投资者存在“错失恐惧”，黄金最新数据和研判来了

Core Insights - Global gold demand surged to a record high in Q3, reaching 1,313 tons and generating $146 billion, driven primarily by investment demand [1][2] - Despite a decline in retail gold investment and consumption in China, the monetary value of demand hit a historical high of 120.4 billion RMB (approximately $16.9 billion) [1][4] - The increase in gold prices has led to a "fear of missing out" among investors, significantly boosting gold ETF holdings [2][3] Global Gold Demand - Q3 gold investment demand rose to 537 tons, a 47% year-on-year increase, accounting for 55% of total net demand [2] - Central banks accelerated gold purchases, with net buying totaling 220 tons in Q3, a 28% increase from Q2 and a 10% increase year-on-year [2] Chinese Market Dynamics - Retail gold investment and consumption in China reached 152 tons in Q3, a 7% year-on-year decline and a 38% quarter-on-quarter drop, marking the weakest performance since 2009 [1][4] - Gold jewelry demand in China fell by 19% year-on-year, with Q3 consumption at 84 tons, although it saw a seasonal increase of 21% quarter-on-quarter [4] Market Outlook - The World Gold Council anticipates a seasonal improvement in gold jewelry consumption in Q4, although this may be constrained by rising gold prices and the timing of the Chinese New Year [5] - Analysts suggest that continued inflows into ETFs and persistent risk aversion will support precious metal prices in the long term, with gold and silver expected to remain key commodities through late 2025 and into 2026 [5]