【环球网财经报道 记者 郑湘琪】"作为可靠的财富储存工具，黄金对消费者、投资者和央行都极具价值。2025年黄金市场表现尤为突出。"日前，在2025中 国（三亚）国际黄金市场年会暨黄金行业可持续发展大会期间，世界黄金协会美洲CEO兼全球研究负责人安凯（Juan Carlos Artigas）在采访中表示。 世界黄金协会公布的数据显示，2025年一至三季度全球黄金需求（含场外）达3640吨的历史高位。总需求跳升41%至3840亿美元，同样为纪录高位。此外， 全年金价累计涨幅超过60%，年内创下逾50次历史新高，表现显著超越新兴市场股票、美股、全球商品等主流资产类别。 从古代文明的"价值瑰宝"到现代金融的"信心锚"，这枚穿越千年的硬通货，正以全新的定价逻辑聚焦全球目光。金价屡创新高后，后续走势将面临哪些关键 支撑与潜在压力？政策调整会对黄金需求结构带来怎样的短期冲击与长期变革？中国黄金市场又在国际合作与标准输出中实现哪些突破性进展？围绕一系列 市场焦点，记者与安凯进行了深入交流。 定价逻辑重构：多重力量交织下的"动态平衡" 谈及当前全球宏观经济形势对黄金市场的影响，安凯告诉记者，更高的地缘政治风险、贸易紧张局势、美 ...

Core Insights - The gold consumption market is undergoing a structural transformation, with investment demand for gold bars and coins surpassing jewelry consumption for the first time in 30 years [2][3][5] - The significant rise in gold prices, with London gold reaching over $4100 per ounce, has driven this shift in consumer behavior [2][4] - The overall gold consumption in China decreased by 7.95% year-on-year in the first three quarters, with jewelry consumption dropping by 32.5% while investment gold consumption increased by 24.55% [3][5] Market Dynamics - Jewelry consumption, traditionally the mainstay of the gold market, has seen a drastic decline, with sales dropping by 50% for some retailers since April [3][4] - High gold prices have led consumers to be more cautious, as the investment attributes of jewelry are perceived as weak, leading to a reluctance to purchase at elevated prices [4][5] - The demand for investment gold is being fueled by heightened economic uncertainty and the desire for wealth preservation, with many investors looking to capitalize on rising gold prices [5][6] Future Outlook - Short-term gold price fluctuations are expected due to macroeconomic factors and uncertainties surrounding U.S. monetary policy, but long-term prospects remain positive [6][7] - Central banks continue to increase their gold reserves, with China's reserves reaching 74.09 million ounces, indicating sustained demand for gold as a hedge against inflation and economic instability [7]