世界黄金协会发布三季度《全球黄金需求趋势报告》：投资需求推动当季全球黄金需求总量创新高

Group 1 - The World Gold Council's report indicates that global gold demand reached a record high of 1,313 tons in Q3 2025, with a total value of $146 billion [1] - Investment demand for gold surged to 537 tons in Q3, a 47% year-on-year increase, accounting for 55% of total gold demand [1] - The increase in investment demand is attributed to geopolitical uncertainties, a weakening dollar, and rising gold prices, which triggered a "fear of missing out" (FOMO) among investors [1] Group 2 - Global gold ETF holdings increased by 222 tons in Q3, with inflows totaling $26 billion, leading to a cumulative increase of 619 tons (approximately $64 billion) in the first three quarters of the year [1] - Demand for gold bars and coins rose by 17% year-on-year, totaling 316 tons, with significant contributions from India (92 tons) and China (74 tons) [1] - In contrast, global jewelry demand fell by 19% in Q3 due to high gold prices [2] Group 3 - Central banks accelerated gold purchases, with net purchases totaling 220 tons in Q3, a 28% increase from Q2 and a 10% year-on-year rise [2] - The total net gold purchases by central banks for the first three quarters reached 634 tons, significantly above the average levels prior to 2022 [2] - The outlook for the gold market remains optimistic due to ongoing geopolitical tensions, persistent inflation, and uncertainties in global trade policies, which drive investors towards safe-haven assets [2]