全球黄金需求 创下单季最高纪录

Core Insights - The global gold market is experiencing significant demand growth, driven primarily by investment needs, with a record total demand of 1313 tons in Q3 2025, amounting to $146 billion [1][2] Group 1: Gold Price Trends - As of October 30, 2025, the London spot gold price reached $3974.16 per ounce, marking a daily increase of over 1% [1] - The average gold price in Q3 2025 hit a record high of $3456.54 per ounce, reflecting a year-on-year increase of 40% and a quarter-on-quarter increase of 5% [1] Group 2: Investment Demand - Investment demand for gold surged to 537 tons in Q3 2025, a 47% year-on-year increase, constituting 55% of the total net demand for the quarter [1] - Investors have significantly increased their holdings in physical gold ETFs, with an additional 222 tons added in Q3 2025, leading to a total inflow of $26 billion [2] Group 3: Gold Supply Dynamics - The total global gold supply reached 1313 tons in Q3 2025, a record high, with gold mine production increasing by 2% to 977 tons and recycled gold supply rising by 6% to 344 tons [3] - The ongoing geopolitical tensions, high inflation, and uncertainties in global trade policies are driving the demand for gold as a safe-haven asset [3] Group 4: Central Bank Purchases - Central banks accelerated their gold purchases in Q3 2025, with a net purchase of 220 tons, a 28% increase from Q2 and a 10% year-on-year rise [2]