大消息！刚刚，黄金又“爆了”！再次见证历史

Core Viewpoint - Global gold demand surged to a record high of $132 billion, with a year-on-year increase of 45%, reaching 1,249 tons in Q2 2025 [2][5]. Supply and Demand Summary - In Q2 2025, global gold supply increased by 3% year-on-year, with gold mine production estimated at 909 tons, marking a historical high [2]. - The total gold supply for Q2 2025 is projected at 1,248.8 tons, with gold mine production contributing 901.5 tons and recycled gold accounting for 347.2 tons [3]. Investment Demand - Gold ETF demand remained strong for two consecutive quarters, significantly contributing to overall demand growth in Q2 2025 [5]. - Investment in gold bars and coins reached its highest level since 2013 in the first half of 2025, driven by rising gold prices and the asset's safe-haven appeal [6]. Central Bank Activity - Central banks globally added a total of 166 tons to their official gold reserves in Q2 2025, although the pace of purchases has slowed [6]. Jewelry Demand - Jewelry demand showed a divergence, with tonnage declining in most regions, nearly reverting to levels seen during the 2020 pandemic, while the monetary value of jewelry consumption increased [6]. Gold Price Trends - The spot gold price has risen over 26% this year, reaching a historical high of $3,500 per ounce in April 2023 [8]. - As of July 31, the spot gold price was reported at $3,307.49 per ounce, reflecting a nearly 1% increase [9].