世界黄金协会：三季度各国央行加快购金步伐，黄金ETF资金流入创新高

Core Insights - Gold prices are surging while demand is increasing significantly, with central banks accelerating gold purchases and gold ETF inflows reaching record highs [1][3][4] Central Bank Purchases - In Q3, central banks bought 220 tons of gold, a 28% increase from the previous quarter, reversing the earlier decline in 2023 [1] - Kazakhstan's central bank emerged as the largest single buyer, while Brazil's central bank made its first gold purchase in over four years [1] - By September, central banks had cumulatively increased their gold reserves by 634 tons in 2023, which is lower than the previous three years but significantly above the average level before the Russia-Ukraine conflict in 2022 [4] Gold Demand Forecast - The World Gold Council forecasts that global gold demand will reach 1,313 tons in Q3 2025, with a total value of $146 billion, marking the highest quarterly demand on record [1] - The annual central bank gold purchases are expected to range between 750 to 900 tons for 2025 [3] Gold ETF Inflows - Q3 saw unprecedented inflows into gold ETFs, totaling $26 billion, driven by investor concerns over missing out on rising prices and the asset's dual role as a safe haven and hedge [1][7] - Expectations of further monetary easing by the Federal Reserve and concerns about the health of the U.S. economy have led to increased investor interest in gold [7]