黄金ETF | 12月，表现强劲，创纪录之年完美收官

Core Insights - In 2025, global gold ETF inflows reached a record high of $89 billion, driven primarily by North America, with total assets under management (AUM) growing to $559 billion and total holdings reaching a peak of 4,025 tons [1][3][4] Group 1: Global Gold ETF Performance - Global gold ETFs experienced inflows for the seventh consecutive month in December, totaling approximately $10 billion, with North America being the largest contributor [3][4] - The AUM of global gold ETFs increased by 5% in December, while total holdings grew by 2% [3] - The geopolitical tensions, trade disputes, and market volatility have heightened demand for gold as a safe-haven asset [3][4] Group 2: Regional Contributions - North America saw inflows of about $6 billion in December, significantly above the average monthly inflow of $4 billion for 2025, with total annual inflows reaching $51 billion [4] - Asia recorded inflows of approximately $2.5 billion in December, led by India, which set a record for monthly inflows, supported by strong gold prices [4][5] - Europe experienced inflows of around $1 billion in December, with the UK and Switzerland leading the way, driven by geopolitical concerns and a stronger euro [5] Group 3: Market Dynamics - The average daily trading volume in the global gold market reached $410 billion in December, slightly down by 2% month-over-month but still above the average of $357 billion for the first 11 months of 2025 [5][6] - The daily trading volume of gold ETFs increased to $9 billion, significantly higher than the $2.9 billion average in 2024 [6] - The total net long positions in gold futures increased by 15% in December, indicating strong bullish sentiment among investors [6]