前三季国内黄金ETF增仓量同比增164.03%

Core Insights - Domestic gold production increased to 271.782 tons in the first three quarters of 2025, a year-on-year growth of 1.39% [2] - Total gold consumption in China decreased to 682.730 tons, down 7.95% year-on-year, with significant declines in jewelry consumption [2] - The demand for gold bars and coins rose by 24.55%, reflecting a strong market for investment-grade gold [2] Production and Consumption - Domestic raw gold production reached 271.782 tons, with an additional 121.149 tons imported, leading to a total production of 392.931 tons, up 3.60% year-on-year [2] - Gold consumption saw a decline, particularly in jewelry, which fell by 32.50% to 270.036 tons, while industrial and other uses increased by 2.72% [2] Market Activity - The Shanghai Gold Exchange reported a trading volume of 23,800 tons, a 2.45% increase year-on-year, with a significant rise in trading value by 41.55% [3] - Gold ETF holdings in China increased by 164.03% year-on-year, indicating a strong interest in gold as an investment vehicle [3] Price Trends - As of September 2025, the London spot gold price was $3,825.30 per ounce, up 44.65% since the beginning of the year, while the Shanghai price was 871.86 yuan per gram, up 42.00% [4] - Central banks globally, including China, have been increasing their gold reserves, with China adding 23.95 tons in the first three quarters of 2025 [4]