世界黄金协会：2025年全年中国黄金需求总量达1003吨 为2021年以来最高水平

Core Insights - The World Gold Council's report indicates that China's gold investment and consumption demand is projected to reach 274 tons in Q4 2025, marking an 18% year-on-year increase and a significant 60% rise from Q3, making it the second-best Q4 performance since 2016 [1] - Total gold demand for the year 2025 is expected to hit 1,003 tons, a 6% increase year-on-year, representing the highest level since 2021. In monetary terms, the demand will reach a record high of 796 billion RMB (approximately 111 billion USD), a staggering 53% increase year-on-year [1] Segment Analysis - In Q4 2025, gold jewelry demand in China is expected to decline, with a 3% decrease quarter-on-quarter and a 23% drop year-on-year, totaling 82 tons. For the entire year, jewelry demand is projected at 360 tons, down 25% year-on-year. However, consumer spending on jewelry in Q4 will reach 77.8 billion RMB (approximately 11 billion USD), a 19% year-on-year increase, with total annual spending at 281.4 billion RMB (approximately 39.4 billion USD), an 8% increase [3] - Conversely, gold investment demand remains strong, with gold bar and coin demand expected to surge by 61% quarter-on-quarter and 42% year-on-year, reaching 119 tons in Q4. For the full year, investors are projected to purchase 432 tons of gold bars and coins, a 28% increase from 2024, marking a historical high [3] - In Q4, China's gold ETFs saw an inflow of 51 billion RMB (approximately 7.2 billion USD, 54 tons), setting a record for quarterly inflows. The total annual inflow for gold ETFs is expected to reach 110 billion RMB (approximately 15.5 billion USD, 133 tons), with assets under management (AUM) skyrocketing by 243% to 241.8 billion RMB (approximately 34.6 billion USD) and holdings doubling to 248 tons, both achieving historical highs [3] - The People's Bank of China (PBoC) increased its gold reserves by 2.8 tons in Q4, bringing the total to 2,306 tons, which constitutes 8.5% of its total foreign reserves. Throughout 2025, the PBoC's gold purchases remained consistent, totaling 27 tons for the year [4]