Group 1 - In July, gold prices experienced a moderate increase, with London afternoon gold prices rising by 0.3% in USD and Shanghai afternoon benchmark prices increasing by 0.5% in RMB, driven by inflation concerns and multiple risk factors offsetting the negative impact of a stronger dollar [1] - Year-to-date, the RMB gold price has risen over 22%, significantly outperforming most domestic assets [1] - The World Gold Council anticipates that gold jewelry consumption will enter a traditional peak season, potentially improving upstream physical demand, although consumer purchasing power remains a concern [1] Group 2 - In July, the outflow of gold ETFs in the Chinese market amounted to approximately 7 million RMB, with total holdings decreasing by 3 tons to 197 tons, indicating a negative trend in gold ETF demand [4][6] - The decline in gold ETF demand is attributed to improved investor risk appetite following better-than-expected GDP data and strong stock market performance, which has led to increased market sentiment [6] - The Shanghai Gold Exchange reported a slight increase in gold outflow of 3 tons month-on-month and a minor year-on-year increase of 4 tons, although the demand remains significantly below the ten-year average, highlighting ongoing weakness in the jewelry sector [3] Group 3 - The People's Bank of China has announced an increase in gold reserves for nine consecutive months, purchasing 2 tons in July, raising the total gold reserves to 6.8% of foreign exchange reserves [7][8] - In the first half of 2025, gold imports were weak, with net imports in June dropping to 50 tons, a 45% decrease month-on-month, and a total of 323 tons imported in the first half of 2025, marking a relatively low level compared to previous years [9]
世界黄金协会：金饰消费进入传统旺季 上游实物需求有望进一步改善
智通财经网·2025-08-22 11:20