全球黄金：二季度需求增3%，上半年ETF需求创2020年来新高

Group 1 - The core viewpoint of the article highlights a 3% year-on-year increase in global gold demand in Q2 2025, driven primarily by strong investment demand, with total demand reaching 1249 tons [1] - Global gold ETF net inflows amounted to 170 tons in Q2, with Asia contributing 70 tons and North America 73 tons, leading to a record high of 397 tons for the first half of the year since 2020 [1] - Investment demand for gold bars and coins rose by 11% year-on-year to 307 tons, with significant increases in China (44% to 115 tons) and Europe (156% to 28 tons), while the US saw a decline of 53% to 9 tons [1] Group 2 - Consumer demand for gold jewelry decreased by 14% year-on-year, nearing 2020 lows, although the consumption value increased [1] - Central bank gold purchases continued but at a slower pace, with an increase of 166 tons in Q2, and 95% of surveyed central banks expect their gold reserves to increase in the next 12 months [1] - On the supply side, gold mine production saw a slight increase, with total gold supply in Q2 reaching 1249 tons, a 3% year-on-year growth, and recycled gold supply up by 4% [1] Group 3 - The price of gold in USD terms increased by 26% in the first half of the year, with expectations of narrow fluctuations in the second half due to an uncertain macro environment [1] - The strong start for gold may provide support for prices, while worsening geopolitical situations could drive prices higher [1]