Core Insights - The World Gold Council reported that in September, the Shanghai afternoon benchmark gold price (SHAUPM) achieved its strongest monthly performance ever and the second-highest quarterly performance, only behind the record set in Q1 2025 [1] - In Q3, the demand for physical gold in China showed signs of recovery, with September demand reaching 118 tons, a month-on-month increase of 33 tons and a year-on-year increase of 4 tons [1][9] - The recovery in demand is attributed to the resurgence of gold prices and a slight improvement in the gold jewelry sector [1][9] Gold Demand and Market Performance - In September, the sales of gold bars and coins improved, indicating a rebound in investment demand [9] - The net inflow into gold ETFs in China reversed the outflow seen earlier in Q3, with approximately 1 billion RMB flowing into gold ETFs in September, raising total assets under management (AUM) to 194 tons [11] - The total outflow of gold from the Shanghai Gold Exchange in the first three quarters of 2025 was down 3% year-on-year, remaining 37% below the ten-year average [14] Central Bank and Import Activity - The People's Bank of China increased its gold reserves for the 11th consecutive month, purchasing 1.2 tons in September, bringing total reserves to 5 tons [17][19] - In August, China's net gold imports remained stable at 87 tons, with only a slight month-on-month decrease of 2 tons [22] Future Outlook - Retailers completed their restocking in September, but a seasonal slowdown is expected in October due to rising gold prices, which may suppress jewelry consumption [25] - The ongoing tensions between China and the U.S. are expected to boost gold investment demand as local stock market momentum is hindered [25]
世界黄金协会：中国9月上游实物黄金需求回暖 上海实物黄金需求达118吨 同比增加4吨
智通财经网·2025-10-24 11:04