全球黄金需求创新高 黄金ETF 净流入260亿美元

Group 1 - The core viewpoint of the articles highlights a significant increase in global gold demand, particularly driven by investment, following the Federal Reserve's recent interest rate cut and the end of quantitative tightening [1][2] - In Q3 2025, global gold demand reached a record high of 1,313 tons, with a total value of $146 billion, marking the highest quarterly demand ever recorded [1] - Investment demand surged to 537 tons, a 47% year-on-year increase, accounting for 55% of the total net demand for the quarter [1] Group 2 - In the Chinese market, Q3 gold demand showed a significant decline, with retail investment and consumption dropping to 152 tons, a 7% year-on-year decrease and a 38% quarter-on-quarter decline, marking the weakest performance since 2009 [2] - Gold ETF demand in China turned negative, with an outflow of 3.8 billion RMB (approximately $540 million), ending a three-quarter inflow trend, while total holdings decreased by 5.8 tons to 194 tons [2] - Despite the challenges in Q3, the overall performance of gold ETFs in China for the first three quarters remained strong, with a record net inflow of 59.3 billion RMB (approximately $8.2 billion) and total holdings increasing by 79 tons [2] Group 3 - 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 [3]