世界黄金协会：二季度全球黄金需求同比增长3%

Group 1 - The core viewpoint of the report indicates that global gold demand reached 1249 tons in Q2 2025, a 3% year-on-year increase, driven primarily by strong investment demand [1] - Global gold ETF net inflows totaled 170 tons in Q2, with Asia contributing 70 tons and North America 73 tons, leading to a record total of 397 tons for the first half of the year, the highest since 2020 [1] - Investment demand for gold bars and coins in Q2 was 307 tons, an 11% increase year-on-year, with China seeing a significant surge of 44% to 115 tons, while the US experienced a 53% decline [1] Group 2 - Global jewelry demand fell by 14% year-on-year in Q2, nearing 2020's low levels, although the value of global jewelry consumption increased [1] - Central banks continued to purchase gold, adding 166 tons in Q2, despite a slowdown in the pace of purchases, with 95% of surveyed central banks expecting further increases in gold reserves over the next 12 months [1] - On the supply side, total gold supply reached 1249 tons in Q2, a 3% year-on-year increase, with recycled gold supply rising by 4% [2] Group 3 - The price of gold increased by 26% in USD terms in the first half of the year, with expectations of potential price stability in the second half due to uncertain macroeconomic conditions [2] - The attractiveness of gold as a safe-haven asset may increase if global economic or geopolitical situations worsen, potentially driving prices higher [2]