金价突然飙升，突破3340美元关口，美元指数大跳水

Core Viewpoint - The article discusses the significant increase in global gold demand in Q2 2025, driven by high gold prices and geopolitical uncertainties, highlighting the role of gold as a safe-haven asset amid economic volatility [6][7]. Group 1: Global Gold Demand - In Q2 2025, global gold demand surged to 1,249 tons, a 3% year-on-year increase, with total demand value reaching $1,320 billion, marking a 45% increase and setting a historical record [6]. - The strong investment activity in the first half of the year reflects gold's effectiveness in hedging against economic and geopolitical risks, with gold prices rising by 26% [6][7]. Group 2: Investment Trends - Gold ETF investments were a key driver of total demand, with inflows of 170 tons in Q2, contrasting with outflows in the same period of 2024 [9]. - The total gold ETF demand for the first half of 2025 reached 397 tons, the highest since 2020, with significant contributions from Asian and North American funds [9]. Group 3: Central Bank Purchases - Central banks continued to increase their gold reserves, adding 166 tons in Q2 2025, despite a slowdown in the pace of purchases [9]. - A survey indicated that 95% of central banks expect to increase their gold reserves in the next 12 months, reflecting ongoing economic and geopolitical uncertainties [9]. Group 4: Jewelry Demand - Global gold jewelry consumption fell by 14% year-on-year in Q2, nearing 2020's low levels, with Chinese demand dropping significantly [10]. - Despite the decline in volume, the value of global jewelry consumption increased to $36 billion in Q2, indicating a shift in consumer preferences towards lighter-weight jewelry [10][11]. Group 5: Market Outlook - The article suggests that the strong start to the year may lead to a narrow trading range for gold prices in the second half of 2025, with macroeconomic uncertainties providing support for gold [7]. - The ongoing consolidation in the jewelry market may challenge short-term demand but could benefit the market's long-term health by reducing price competition [11].