世界黄金协会：配置黄金的战略价值依然稳固

Core Insights - The World Gold Council's Q3 2025 Global Gold Demand Trends Report indicates that global gold demand reached a record high of 1,313 tons, with a total value of $146 billion, driven by strong investment demand and geopolitical uncertainties [1][2] Group 1: Investment Demand - Investment demand for gold surged to 537 tons in Q3 2025, a 47% year-on-year increase, accounting for 55% of total net demand [1] - Investors have significantly increased their holdings in physical gold ETFs for the third consecutive quarter, adding 222 tons and totaling $26 billion in inflows [2] - Central banks accelerated gold purchases, with net purchases totaling 220 tons in Q3, a 28% increase from Q2 and a 10% increase year-on-year [2] Group 2: Supply and Production - Global gold supply reached 1,313 tons in Q3, a 3% year-on-year increase, with mine production rising 2% to 977 tons and recycled gold supply increasing 6% to 344 tons [2] Group 3: Jewelry Demand - Global gold jewelry demand faced pressure, declining 19% year-on-year, despite seasonal increases in India and China [3] Group 4: Market Outlook - The outlook for the gold market remains optimistic, with expectations of continued support for gold investment demand due to a weakening dollar, anticipated rate cuts, and persistent stagflation risks [3]