2025年全球黄金需求突破5000吨，投资狂潮席卷全球

Core Insights - The World Gold Council's report indicates that global gold demand is projected to reach a record high of 5002 tons in 2025, with a total monetary value of $555 billion [1] China Market: Investment Demand Hits Record - In 2025, China's gold market shows a distinct pattern of "strong investment, moderate consumption," with total gold investment demand reaching 432 tons, a 28% increase from 2024, marking a historical high [2] - The demand for gold bars and coins surged particularly in Q4, with a year-on-year increase of 42% to 119 tons [2] - The Chinese gold ETF market experienced explosive growth, with total inflows reaching 110 billion RMB (approximately $15.5 billion) and holdings increasing to 248 tons, both figures hitting historical highs [2] - Conversely, gold jewelry demand fell to 360 tons, a 25% decrease year-on-year, with Q4 consumption dropping to 82 tons, the weakest performance since 2007 [2] - Despite the decline in volume, gold jewelry spending increased by 8% year-on-year to 281.4 billion RMB (approximately $39.4 billion) [2] - Analysts attribute the decline in jewelry demand to a 59% rise in gold prices, which weakened consumer purchasing power, alongside the implementation of a gold value-added tax reform [2] - The shift towards more cost-effective hard gold jewelry and the popularity of "old-for-new" exchange programs have helped alleviate market pressure [2] - Looking ahead to 2026, gold investment demand in China is expected to remain robust, supported by the Spring Festival and risk-averse demand [2] Global Market: Risk Aversion Dominates, Central Bank Gold Purchases Remain Active - Globally, the surge in gold investment demand is the primary driver behind the record total demand, with global gold investment demand rising to 2175 tons and global gold ETFs netting an increase of 801 tons [3] - Central bank gold purchases remained high, with official institutions adding 863 tons of gold, providing significant market support [3] - In the context of rising gold prices, global gold jewelry demand decreased by 18% to 1542 tons, while the monetary value of global jewelry consumption increased by 18% to $172 billion, highlighting the long-term appeal of gold jewelry to consumers [3] - On the supply side, global gold mine production increased to 3672 tons, with a slight rise in recycled gold supply, contributing to a record high in total global gold supply [3] Analyst Commentary - Louise Street, a senior market analyst at the World Gold Council, noted that 2025 witnessed a surge in global gold demand and a significant rise in gold prices, driven by ongoing economic and geopolitical risks [4] - The report emphasizes that gold investment demand became the focal point of the year, with investors actively seeking to allocate gold through various available channels, while other segments also supported global gold demand [4] - Despite a 67% year-on-year increase in dollar gold prices, jewelry demand only fell by 18%, indicating that consumers are still willing to purchase jewelry products in a high-price environment [4] - Central banks remain committed to increasing their gold reserves, and the strong demand momentum from 2025 is expected to continue into 2026 [4] - At the beginning of the year, gold prices surpassed $5000 per ounce for the first time, underscoring gold's role as a safe-haven asset during uncertain times [4]