世界黄金协会：央行Q2购金量创三年最低，ETF接棒支撑黄金需求

Core Viewpoint - Global gold demand continues to grow strongly against the backdrop of record-high prices, with significant contributions from investment in gold ETFs and geopolitical uncertainties [1][2]. Group 1: Global Gold Demand - In Q2, global gold demand increased by 3% year-on-year to 1249 tons, with a value surge of 45% to a record $132 billion [2]. - The demand for gold ETFs saw a substantial increase, marking the second consecutive quarter of growth, driven by rising prices and the asset's safe-haven appeal [3]. Group 2: Central Bank Purchases - Central banks slowed their gold purchases in Q2, with a total of 166 tons added to global official reserves, the lowest level since 2022, but still 41% higher than the average from 2010 to 2021 [4]. - Despite the slowdown, central banks are expected to continue purchasing gold due to ongoing economic and geopolitical uncertainties [4]. Group 3: China Market Dynamics - In Q2, China's gold ETF inflows reached 464 billion RMB (approximately $65 billion, 61 tons), marking the strongest quarterly performance ever [5]. - The total inflow for the first half of the year reached 631 billion RMB (about $88 billion), with a 116% increase in total assets under management, reaching 152.5 billion RMB (approximately $21.3 billion) by the end of June [5]. Group 4: Price Trends and Investment Demand - The average LBMA gold price in Q2 reached a record of $3280.35 per ounce, a 40% year-on-year increase and a 15% quarter-on-quarter increase [8]. - Overall investment demand, including ETFs, bars, and coins, grew by 78% year-on-year, with expectations for gold prices to potentially reach $3675 per ounce by year-end [6]. Group 5: Recycling and Jewelry Demand - Despite high prices, recycling activities remain low, with Indian consumers increasingly opting for old-for-new exchanges or using gold as loan collateral [8]. - Jewelry demand showed a divergence in volume and value, with tonnage generally declining but spending on gold jewelry increasing [8].