世界黄金协会：央行Q2购金量创三年最低 ETF接棒支撑黄金需求

Core Insights - Global gold demand continues to grow strongly against a backdrop of record-high prices, with total demand in Q2 increasing by 3% year-on-year to 1249 tons, and value soaring by 45% to a record $132 billion [1] Group 1: Global Gold Demand - In Q2, gold ETF inflows in China reached 464 billion RMB (approximately $65 billion, 61 tons), marking the strongest quarterly performance ever [1][3] - Global gold ETF demand has significantly increased for the second consecutive quarter, becoming a key driver of overall demand [1] - Investment in gold bars and coins has also surged, driven by rising prices and gold's safe-haven attributes [1] Group 2: Central Bank Purchases - Central banks globally slowed their gold purchases in Q2, with a total of 166 tons added to official reserves, the lowest level since 2022, but still 41% higher than the quarterly average from 2010 to 2021 [1][2] - Despite the slowdown, central bank gold purchases remain at significant levels due to ongoing economic and geopolitical uncertainties, with expectations of continued buying in the next 12 months [2] Group 3: Chinese Market Dynamics - The Chinese market led the ETF inflow trend, with total inflows for the first half of the year reaching 631 billion RMB (approximately $88 billion) [3] - The total assets under management for Chinese gold ETFs doubled, achieving a growth rate of 116% to reach 152.5 billion RMB (approximately $21.3 billion) by the end of June [3] Group 4: Price Trends and Market Impact - The average LBMA gold price reached a record of $3280.35 per ounce in Q2, reflecting a 40% year-on-year increase and a 15% quarter-on-quarter increase [4] - Despite record prices, recycling activities remain low, with Indian consumers increasingly opting for old-for-new exchanges or using gold as collateral for loans [4] Group 5: Investment and Inventory Changes - Off-market investments and inventory changes contributed an additional 170 tons to demand in Q2, indicating healthy levels of institutional investment and sustained interest from high-net-worth individuals [5]