Core Insights - The World Gold Council's report indicates that in Q3 2025, China's retail gold investment and consumption demand reached 152 tons, a year-on-year decline of 7% and a quarter-on-quarter drop of 38%, marking the weakest Q3 demand since 2009 [1] - Despite the decline in volume, the monetary value of retail gold investment and consumption demand soared to 1,204 billion RMB (approximately 169 billion USD), a year-on-year increase of 29%, setting a record for Q3 [1] Category Summaries - **Jewelry Demand**: In Q3, gold jewelry demand was 84 tons, showing a seasonal quarter-on-quarter increase of 21%, but a year-on-year decrease of 18%. The total monetary value of jewelry consumption was 665 billion RMB (approximately 93 billion USD), with significant growth both quarter-on-quarter and year-on-year. For the first three quarters, total jewelry consumption demand was 278 tons, down 25% year-on-year [1] - **Gold Bars and Coins**: Sales of gold bars and coins increased by 19% year-on-year to 74 tons, but saw a quarter-on-quarter decline of 36% compared to Q2 2025, which was the strongest performance since 2013. Retail gold investment demand for the first three quarters reached 313 tons, the highest level since 2013 [1] - **Gold ETFs**: The report notes that China's gold ETFs ended a three-quarter inflow trend, with an outflow of 38 billion RMB (approximately 5.4 billion USD) in Q3. Total holdings decreased by 5.8 tons to 194 tons, while the total assets under management (AUM) rose by 11% to 1,688 billion RMB (approximately 237 billion USD), reaching a new monthly high [2] - **Central Bank Purchases**: The People's Bank of China continued its gold purchasing strategy, acquiring 5 tons in Q3, bringing the official gold reserves to 2,304 tons, which constitutes 7.7% of total foreign exchange reserves [2] - **Outlook for Q4**: The World Gold Council anticipates a seasonal improvement in gold jewelry consumption in Q4, although this may be tempered by rising gold prices and the later timing of the 2026 Chinese New Year. Potential fiscal or monetary policy stimulus could enhance consumer capacity, potentially alleviating some of the weakness in jewelry consumption. Additionally, geopolitical risks are expected to maintain relatively strong gold investment demand, with continued interest in gold bars and coins if prices remain robust [2]

Group 1 - International precious metal futures experienced a general increase, with COMEX gold futures rising by 2.01% to $3416 per ounce, marking a weekly increase of 2.41% [1] - COMEX silver futures increased by 1.07% to $37.11 per ounce, but saw a weekly decline of 3.28% [1] Group 2 - The U.S. non-farm payroll data for July was significantly below expectations, contributing to heightened market risk aversion alongside trade protection measures and uncertainties in Federal Reserve policies [3] - China's gold consumption in the first half of 2025 is projected to be 505.21 tons, reflecting a year-on-year decrease of 3.54%, with gold jewelry consumption down by 26% to 199.83 tons, while gold bars and coins increased by 23.69% to 264.24 tons [3] - In Q2, China's gold consumption was 214.71 tons, a slight decrease of 0.06%, with gold jewelry at 65.30 tons, down 24.16%, and gold bars and coins at 126.22 tons, up 17.62% [3] - High gold prices are suppressing demand for gold jewelry, but products with strong design and high added value continue to be favored, leading to better profitability for merchants [3] Group 3 - The World Gold Council's report on global gold demand trends for Q2 2025 indicated that total global gold demand reached 1249 tons, a year-on-year increase of 3%, driven primarily by strong investment demand [3] - Although global gold jewelry demand decreased in volume, the value of global gold jewelry consumption still increased [3]

Group 1 - The current spot gold price has dropped over 50 USD, now reported at 3237.76 USD/ounce, with a decline of 1.55% [2] - The World Gold Council's report on global gold demand trends for Q1 2025 was held on April 30, revealing a significant surge in gold ETF demand in the Chinese market, with inflows of approximately 16.7 billion CNY (about 2.3 billion USD, or 23 tons), marking a historical high [3] - The soaring gold prices and unprecedented inflows have driven the total assets under management (AUM) and total holdings of gold ETFs to break historical records, reaching 101 billion CNY (approximately 13.9 billion USD) and 138 tons, respectively [3] Group 2 - In Q1, the total gold consumption demand in the Chinese market (including gold bars, coins, and jewelry) was 249 tons, reflecting a year-on-year decline of 15%, primarily due to weak demand for jewelry [4]

Group 1 - The core viewpoint of the report indicates that global gold demand reached 1206 tons in Q1 2025, marking a 1% year-on-year increase and the highest level for a first quarter since 2016 [1] - Global gold investment demand surged to 551.9 tons, reflecting a significant year-on-year increase of 170% [1] - The demand for gold bars and coins was 325.4 tons, up 3% year-on-year, exceeding the five-year quarterly average by 15% [1] Group 2 - The net inflow into global gold ETFs was 226.5 tons, a substantial increase from 18.7 tons in the previous quarter, making it the primary driver of investment demand in Q1 [1] - In April alone, gold ETF inflows in Asia surpassed the total for the entire first quarter, indicating strong investor interest [1] - Despite the growth in ETF holdings, they remain 10% below the peak levels seen in 2020 [1] Group 3 - Global gold jewelry consumption fell by 21% year-on-year to 380.3 tons, the lowest level since 2020, despite a 9% increase in spending on gold jewelry [1] - Demand for technology gold remained stable at 80 tons compared to the same quarter last year [1] Group 4 - Central banks globally continued to increase their gold reserves, adding 244 tons in Q1 2025, marking the 16th consecutive year of net gold purchases [2] - Although this demand was down 21% year-on-year, it remained consistent with the average levels of the past three years [2] Group 5 - Total gold supply in Q1 was 1206 tons, with gold mine production at 855.7 tons, remaining flat year-on-year, and recycled gold totaling 345.3 tons, down 1% [2]