过去，说到"买金"，大众第一时间想到的就是买金镯子、金项链。在很长一段时间内，金饰消费都是国 内黄金消费市场的"主力军"。 这一固有格局，被今年以来金价的"破纪录"式上升所打破。中国黄金协会最新统计数据显示，今年前三 季度，我国黄金消费量682.73吨，同比下降7.95%。其中，黄金首饰270.036吨，同比下降32.50%；金条 及金币352.116吨，同比增长24.55%。这也意味着，"投资金"消费量30年来首次超越"首饰金"，开启了 黄金市场新格局。 伦敦现货黄金走势图 郭晨凯 制图 ◎记者 张骄 黄金消费市场正在发生一场结构性变革。中国黄金协会日前发布的报告显示，今年前三季度，黄金首饰 消费量为270.04吨，同比下降32.5%；代表投资需求的金条及金币消费量则为352.116吨，同比增长 24.55%。这标志着，"投资金"消费量30年来首次超越"首饰金"。 这与居高不下的金价密切相关。11月10日，伦敦现货黄金（下称"伦敦金"）收复4100美元/盎司关口。 次日，国际、国内黄金继续走高，伦敦金稳于4100美元/盎司上方；上海黄金交易所现货黄金 （Au99.99）涨至950.99元/克。 见微知著，黄 ...

Group 1 - Domestic gold jewelry prices have significantly increased, with most brands raising prices by nearly 30 CNY per gram [1] - As of November 11, 2023, the gold price per gram for various brands is as follows: Chow Sang Sang at 1308 CNY, Chow Tai Fook at 1308 CNY, Lao Miao Gold at 1310 CNY, Lao Feng Xiang at 1310 CNY, and Liufuk Jewelry at 1277 CNY [1] Group 2 - Since September, spot gold prices have risen sharply, reaching a peak of 4380 USD per ounce on October 20, 2023, followed by a significant drop [3] - On October 21, 2023, spot gold experienced a drop of 6.3%, marking the largest single-day decline since April 2013 [3] - By October 28, 2023, spot gold fell to a low of 3886 USD per ounce before starting to recover [3] Group 3 - On November 3, 2023, international gold prices rebounded above 4000 USD, and by November 10, gold futures and spot prices continued to rise [4] - As of November 11, 2023, spot gold was reported at 4136.26 USD per ounce, with COMEX futures at 4146 USD per ounce, both showing increases [6] Group 4 - The World Gold Council reported that global gold investment demand reached 537 tons in Q3 2023, a 47% year-on-year increase, accounting for 55% of total demand [6] - Total global gold demand in Q3 2023 was 1313 tons, with a total value of 1460 billion USD, marking the highest quarterly demand on record [6] Group 5 - The China Gold Association noted a significant decline in gold jewelry consumption, down 32.50% year-on-year to 270.036 tons, while gold bars and coins saw a 24.55% increase [7] - The demand for gold bars remains strong due to geopolitical uncertainties and economic instability, enhancing gold's role as a safe-haven asset [7] Group 6 - Domestic gold production in the first three quarters of 2025 was 392.931 tons, a 3.60% increase year-on-year, with both domestic and imported raw gold contributing to this growth [7] - Various institutions predict a long-term upward trend in gold prices, with Standard Chartered raising its 2026 average price forecast to 4488 USD, and Goldman Sachs increasing its Q1 2026 target to 4440 USD and Q4 target to 5055 USD [7]

2025年前三季度，我国黄金消费量682.730吨，同比下降7.95%。其中：黄金首饰270.036吨，同比下降 32.50%；金条及金币352.116吨，同比增长24.55%；工业及其他用金60.578吨，同比增长2.72%。 中国黄金（600916）协会最新统计数据显示，2025年前三季度，国内原料产金271.782吨，比2024年同 期增加3.714吨，同比增长1.39%。另有进口原料产金121.149吨，同比增长8.94%。国内原料和进口原料 共计生产黄金392.931吨，同比增长3.60%。 不同品类黄金产品的表现差异明显。轻克重、附加值高的首饰产品仍保持较强市场吸引力，销售情况较 好。金条需求仍然旺盛，地缘冲突加剧与经济不确定性使得黄金避险保值的功能进一步凸显。电子、新 能源等产业的快速发展使得工业用金需求稳步回升。 2025年前三季度，上海黄金交易所全部黄金品种累计成交量单边2.38万吨(双边4.76万吨)，同比上升 2.45%；累计成交额单边17.68万亿元(双边35.35万亿元)，同比上升41.55%。上海期货交易所全部黄金期 货期权累计成交量单边10.36万吨(双边20.72万吨)，同比上 ...

Group 1 - International precious metal futures saw a general increase, with COMEX gold futures rising by 2.83% to $4,123.40 per ounce and COMEX silver futures increasing by 4.70% to $50.41 per ounce, driven by heightened geopolitical risks, a weaker dollar, and declining real interest rates [1] - In the first three quarters of this year, China's gold consumption decreased by 7.9% year-on-year to 682.7 tons, with gold jewelry consumption dropping by 32.5% to 270 tons, while the People's Bank of China continued to increase its gold reserves, adding 23.9 tons during the same period, bringing total reserves to 2,303.5 tons by the end of September [1][4] - The China Gold Association noted significant differences in the performance of various gold product categories, with lightweight, high-value jewelry maintaining strong market appeal, while demand for gold bars remained robust due to escalating geopolitical conflicts and economic uncertainties, highlighting gold's role as a safe-haven asset [4] Group 2 - The rapid development of industries such as electronics and new energy has led to a steady recovery in demand for industrial gold [4] - Investors are increasingly viewing gold as a long-term investment, with some purchasing physical gold during price dips, indicating a shift towards a buy-the-dip strategy in gold investment [4] - The Shanghai Gold Exchange announced the waiver of trading fees for certain international board contracts starting November 11, 2025, and reduced the minimum subscription and redemption unit for the "Bosera Gold ETF" from 300,000 to 100,000 units starting November 17 [4]

前三季度，国内黄金ETF增仓量为79.015吨，较2024年前三季度增仓量29.927吨，同比增长164.03%。至 9月底，国内黄金ETF持仓量为193.749吨。 全球央行持续增持黄金。从2024年11月至2025年9月，我国已连续11个月增持黄金。2025年前三季度， 我国增持黄金23.95吨，截至9月底，我国黄金储备为2303.52吨。（鲍仁） 本报讯 11月10日，中国黄金协会公布数据显示，今年前三季度国内原料产金271.782吨，比2024年同期 增加3.714吨，同比增长1.39%；前三季度我国黄金消费量682.730吨，同比下降7.95%。 中国黄金协会称，不同品类黄金产品的表现差异明显。轻克重、附加值高的首饰产品仍保持较强市场吸 引力，销售情况较好。金条需求仍然旺盛，地缘冲突加剧与经济不确定性使得黄金避险保值的功能进一 步凸显。电子、新能源等产业的快速发展使得工业用金需求稳步回升。 ...

Industry Overview - The performance of different categories of gold products shows significant differences, with lightweight and high-value jewelry products maintaining strong market appeal and good sales [1][2] - Demand for gold bars remains robust, while the rapid development of electronic and new energy industries is steadily increasing the demand for industrial gold [1][2] Production and Consumption Data - In the first three quarters of 2025, China's gold production reached 271.782 tons, an increase of 3.714 tons or 1.39% year-on-year, with imported gold production at 121.149 tons, up 8.94% [1] - Total gold consumption in China for the same period was 682.730 tons, a decrease of 7.95% year-on-year, with jewelry consumption down 32.50% to 270.036 tons, while gold bars and coins increased by 24.55% to 352.116 tons [1][2] Market Activity - The Shanghai Gold Exchange reported a total trading volume of 23,800 tons in the first three quarters of 2025, a year-on-year increase of 2.45%, with a trading value of 17.68 trillion yuan, up 41.55% [2] - The domestic gold ETF saw an increase in holdings of 79.015 tons, a 164.03% year-on-year growth, bringing total holdings to 193.749 tons by the end of September [2] Strategic Developments - The gold industry is focusing on high-quality development, with significant exploration and development projects underway, including the Dadonggou gold mine in Liaoning, which has a preliminary resource estimate of nearly 1,500 tons [3] - Major gold companies are advancing their "going out" strategy, with domestic large gold groups achieving a gold production of 61.439 tons from overseas mines, an increase of 18.39% year-on-year [3]

Core Viewpoint - The article highlights the contrasting trends in gold investment and consumption in China, with a significant increase in gold ETF holdings and a decline in retail gold consumption, leading to store closures among major retailers [1][4]. Group 1: Gold Investment Trends - As of the first three quarters of 2025, domestic gold ETF holdings increased by 79.015 tons, a year-on-year growth of 164.03% compared to 2024 [1]. - The Shanghai Gold Exchange reported a total trading volume of 23,800 tons and a trading value of 176.8 trillion yuan, reflecting a year-on-year increase of 2.45% and 41.55%, respectively [3]. - Global central banks have increased their gold reserves, with gold's share in global reserves rising from 24% to 30% as of October 2025 [7][8]. Group 2: Gold Consumption Trends - In the first three quarters of 2025, China's gold consumption decreased to 682.73 tons, a decline of 7.95% year-on-year, with jewelry consumption dropping by 32.5% [3]. - Major retailers like Chow Tai Fook and Chow Sang Sang have reported significant store closures, with Chow Tai Fook closing 905 stores in 2025, averaging 2.5 closures per day [4][5]. - The demand for gold bars and coins increased by 24.55%, indicating a shift towards investment products amid high gold prices [3]. Group 3: Market Dynamics and Future Outlook - The article notes that the surge in gold prices, with the London spot price reaching $3,825.30 per ounce, has been driven by strong investment demand and central bank purchases [7]. - Predictions for gold prices by the end of 2025 range from $4,200 to $4,600 per ounce, with varying views on the average price for 2026 [9]. - The article emphasizes that while gold remains a safe-haven asset, short-term price volatility is expected [9].

Core Viewpoint - The article emphasizes the increasing importance of gold as a safe-haven asset due to geopolitical tensions, declining dollar credibility, and central banks' increasing gold reserves, alongside a steady rise in industrial demand for gold driven by the rapid development of electronic and renewable energy industries [4][5]. Group 1: Current Market Dynamics - Geopolitical conflicts and the decline in dollar credibility have enhanced gold's role as a hedge against risk [4][5]. - Central banks globally have significantly increased their gold purchases, with a net total of 634 tons in the first three quarters of 2023, surpassing pre-2022 averages [4]. - As of the end of October, China's gold reserves reached 74.09 million ounces (approximately 2,304.457 tons), marking a continuous increase for 12 months [4]. Group 2: Investment Trends and Regulatory Changes - The domestic gold ETF holdings increased by 79.015 tons in the first three quarters of 2023, reaching a total of 193.749 tons by the end of September [5]. - A new tax policy announced by the Ministry of Finance and the State Taxation Administration categorizes gold transactions into "investment" and "non-investment" types, providing clearer guidelines for future trading [5]. Group 3: Research and Analysis Focus - The article outlines a call for papers on the investment logic of gold, focusing on historical cycles and trend evolution, with specific topics including the cyclical characteristics of gold prices, the impact of inflation and interest rates, and the comparison between gold and digital currencies [6]. - The submission deadline for the papers is set for November 18, 2025, with a word count recommendation of 4,000 to 6,000 words [10].

中国黄金协会分析称，地缘冲突加剧等因素使得黄金避险保值的功能进一步凸显，推动金条需求旺盛。 电子、新能源等产业的快速发展使得工业用金需求稳步回升。 本文转自【中国新闻社】； 据中国黄金协会11月10日消息，今年前三季度我国黄金产量271.782吨，同比增长1.39%；黄金消费量 682.73吨，同比下降7.95%。 从生产端看，国内原料产金271.782吨，同比增长1.39%；进口原料产金121.149吨，同比增长8.94%。国 内原料和进口原料共计生产黄金392.931吨，同比增长3.6%。 中国黄金协会有关负责人表示，前三季度，一批黄金行业重点勘查、开发项目稳步推进。辽宁省大东沟 金矿初步评审金资源量近1500吨，有望成为继山东胶东金矿之后我国又一个世界级金矿。三山岛金矿副 井井筒工程顺利落底，最终深度锁定2005米。 从消费端看，今年前三季度，我国黄金消费量682.73吨，同比下降7.95%。其中，黄金首饰270.036吨， 同比下降32.5%；金条及金币352.116吨，同比增长24.55%；工业及其他用金60.578吨，同比增长 2.72%。 今年前三季度，我国黄金市场交易保持活跃，上海黄金交易所全 ...

Core Insights - China's gold consumption in the first three quarters of 2025 reached 682.730 tons, a year-on-year decrease of 7.95% [1] - The demand for gold jewelry fell by 32.50% to 270.036 tons, while gold bars and coins saw a 24.55% increase to 352.116 tons [1] - Industrial and other gold usage increased by 2.72% to 60.578 tons [1] - Spot gold prices surpassed $4,060 per ounce, with a daily increase of 1.78% [1] Consumption Trends - The performance of different gold product categories showed significant variance, with high-value jewelry maintaining strong market appeal despite overall consumption decline [1] - The demand for gold bars remains robust, driven by geopolitical tensions and economic uncertainties, highlighting gold's role as a safe-haven asset [1] - The rapid development of industries such as electronics and new energy has contributed to a steady recovery in industrial gold demand [1] Trading Activity - In the first three quarters of this year, trading in gold derivatives was notably active, with total trading volume at the Shanghai Gold Exchange reaching 23,800 tons, a year-on-year increase of 2.45% [1] - The total trading value at the exchange was 17.68 trillion yuan, up 41.55% year-on-year [1] - The Shanghai Futures Exchange reported a trading volume of 10.36 tons for all gold futures and options, marking a 59.98% increase year-on-year, with a trading value of 61.08 trillion yuan, up 112.60% [1] Production Data - Domestic raw gold production in the first three quarters of 2025 was 271.782 tons, a year-on-year increase of 1.39% [2] - Imported raw gold production reached 121.149 tons, up 8.94% year-on-year, leading to a total gold production of 392.931 tons, a 3.60% increase [2] Price Movements - Spot gold prices peaked at $4,381.29 per ounce on October 20, 2025, before experiencing a decline [2] - On October 27, spot gold prices fell below the $4,000 per ounce mark for the first time in the month [2] Market Outlook - Analysts have differing views on gold price trends, with some suggesting that recent declines may signal the start of a downward trend [2] - Despite acknowledging short-term risks of price corrections, several institutions maintain a long-term bullish outlook on gold, with Standard Chartered raising its 2026 average price forecast by 16% to $4,488 [2]