昨晚，金价爆涨

Core Viewpoint - Gold prices surged past $3,340, with a daily increase of over 1.5%, reflecting strong market dynamics and investor interest amid geopolitical uncertainties and economic fluctuations [1][4]. Gold Market Overview - In Q2 2025, global gold demand reached 1,249 tons, a 3% year-on-year increase, with total demand value soaring 45% to $132 billion, setting a new historical record [6]. - The increase in gold supply was driven by a slight rise in mine production, reaching a historical high of 1,249 tons, while recycled gold supply grew by 4% [6]. - The strong performance of gold prices, which rose 26% in the first half of the year, outperformed most major asset classes [6]. Investment Trends - Gold ETF investments were a key driver of demand, with inflows of 170 tons in Q2, contrasting with outflows in the same period of the previous year [8]. - The total demand for gold ETFs in the first half of 2025 reached 397 tons, the highest since 2020 [8]. - Investment in gold bars and coins increased by 11% to 307 tons, with Chinese demand surging by 44% to 115 tons [8]. Central Bank Activity - Central banks continued to purchase gold, adding 166 tons in Q2 2025, although the pace of purchases has slowed [8]. - A survey indicated that 95% of central banks expect to increase their gold reserves in the next 12 months [8]. Jewelry Demand - Global jewelry demand declined by 14% year-on-year in Q2, nearing 2020's low levels, despite a rise in value to $36 billion [9]. - In China, jewelry demand fell sharply by 20% year-on-year, marking the weakest performance for Q2 since 2007 [9]. - The high gold prices have led consumers to prefer lighter-weight jewelry, contributing to the decline in overall demand [9]. Market Outlook - The strong start to the year suggests that gold prices may experience fluctuations within a narrow range in the second half of 2025, with macroeconomic uncertainties providing potential support for prices [7]. - Any significant deterioration in global economic or geopolitical conditions could further enhance gold's appeal as a safe-haven asset [7].