2024年三季度全球黄金需求趋势报告执行摘要

Investment Rating - The report indicates a strong upward trend in global gold demand, with a significant increase in investment activities, particularly in gold ETFs and over-the-counter investments [1]. Core Insights - Global gold demand in Q3 2024 reached a record high of 1,313 tons, reflecting a year-on-year increase of 5% [1]. - The total demand in dollar terms surged by 35%, surpassing $100 billion for the first time [1]. - Gold ETF inflows amounted to 95 tons, marking a notable turnaround from a net outflow of 139 tons in the same period last year [1]. - The average gold price in Q3 2024 reached$2,474 per ounce, a 28% increase year-on-year [1]. - Central bank purchases slowed down, with net purchases of 186 tons, but the year-to-date total remains on par with 2022 levels [1]. Summary by Sections Supply and Demand Overview - Global gold supply increased by 5% year-on-year, reaching a record 1,313 tons, with gold mine production rising by 6% to 989.8 tons [5]. - Total gold demand for Q3 2024 was 1,176.5 tons, showing a slight decrease compared to previous quarters [5]. Investment Demand - Investment demand surged to 364.1 tons, a 132% increase compared to the same quarter last year [5]. - Demand for gold bars and coins decreased by 9% to 269.4 tons, with a notable decline in official coin demand [5]. Jewelry and Industrial Demand - Jewelry consumption fell by 12% to 459 tons, despite growth in the Indian market [1][5]. - Technological gold demand remained stable at 83 tons, reflecting a 7% increase year-on-year [5]. Market Dynamics - The report highlights that geopolitical uncertainties, declining interest rates, and strong buying momentum are key factors driving gold investment demand [1].