在東盟市場中，消費者投資通常更強大

在本報告所涵蓋的東盟市場中，消費者投資通常更強大。在泰國，基本的價格預期為黃金投資的基礎

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Consumer investment in gold was generally stronger year-on-year among the ASEAN markets covered in this report. In Thailand, positive price expectations underpinned gold investment, leading to an impressive 25% year-on-year increase in bar and coin investment demand. However, demand declined when compared to the previous quarter as the gold price rally encouraged profit-taking. Jewellery demand in Thailand for Q1 aligned with global trends, with demand decreasing in response to record gold prices. Nonetheless, the Thai market displayed resilience, showing a moderate decline compared to some other ASEAN countries.

在本報告中涵蓋的東盟市場中，對黃金的消費者投資通常同比增長。在泰國，價格預期的基礎是黃金投資的基礎，導致酒吧和硬幣投資需求同比增長25％。但是，與上一季度相比，需求下降了，因為黃金價格集會鼓勵了利潤。泰國對第一季度的珠寶需求與全球趨勢保持一致，響應創紀錄的黃金價格的需求減少。儘管如此，與其他東盟國家相比，泰國市場表現出韌性，顯示出適度的下降。

According to the World Gold Council’s (WGC) latest Gold Demand Trends report, investment demand opened the year in strength, reaching the highest first-quarter total since 2016 at 236 tonnes. This was driven largely by a return of institutional investor demand for gold Exchange Traded Funds (ETFs), with net inflows of 141 tonnes marking the strongest start to a year since 2013.

根據世界黃金委員會（WGC）最新的黃金需求趨勢報告，投資需求的實力開放，達到了自2016年以來最高的第一季度總數236噸。這在很大程度上是由於機構投資者對黃金交易所交易基金（ETF）的需求的回報，淨流入量為141噸，標誌著自2013年以來最強的開始。

After eight consecutive quarters of outflows, investors returned to gold ETFs in the second half of 2025, ramping up their allocations significantly. By April, Asian gold ETF inflows had already surpassed their entire Q1 total, highlighting the rapid pace of institutional investors’ bullish return to the asset class.

經過連續八個季度的流出，投資者在2025年下半年返回Gold ETF，大大提高了他們的分配。到4月，亞洲黃金ETF流入已經超過了整個Q1總數，強調了機構投資者的看漲資產歸還速度的迅速步伐。

However, despite this strong start to the year, there is still potential for further growth in gold ETF demand. Despite outperforming other major asset classes in the first quarter, and with broader market uncertainty persisting, even greater levels of capital could be allocated to gold in the months ahead.

但是，儘管這一年的開端很強，但金ETF需求仍有進一步增長的潛力。儘管在第一季度表現優於其他主要資產類別，並且由於市場不確定性持續更大，但在未來幾個月內，甚至可以將更高水平的資本分配給黃金。

In the case of net outflows from US equities in Q1 being the highest since the Global Financial Crisis, investors may prefer to realise some of these gains and diversify their portfolios into other asset classes, such as gold.

對於第1季度的美國股票的淨流出是自全球金融危機以來最高的，投資者可能寧願實現其中一些收益並將其投資組合多樣化為其他資產類別，例如黃金。

suggest that despite a strong start to the year, there is potential for even greater levels of capital to be allocated into gold in the months ahead. In the case of net outflows from US equities being the highest since the Global Financial Crisis, investors may prefer to diversify their portfolios and realise some of these gains into other asset classes, such as gold.

表明，儘管本年度的開端很強，但在未來幾個月中，有可能將更高水平的資本分配給黃金。對於自全球金融危機以來，美國股票的淨流出是最高的，投資者可能寧願多樣化其投資組合，並將其中一些收益帶入其他資產類別，例如黃金。

global gold ETF holdings are still 10% below their 2020 high.

全球黃金ETF持有量仍低於其2020年高的10％。

The broader economic landscape is still difficult to predict in the coming quarter, which could provide further upside potential for gold. As turbulent times persist, haven demand for gold from institutions, individuals and the official sector could climb higher in the periods ahead.

在下一季度仍然很難預測更廣泛的經濟格局，這可能會為黃金提供進一步的上升潛力。隨著動蕩的時代的存在，避風港對機構，個人和官方部門對黃金的需求可能會在未來的時期攀升。

The Gold Demand Trends Q1 2025 report, which includes comprehensive data provided by Metals Focus, can be viewed here.

可以在此處查看黃金需求趨勢Q1 2025報告，其中包括由金屬聚焦提供的全面數據。