黄金，投资激增47%

Core Insights - The article highlights a significant increase in global gold demand, particularly driven by investment, following the recent interest rate cut by the Federal Reserve [3][6]. Group 1: Global Gold Demand Trends - In Q3 2025, global gold demand reached a record high of 1313 tons, with a total value of $146 billion, marking the highest quarterly demand ever [3]. - Investment demand for gold surged to 537 tons in Q3, a 47% year-on-year increase, accounting for 55% of total gold demand [3]. - Gold ETFs saw substantial inflows, with holdings increasing by 222 tons in Q3, translating to $26 billion in investment [3]. Group 2: China Market Performance - In contrast, China's gold demand showed a decline, with retail investment and consumption dropping to 152 tons in Q3, a 7% year-on-year decrease and a 38% quarter-on-quarter decline, marking the weakest Q3 since 2009 [6]. - Gold ETF demand in China turned negative, with outflows of 3.8 billion RMB (approximately $540 million) in Q3, ending a three-quarter inflow trend [6]. - Despite the challenges, the total assets under management (AUM) for gold ETFs in China grew by 11% to 168.8 billion RMB (about $23.7 billion) due to rising gold prices [6]. Group 3: Central Bank Purchases - Global central banks continued to purchase gold, with net purchases reaching 220 tons in Q3, a 28% increase from the previous quarter and a 10% increase year-on-year [7]. - Cumulatively, central banks bought 634 tons of gold in the first three quarters of 2025 [7].