Core Viewpoint - The demand for gold in China, both retail and institutional, is surging to record levels despite global gold prices hovering near historical highs, with spot gold reaching a record of $3759.12 per ounce, doubling since the end of 2022 [1][2] Group 1: Market Dynamics - The primary drivers of rising gold prices are aggressive purchases by central banks and strong investment demand, particularly evident in the influx of funds into physical gold ETFs [2][3] - In 2022, global central bank gold purchases exceeded 1000 tons annually, with projections suggesting this could reach approximately 900 tons by 2025, nearly doubling the average of 457 tons from 2016 to 2021 [2][3] Group 2: Investment Trends - Central bank purchases are expected to account for 23% of total gold demand from 2022 to 2025, a figure that is double the average from the 2010s [3] - The demand for gold ETFs saw a significant increase, with a net inflow of 397 tons in the first half of 2025, marking the largest demand since 2020 [3] - As of June 30, total holdings in gold ETFs reached 3615.9 tons, approaching the historical peak of 3915 tons from five years ago [3] Group 3: Geopolitical Factors - Geopolitical uncertainties, including the impact of U.S. foreign policy and trade wars, have further stimulated market demand for gold as a safe-haven asset [2][4] - The ongoing geopolitical tensions, such as the situation in the Middle East and the Russia-Ukraine conflict, continue to provide strong support for gold prices [5] Group 4: Technical Analysis - The technical outlook for gold indicates a potential upward trend, with key resistance levels identified at 3760-3770 and support levels at 3730-3720 [6] - The market is currently showing signs of strength, with expectations of further price increases if certain support levels hold [6]
央行购金翻倍与ETF狂飙 共塑黄金市场新格局
Jin Tou Wang·2025-09-23 06:15