最新报告出炉！黄金市场出现“冰火两重天”

Core Viewpoint - The World Gold Council's report indicates a strong increase in global gold demand in Q2 2025, driven primarily by robust investment inflows, particularly in gold ETFs, despite a decline in gold jewelry demand [1][4]. Group 1: Global Gold Demand - In Q2 2025, global gold demand reached 1249 tons, a 3% year-on-year increase, with gold ETF inflows contributing significantly [1]. - Gold ETF inflows in Q2 amounted to 170 tons, leading to a total of 397 tons for the first half of the year, marking the highest mid-year record since 2020 [1]. - The strong performance of gold ETFs in China saw inflows of 464 billion yuan (approximately 65 million USD) in Q2, with total assets under management (AUM) rising 116% to 1525 billion yuan (213 million USD) [1]. Group 2: Investment Demand for Gold - Investment in gold bars and coins increased by 11% year-on-year to 307 tons in Q2, with significant contributions from the Chinese market, which saw a 44% increase to 115 tons [3]. - In the first half of the year, China's retail investment demand for gold bars and coins reached 239 tons, a 26% increase year-on-year, with total values hitting 887 billion yuan and 1720 billion yuan for Q2 and H1 respectively [3]. - Key factors supporting this demand include a 24% increase in the RMB gold price, limited investment alternatives, and central bank purchases, with the People's Bank of China adding 19 tons to its reserves in H1 [3]. Group 3: Jewelry Demand Trends - Global gold jewelry consumption fell by 14% year-on-year to 341 tons in Q2, nearing the lows seen during the 2020 pandemic [4]. - In China, gold jewelry consumption dropped by 20% year-on-year to 69 tons in Q2, contributing to a 28% decline in total domestic gold demand for H1 [6]. - Seasonal factors and rising gold prices have led consumers to prefer lighter-weight jewelry, while economic uncertainty has made consumers cautious about spending on non-essential items [7].