Core Insights - The World Gold Council's report indicates that global gold demand reached a record high of 1,313 tons in Q3 2025, with a total value of $146 billion, driven primarily by investment demand [1][3]. Investment Demand - Investment demand for gold surged to 537 tons in Q3, marking a 47% year-on-year increase and accounting for 55% of total net demand for the quarter [1][3]. - Investors have significantly increased their holdings in physical gold ETFs, adding 222 tons with a total inflow of $26 billion in Q3. For the first three quarters of 2025, global gold ETF holdings increased by 619 tons (approximately $64 billion) [3]. Jewelry Demand - Demand for gold bars and coins grew by 17% year-on-year, totaling 316 tons, with notable contributions from India (92 tons) and China (74 tons) [3]. - Conversely, global jewelry demand faced pressure, declining by 19% year-on-year due to high gold prices, despite seasonal increases in India and China [3]. Central Bank Purchases - Central banks accelerated gold purchases in Q3, with net purchases totaling 220 tons, a 28% increase from Q2 and a 10% increase year-on-year. The total net purchases for the first three quarters reached 634 tons, significantly above pre-2022 averages [3][4]. Supply Dynamics - Global gold supply also hit a record high of 1,313 tons in Q3, reflecting a 3% year-on-year increase, with mine production rising by 2% to 977 tons and recycled gold supply increasing by 6% to 344 tons [4]. Market Outlook - The outlook for the gold market remains optimistic, with factors such as geopolitical tensions, persistent inflation, and uncertainties in global trade policies driving demand for gold as a safe-haven asset. The expectation of a weaker dollar and potential interest rate cuts may further support gold investment demand [5].
世界黄金协会：第三季度全球黄金需求总量1313吨 刷新历史纪录
Zhong Guo Xin Wen Wang·2025-10-30 09:09