全球黄金需求，创新高

Core Insights - In Q3 2025, global gold demand reached 1,313 tons, with a total value of $146 billion, marking the highest quarterly demand on record [1] - Central banks accelerated gold purchases, with net purchases totaling 220 tons, a 28% increase from Q2 and a 10% year-on-year rise [1] - Retail gold investment and consumption demand in China reached 152 tons, a 7% year-on-year decline, but the monetary value surged to 120.4 billion RMB (approximately $16.9 billion), a 29% increase year-on-year, setting a record for Q3 [1] Market Outlook - The outlook for the gold market remains optimistic due to the weakening US dollar, general expectations of interest rate cuts, and the presence of stagflation risks, which may further support gold investment demand [2] - Gold prices have been consistently reaching record highs this year, indicating potential for further upward movement in the current market environment [2] - Research suggests that the market is not yet saturated, and the strategic value of allocating gold remains solid [2]