5 tons in Q2 2025 [2][5] - The second quarter saw a 4% increase in gold recycling, reaching 347.2 tons [2] Supply and Demand Overview - Gold supply in Q2 2025 includes: - Gold mine production of 908.6 tons, a 1% increase year-on-year [4] - Total gold supply of 1,248.8 tons, reflecting a 3% year-on-year increase [4] - Gold demand breakdown for Q2 2025: - Jewelry consumption decreased by 14% to 341.0 tons, the lowest since Q3 2020 [5] - Investment demand surged by 78%, with bar demand increasing by 21% [5][6] - Total gold demand reached 1,079.0 tons, a 10% year-on-year increase [4] Market Trends - The long-term trend of central banks reallocating assets from U.S. assets to gold remains unchanged, despite a downward revision in expected central bank purchases for the year [5] - The potential for further increases in gold ETFs is noted, driven by significant inflows in the first half of the year [5]
全球黄金需求井喷 第二季度飙升至1320亿美元新高
Jin Tou Wang·2025-07-31 07:57