Core Viewpoint - The World Gold Council (WGC) reports a significant increase in global gold demand in Q1 2025, driven by strong ETF inflows and geopolitical uncertainties, with total demand reaching 1206 tons, the highest for the first quarter since 2016 [2][3]. Group 1: Demand Drivers - The increase in gold demand is attributed to several factors including U.S. tariff policies, geopolitical uncertainties, stock market volatility, and a weakening dollar, which have all contributed to rising gold prices [3][8]. - The average gold price in Q1 2025 reached $2860 per ounce, a 38% increase year-on-year, with total demand valued at approximately $1108.8 billion [3]. Group 2: Investment Trends - Retail investment in gold bars and coins remains strong, with demand rising 3% to 325 tons, supported by China as a key growth driver [7]. - Gold ETFs saw a significant increase in demand, with an addition of 226.5 tons in Q1 2025, leading to a total investment demand of 551.9 tons, a 170% year-on-year increase [7]. Group 3: Central Bank Purchases - Central banks continue to purchase gold to diversify their foreign exchange reserves, with purchases totaling 243.7 tons, indicating a solid foundation for the gold market despite a slowdown compared to previous quarters [7]. Group 4: Market Sentiment - The current investment demand for gold is broad-based, with both Western and Eastern investors participating, indicating that the demand is underpinned by fundamental factors rather than mere speculation [8]. - The ongoing uncertainty in the market suggests that demand for gold from both investors and central banks is likely to remain strong, with expectations that gold prices will stabilize at high levels [8]. Group 5: Sector Performance - The technology sector is identified as a "silent hero" for gold demand, with Q1 2025 demand for gold in technology applications remaining stable at 80.5 tons [9]. - Jewelry consumption, however, has declined significantly, with demand falling 21% year-on-year to 380.3 tons, the lowest level since the pandemic began in 2020, attributed to high gold prices [9][10].

当地时间周三（4月30日），世界黄金协会（WGC）发布了2025年第一季度《全球黄金需求趋势报告》。 报告显示，受ETF资金流入激增的影响，第一季度包含场外交易投资的全球黄金 总需求同比增长1%，达到1206吨，创2016年以来最强劲 的第一季度需求纪录 ；不含场外交易的需求则同比增长16%。 世界黄金协会高级市场策略师Joseph Cavatoni在接受媒体采访时表示， 最新数据展现出三大坚实支柱支撑着黄金市场：散户持续买入金 条和金币，黄金ETF的投资热情也重新燃起，同时央行继续大量购买。 WGC认为，美国关税阴影、地缘政治不确定性、股市波动以及美元走弱，推动伦敦金价屡创新高。 根据WGC的数据，今年第一季度平均金价达2860美元/盎司，同比飙升38%。如果以美元计价，全球第一季度的黄金需求为1108.8亿美 元，接近去年第四季度1110.2亿美元的历史纪录。 WGC的表格显示， "金条和金币总需求"仍保持高位，同比上升3%至325吨，较过去五年季度均值高出15% 。 报告特别提到，"中国是该 板块主要增长引擎，其零售投资规模创历史第二高季度纪录。" "黄金ETF及类似产品"分项也在第一季度录得增加226 ...

Core Insights - The World Gold Council's Q1 2025 Global Gold Demand Trends Report indicates that global gold demand reached 1206 tons in Q1, a 1% year-on-year increase, despite gold prices surpassing $3000 per ounce [1] - Gold ETF demand has rebounded significantly, leading to a more than doubling of gold investment demand to 552 tons, a 170% year-on-year increase, marking the highest quarterly level since Q1 2022 [1] - Retail investment in China has surged, contributing to a 3% year-on-year increase in demand for gold bars and coins, totaling 325 tons, which is the second-highest quarterly demand on record for this category [1]

世界黄金协会2025年一季度全球黄金需求趋势报告发布会4月30日举行。记者从发布会上获悉，中国市 场黄金ETF需求同步激增，一季度流入约167亿元（约23亿美元，合23吨），创历史新高。金价的飙升 与空前的流入量推动黄金ETF资产管理总规模（AUM）和总持仓双双突破历史纪录，分别达到1010亿 元（约139亿美元）和138吨的高位。据统计，一季度中国市场黄金消费需求总量（包括金条、金币与金 饰）为249吨，同比下滑15%，主要由金饰需求疲软所致。（证券时报） ...

金十数据4月30日讯，世界黄金协会（WGC）周三表示，2025年第一季度全球黄金需求（含场外交易） 同比增长1%至1,206公吨，为2016年以来的最高一季度水平。黄金ETF资金流入大幅回升，推动总投资 需求增长至552吨，同比增长170%，这是自2022年第一季度以来的最高水平。第一季度金条和金币需求 保持在325吨的高位，比五年季度平均水平高出15%。全球黄金首饰需求（实物需求的主要类别）下降 21%至380.3吨，为2020年疫情以来最低水平。黄金需求的另一个主要来源——各国央行第一季度的购 买量减少了21%至243.7吨。 世界黄金协会：Q1全球黄金需求创2016年以来最高一季度水平 ...

Group 1: Japan Market Focus - The report highlights the commencement of tariff negotiations between Japan and the US, with potential concessions from Japan including LNG and military equipment purchases, and reduced agricultural import tariffs [11][13] - The report indicates that the Japanese economy's growth is expected to be driven by domestic demand, with a focus on companies with high domestic revenue, such as drugstore chains [19][20] - The report suggests that the Bank of Japan may consider raising interest rates in the second half of the year, with a target policy rate of 0.8%-1% by year-end [16][19] Group 2: India Market Focus - The report notes that India's overall CPI has dropped to its lowest level in nearly six years, which supports expectations for further monetary easing by the Reserve Bank of India [33][34] - The report emphasizes that India's economy is primarily driven by domestic demand, making it less susceptible to external trade policy impacts, and forecasts a stable long-term growth trend despite short-term cyclical slowdowns [40][41] - The report identifies Tata Communications and HDFC Asset Management as key investment opportunities, with Tata Communications expected to see double-digit growth in data services revenue [42][41] Group 3: Gold Market Focus - The report discusses the increasing global demand for gold driven by geopolitical uncertainties and the impact of US tariff policies, which are expected to support higher gold prices [54][57] - The report anticipates that gold prices could reach $3,337 per ounce by mid-2025 under neutral conditions, with potential highs of $3,620 and lows of $3,081 under optimistic and pessimistic scenarios, respectively [54][57] - The report highlights investment opportunities in gold mining and jewelry sectors, specifically mentioning Shandong Gold and Laopu Gold as potential beneficiaries of rising gold prices [58][57]