全球黄金需求三季度创新高，投资激增47%、ETF流入260亿美元

Core Insights - Global gold demand reached a record high in Q3 2025, with total demand at 1,313 tons and a monetary value of $146 billion, marking the highest quarterly demand ever recorded [1][2] - Investment demand was the primary driver, surging to 537 tons, a 47% year-on-year increase, constituting 55% of total gold demand for the quarter [2] Investment Demand - Physical gold ETFs saw significant inflows, with holdings increasing by 222 tons and total inflow amounting to $26 billion in Q3 2025 [2] - Cumulatively, global gold ETF holdings increased by 619 tons (approximately $64 billion) in the first three quarters of 2025, with North America leading at 346 tons [2] China Market Analysis - In China, gold demand showed signs of adjustment, with retail investment and consumption dropping to 152 tons, a 7% year-on-year decline and a 38% quarter-on-quarter decrease, marking the weakest Q3 since 2009 [5] - Despite the decline in ETF demand, the total assets under management (AUM) for gold ETFs in China grew by 11% to 168.8 billion RMB (approximately $23.7 billion) due to rising gold prices [5] Central Bank Purchases - Central banks globally continued to purchase gold, with net purchases in Q3 reaching 220 tons, a 28% increase quarter-on-quarter and a 10% increase year-on-year, totaling 634 tons for the first three quarters of 2025 [6] Market Outlook - Factors supporting gold demand include geopolitical conflicts, inflation pressures, and uncertainties in trade policies, with expectations of a weaker dollar and interest rate cuts potentially boosting investment demand further [5]