投资激增87%接棒央行 金价强势上攻后暂歇4140

Core Viewpoint - The international gold market is currently experiencing a slight downward trend, with prices fluctuating around $4,127.63 per ounce, reflecting a decrease of 0.13% [1]. Group 1: Gold Supply and Demand - Gold production is stable, with a total above-ground gold supply projected to reach 216,000 tons by 2024, and a compound annual growth rate of 1.5% from 1960 to 2024 [2]. - The main demand drivers for gold are central bank purchases, investment, and jewelry manufacturing, with central bank purchases becoming a key driver in recent years [2]. - In 2024, the demand structure is expected to consist of 24% from central banks, 26% from investments, and 44% from jewelry manufacturing, with the remainder from technology [2]. - Central bank gold purchases increased from 450 tons in 2021 to 1,089 tons in 2024, while investment demand rose from 1,107 tons to 1,181 tons during the same period [2]. - However, central bank purchases have started to decline as gold prices rise, with a 13% year-on-year decrease in the first three quarters of 2025 [2]. Group 2: Market Trends and Technical Analysis - The gold market exhibited significant volatility recently, with prices initially rising before facing resistance around the 4,100 mark, then rebounding from a strong support level at 4,087 [4]. - The market is expected to continue its upward trend, with key focus areas being the upper line and upper channel region on the daily chart [4]. - Current support levels for gold are concentrated around 4,105 and 4,117 [5].