转自：新华财经 世界铂金投资协会中国市场研究负责人张文斌 在交流会上，世界铂金投资协会中国市场研究负责人张文斌为参会嘉宾作了《2025年铂金最新供需趋势》及《铂金市场创新与市场拓展案例》解读。他表 示，铂金市场已进入连续三年的供应短缺阶段，预计这一短缺态势有望持续至2029年。需求端则展现出较强韧性，中国首饰加工量在2025年第二季度实现翻 倍增长，投资需求方面小规格铂金条币销量同比激增六倍。他认为，当前铂金价格仍处于历史低位，加之其终端应用多元、供需结构持续偏紧以及广期所铂 钯期货即将上市所带来的市场完善效应，长期投资价值与配置吸引力正显著提升。 中国黄金报社副社长韩建辉 辽宁省金银珠宝业商会会长张震宇 中国黄金报社副社长韩建辉在致辞中表示，铂金的产业发展与应用拓展离不开平台的搭建与资源的整合，作为行业的观察者、思考者和推动者，中国黄金报 社始终致力于搭建行业交流与合作的平台，促进产业链上下游的紧密合作。沈阳作为东北的重要城市，在黄金珠宝产业方面具备深厚的市场基础和强劲的发 展韧性。希望此次交流会，沈阳及东北同行们能够共同探索铂金市场的未来方向，分享实践经验，激发创新动能，携手书写中国铂金产业高质量发展的新 ...

Core Viewpoint - The long-term bullish trend for gold is expected to continue due to core factors such as safe-haven demand, reserve demand, and allocation demand, with limited short-term adjustment space providing opportunities for low-level buying [1][2][3] Group 1: Safe-Haven Demand - The uncertainty in the global trade environment and ongoing geopolitical tensions have heightened market risk aversion, positively impacting the demand for gold as a safe-haven asset [2] - The geopolitical situation shows signs of easing, but overall tensions remain, contributing to sustained high levels of risk aversion in the market [3] Group 2: Reserve Demand - There is a noticeable decline in the credit quality of global assets, prompting central banks to increase their gold reserves to mitigate potential credit crises, which boosts effective demand for gold and instills market confidence [2] - The ongoing process of reshaping the global monetary order under loose monetary policies is accelerating the demand for gold as a reserve asset [2] Group 3: Allocation Demand - Gold's low correlation with other assets makes it an effective tool for optimizing investment portfolios and hedging institutional risks, especially in the current uncertain economic, policy, and political environment [2] - The continued loose monetary and fiscal policies, along with rising government debt, further support the demand for gold through reserve and allocation channels [2] Group 4: Price Support Levels - The first support level for international gold is identified at $3170 to $3200 per ounce, with a core support level at $3000 per ounce, indicating limited downside potential [1][3] - A breakout above $3500 per ounce could lead to new historical highs for gold prices [3]