世界黄金协会发文称，10月，上游实物黄金需求逆季节性走强。10月，上海黄金交易所(SGE)的黄金出库量达到124吨， 环比增加6吨、同比微增17吨，苗 金投资热度升温。虽然月初黄金周金饰销售相对火热，但在金价波动加大的背景下，金饰商当月补货仍相对谨慎, V 月度重点 10月,金价延续涨势 以美元计价的伦敦午盘余价(LBMA) 与上海SHAUPM午盘金价均月末收官上涨 11月 上半月涨势延续 金价再度小幅走高 上涨4.9% ↑ 和以人民币计价的上海午盘基准金价(SHAUPM) 上涨5.5% 1 10月 金市先扬后抑,但整体向好 上半月金价受ETF买盘与风险升温影响暴涨 屡创新高 下半月因地缘风险缓解与获利了结 会价回调 最终伦敦LBMA午盘金价 乙月度重点 上游实物黄金需求 逆季节性走强 10月,上海黄金交易所(SGE)的黄金出库量达到 环比增加6吨 同比微增17吨 黄金投资热度升温 我们认为回升主要归因于: 虽然月初黄金周金饰销售相对火热,但在金价波 动加大的背景下,金饰商当月补货仍相对谨慎1 · 中美贸易紧张局势升级 · 国内股市降温目金价飙升 レ月度重点 黄金ETF流量与金价走势 保持一致 为自4月以来的 ...

Core Insights - Global gold demand is expected to remain resilient in Q4, with a potential seasonal rebound in the Chinese market driven by holidays [1] - The World Gold Council (WGC) indicates that geopolitical uncertainties and anticipated interest rate cuts in Q4 will continue to support global gold demand [1] - Investment demand remains dominant, with record high global gold demand in Q3 2025, primarily driven by gold bars and coins [1][2] Group 1: Global Gold Demand - In Q3 2025, global gold demand reached a record high of 1,313 tons, a 3% year-on-year increase, with total demand value rising 44% to $146 billion [1] - Investment demand accounted for 40.9% of total gold demand, with gold bar and coin demand exceeding 300 tons for the fourth consecutive quarter, totaling 316 tons [1] - Central bank gold purchases remained high at 220 tons in Q3, a 28% increase quarter-on-quarter, despite a slowdown in cumulative purchases compared to the previous year [1] Group 2: Chinese Gold Market - In Q3 2025, China's retail gold investment and consumption demand totaled 152 tons, a 7% year-on-year decline, marking the weakest Q3 since 2009 [3] - However, the monetary value of this demand reached 120.4 billion RMB (approximately $16.9 billion), a 29% year-on-year increase, indicating a "volume drop, price rise" trend [3] - Gold jewelry demand saw a seasonal rebound, with a quarterly demand of 84 tons, down 18% year-on-year but up 21% quarter-on-quarter, driven by seasonal factors and consumer willingness to purchase despite high prices [3] Group 3: Gold Supply Dynamics - Global gold supply increased only 3% year-on-year to 1,313 tons, with gold mine production and recycled gold contributing 73.8% and 26.2% respectively [2] - The average gold price in Q3 2025 reached $3,457 per ounce, a 40% year-on-year increase, reflecting the disparity between strong demand and limited supply growth [2] Group 4: Gold ETFs in China - In Q3, China's gold ETFs experienced a slight outflow of 3.8 billion RMB (approximately $540 million), ending three consecutive quarters of net inflow [4] - Despite the outflow, the total assets under management (AUM) for gold ETFs grew 11% year-on-year to 168.8 billion RMB (approximately $23.7 billion), reaching a new monthly high [4] - The Chinese official gold reserves increased by 24 tons in the first nine months of the year, with a quarterly increase of 5 tons, marking the fourth consecutive quarter of growth [4]

Report Industry Investment Rating No relevant information provided. Report's Core View - In Q3 2025, global gold demand reached a record high, driven by strong investment demand, while China's gold demand showed a "volume decline but value rise" pattern. Looking ahead to Q4, global gold allocation demand is expected to remain resilient, and China's market may see a holiday-driven uptick [2][8][9] Summary by Related Catalogs Global Gold Demand - In Q3 2025, total global gold demand (including OTC investment) rose about 3% YoY to 1,313 tonnes, with the total value up 44% YoY to $146 billion. Investment demand was the main driver, with bar and coin demand exceeding 300 tonnes for the fourth consecutive quarter and global gold ETF holdings increasing sharply. Central bank gold purchases remained high at 220 tonnes, up 28% QoQ [2] - The breakdown of global gold demand shows that investment/gold jewelry manufacturing/central banks and other institutions/technology use/OTC and other institutions accounted for 40.9%/31.9%/16.7%/6.2%/4.2% respectively. Gold jewelry consumption volume declined 19% YoY to 371 tonnes but the consumption value rose 13% YoY to $41 billion due to high gold prices [2] Global Gold Supply - Amid high prices, total global gold supply rose only 3% YoY to 1,313 tonnes, with mine production and recycled gold accounting for 73.8% and 26.2% respectively, up 2% and 6% YoY. The contrast between demand growth and supply expansion drove prices higher. In Q3 2025, the LBMA average gold price reached $3,457/oz, up 40% YoY and 5% QoQ [4] China's Gold Market - In Q3 2025, China's total retail gold investment and consumption demand was 152 tonnes, down 7% YoY and 38% QoQ, but the value reached RMB 120.4 billion ($16.9 billion), up 29% YoY. Gold jewelry demand accounted for 55.3%, with a volume of 84 tonnes, down 18% YoY but up 21% QoQ, and the retail sales reached RMB 66.5 billion (+14% YoY / +25% QoQ) [8] - Gold bar and coin investment demand rose 19% YoY to 74 tonnes, though down 36% QoQ, and the cumulative 9M25 purchases reached 313 tonnes (+24% YoY). China's gold ETFs had a small outflow of RMB 3.8 billion ($540 million) in Q3 2025, but the AUM still rose 11% QoQ to RMB 168.8 billion. The official gold reserves increased by 24 tonnes YTD, with a 5-tonne increase in Q3 2025, reaching 2,304 tonnes, or 7.7% of foreign exchange reserves [8] Outlook - The World Gold Council believes that geopolitical uncertainty and Q4's rate cut expectations will support global gold allocation demand. In China, Q4 gold jewelry consumption may improve seasonally, but if gold prices remain high, the end - market recovery may be limited. The later Lunar New Year in 2026 may push back retailer restocking and consumer purchases [9]

Core Viewpoint - International gold prices have significantly declined, leading to domestic gold jewelry prices dropping below 1200 yuan per gram, prompting market reactions [1] Group 1: Market Reaction - Retail foot traffic in Guangzhou remains stable, with no significant changes observed despite the price drop [1] Group 2: Consumer Trends - According to the "2025 Q3 Global Gold Demand Trend Report," China's gold jewelry consumption is stabilizing; although the tonnage has decreased, the consumption value remains high [1] - Lightweight and high-weight product designs continue to be favored by young consumers [1]

Group 1: Domestic Gold Prices - The price of gold jewelry in domestic stores is approaching 1200 CNY per gram, with some brands exceeding this price point [1] - Zhou Shengsheng's gold price has increased by 28 CNY per gram, reaching a new high of 1203 CNY per gram, while Shanghai China Gold remains the lowest at 1118 CNY per gram [1] - The price difference between the highest and lowest gold prices has expanded to 85 CNY per gram [1] Group 2: Platinum Prices - Platinum prices have also risen, with Zhou Shengsheng's platinum jewelry increasing by 7 CNY per gram to 650 CNY per gram [1] Group 3: Gold Recycling Prices - The gold recycling price has surged by 17.2 CNY per gram, with significant price variations among different brands [2] - The recycling price for gold is reported at 906.20 CNY per gram, with other brands like Lao Fengxiang at 916.70 CNY per gram [2] Group 4: International Gold Prices - The spot gold price rebounded to a maximum of 4026.87 USD per ounce, closing at 4024.55 USD per ounce, marking a 2.44% increase [4] - As of the latest update, the spot gold price has decreased to 4010.48 USD per ounce, reflecting a 0.35% decline [4] - The increase in gold prices was primarily supported by a weaker US dollar and ongoing concerns regarding US-China trade negotiations [4] Group 5: Global Gold Demand - In Q3 2025, global gold demand reached a record high of 1313 tons, with a total value of 146 billion USD, marking the highest quarterly demand for gold [4]

报道还提到，根据公开数据和未公开购买的估算，全球央行，黄金需求的另一个主要来源，第三季度购买量增长 10%，达到219.9吨，与过去三年的异常高位相比仍较低，但远高于2022年之前的水平。全球黄金理事会预计， 全年总购买量将在750至900吨之间。 同时，黄金价格上涨推动今年第三季度珠宝消耗降至2020年以来的最低规模，促使理事会调低全年预测。然而， 由于价格上涨，消费者珠宝支出年同比增长13%，达到4100亿美元。 世界黄金协会发布报告显示，三季度全球黄金需求总总金额达1460亿美元，创下单季最高纪录。其中，黄金投资 总需求量达537吨，同比增长47%；全球央行净购金量总计220吨，环比增长28%。三季度全球黄金总供应量达 1313吨，创季度新高，同比增长3%。 【环球网财经综合报道】北京时间10月31日凌晨，国际贵金属期货普遍收涨，COMEX黄金期货涨0.94%报 4038.30美元/盎司，COMEX白银期货涨1.71%报48.73美元/盎司。 半岛电视台发文称，今年至今，现货黄金价格上涨了50%，10月20日触及历史新高4381美元/盎司，原因是地缘 政治紧张局势、美国关税的不确定性以及近期购买热潮，反 ...

Group 1 - The core viewpoint of the articles highlights a significant increase in global gold demand, particularly driven by investment, following the Federal Reserve's recent interest rate cut and the end of quantitative tightening [1][2] - In Q3 2025, global gold demand reached a record high of 1,313 tons, with a total value of $146 billion, marking the highest quarterly demand ever recorded [1] - Investment demand surged to 537 tons, a 47% year-on-year increase, accounting for 55% of the total net demand for the quarter [1] Group 2 - In the Chinese market, Q3 gold demand showed a significant decline, with retail investment and consumption dropping to 152 tons, a 7% year-on-year decrease and a 38% quarter-on-quarter decline, marking the weakest performance since 2009 [2] - Gold ETF demand in China turned negative, with an outflow of 3.8 billion RMB (approximately $540 million), ending a three-quarter inflow trend, while total holdings decreased by 5.8 tons to 194 tons [2] - Despite the challenges in Q3, the overall performance of gold ETFs in China for the first three quarters remained strong, with a record net inflow of 59.3 billion RMB (approximately $8.2 billion) and total holdings increasing by 79 tons [2] Group 3 - Central banks globally continued to purchase gold, with net purchases in Q3 reaching 220 tons, a 28% increase quarter-on-quarter and a 10% increase year-on-year, totaling 634 tons for the first three quarters [3]

Group 1 - The US will cancel the 10% "fentanyl tariff" on Chinese goods and continue to suspend the 24% equivalent tariff for one year, with China adjusting its countermeasures accordingly [2][3] - The US will suspend the implementation of its 50% export control rule for one year, while China will also suspend its related export control measures for the same duration [2][3] - The US will pause its 301 investigation measures on China's maritime, logistics, and shipbuilding industries for one year, with China reciprocating by suspending its countermeasures [2][3] Group 2 - The new duty-free shop policy will be upgraded starting November 1, 2025, to enhance consumption and attract foreign spending [2][3] - The policy improvements include optimizing tax refund management, expanding product categories, relaxing approval processes, and enhancing shopping experiences for travelers [2][3] Group 3 - The HPV vaccine will be included in the national immunization program, offering free vaccinations to eligible girls starting November 10, 2025 [5] Group 4 - Memory prices have surged significantly, with reports indicating a 100% increase in just one month, affecting various price points [7] Group 5 - Global gold demand reached a record high of 1,313 tons in Q3 2025, with a total value of $1,460 billion, driven by increased central bank purchases [8] Group 6 - Over 99.9% of South Korea's imported kimchi ingredients come from China, highlighting the reliance on Chinese agricultural products [10] Group 7 - The Federal Reserve announced a 25 basis point rate cut, marking the fifth reduction since September 2024 [10] Group 8 - Nvidia has become the first company to reach a market capitalization of $5 trillion, achieving this milestone just four months after surpassing $4 trillion [10]

Core Insights - The World Gold Council reported record-high global gold demand in Q3 2025, with total demand reaching 1,313 tons, a 3% year-on-year increase, marking the highest quarterly demand since the Council began tracking this data [1] - The total monetary value of gold demand surged by 44% year-on-year to $14.6 billion, also setting a historical record [1] - As of the end of Q3 2025, total gold demand increased by 1% to 3,717 tons, corresponding to a monetary value of $38.4 billion, reflecting a 41% year-on-year growth [1] Investment Demand - Investment demand remained the dominant force in gold demand, with global gold ETF holdings increasing significantly by 222 tons [1] - Demand for gold bars and coins continued to exceed 300 tons for the fourth consecutive quarter, reaching 316 tons in Q3 [1] Central Bank Purchases - Central bank gold purchases remained high at 220 tons in Q3, a 28% increase from the previous quarter [1] - Cumulatively, gold purchases by central banks reached 634 tons in the first three quarters of the year, although this is a decrease from 724 tons during the same period last year [1] Jewelry Consumption - Jewelry consumption saw a double-digit decline year-on-year, dropping to 371 tons, continuing a downward trend for six consecutive quarters due to high gold prices [2] - In contrast, the monetary value of jewelry consumption increased by 13% to $41 billion [2] Technology Demand - Demand for gold in technology applications slightly decreased compared to Q3 2024, facing challenges from U.S. tariff policies and rising gold prices, despite some support from AI applications [2]

Core Viewpoint - Bullion prices have significantly declined since October 20, as investors opted to sell following a period of strong performance [1] Group 1 - The decline in bullion prices indicates a shift in investor sentiment after a "stellar run" [1]