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投资热情高涨 二季度黄金需求上升
Qi Huo Ri Bao Wang·2025-07-31 19:24

Core Insights - Global gold demand increased in Q2 2025, driven by strong investment interest amid high gold prices and geopolitical uncertainties [2][3] Investment Demand - Total global gold demand reached 1249 tons in Q2 2025, a 3% year-on-year increase [2] - Gold ETF investments were a key driver, with inflows of 170 tons, contrasting with outflows in Q2 2024 [2] - Asia's contribution to gold ETF inflows was significant, with 70 tons, matching North America's 73 tons [2] - Gold bar and coin investments rose by 11% year-on-year to 307 tons, with China leading at 115 tons (up 44%) and India at 46 tons [2] Central Bank Purchases - Central banks added 166 tons of gold in Q2 2025, although the pace of purchases has slowed [3] - 95% of surveyed central banks expect to increase gold reserves in the next 12 months [3] Jewelry Demand - Global gold jewelry demand fell by 14% year-on-year in Q2 2025, nearing 2020 pandemic lows [3] - China and India saw declines of 20% and 17% respectively in jewelry demand [3] - Despite lower demand, the value of global jewelry consumption rose to $36 billion in Q2 2025 [3] Supply Dynamics - Total gold supply increased by 3% year-on-year to 1249 tons, with mine production reaching a historical high [3] - Recycled gold supply grew by 4% but remained relatively subdued due to high gold prices [3] China's Gold Market - China's retail gold investment and consumption reached 518 tons in H1 2025, a 5% increase [5] - Q2 2025 demand in China hit 245 tons, up 28%, marking the highest Q2 since 2013 [5] - Gold ETF inflows in China reached 464 billion yuan (approximately $65 million) in Q2 2025, with total assets under management soaring by 116% to 152.5 billion yuan (approximately $21.3 billion) [5] Future Outlook - Jewelry consumption in China is expected to face continued pressure from low consumer confidence and high gold prices [7] - Strong investment demand for gold is anticipated to persist, supported by geopolitical and economic risks [7] - Potential interest from Chinese investors may rise if interest rate cuts occur and the People's Bank of China continues to purchase gold [7]