三季度全球黄金需求创纪录 中国投资者购入74吨金条金币

Core Insights - 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][3] Demand Trends - The surge in gold demand is primarily driven by investment needs, with global investment demand soaring to 537 tons, a 47% year-on-year increase, accounting for 55% of total net demand [3] - Gold ETFs have emerged as a significant investment driver, with investors increasing their holdings by 222 tons and a total inflow of $26 billion in Q3 [3] - Despite the overall growth in gold ETFs, the Chinese market saw an outflow of 3.8 billion yuan (approximately $540 million) in Q3, attributed to strong stock market performance in July and August [3] Regional Insights - Chinese investors demonstrated strong purchasing power in the gold bar and coin segment, buying 74 tons in Q3, a 19% increase year-on-year, contributing to a total retail gold investment demand of 313 tons for the first three quarters, the highest since 2013 [3] Market Outlook - Analysts suggest that while short-term gold prices may remain volatile, the medium to long-term outlook is positive, driven by central bank purchases, a shift to net buyers in global gold ETFs, and potential interest rate cuts by the Federal Reserve [3]