全球黄金需求创季度新高，金价短期内或继续波动

Group 1 - Gold demand increased by 3% year-on-year in Q3, reaching 1313.1 tons, driven by investment purchases which surged to 537.2 tons, 1.47 times that of the same period last year [2][4] - Net inflows into gold-backed ETFs reached 221.7 tons, 2.34 times higher than the same period last year, amounting to $26 billion, surpassing the previous record of $24 billion set in Q2 2020 [4] - Central bank purchases of gold grew to 219.9 tons, a 1.1 times increase year-on-year, with total purchases from January to September reaching 634 tons, maintaining a high accumulation level despite a slowdown compared to previous years [5] Group 2 - Jewelry demand declined by 19% year-on-year to 371.3 tons, with significant reductions in India (31%) and China (18%), as consumers shifted towards gold bars and coins [5] - The average spot price of gold in Q3 was $3456.5 per ounce, a 40% increase year-on-year, with a rise of over $170 compared to the previous quarter [2][4] - Despite a generally positive outlook for gold prices in the medium to long term, short-term volatility is expected due to profit-taking behaviors among investors [6]