對實物黃金的需求在第一季度飆升，但在美國卻沒有

亞洲投資者主要提高了對黃金條和硬幣的需求，因為美國投資者繼續坐在場外。

Demand for physical gold surged in the first quarter. But not in the United States.

第一季度對實物黃金的需求激增。但不在美國。

Asian investors drove the bulk of the demand for gold bars and coins as American investors continued to sit on the sidelines.

隨著美國投資者繼續在場外，亞洲投資者推動了對黃金條和硬幣的大部分需求。

Global demand for gold bars and coins rose by a healthy 3 percent in the first quarter, increasing to 317.3 tonnes in Q1 ’24 from 325.4 tonnes. That was in line with fourth quarter demand and a 20.3 percent increase from the third quarter of 2024.

全球對黃金條和硬幣的需求在第一季度增長了3％，從325.4噸增長到第1季度的317.3噸。這與第四季度的需求相一致，比2024年第三季度增加了20.3％。

First quarter demand for gold coins and bars was also 15 percent above the five-year average.

黃金硬幣和酒吧的第一季度需求也比五年平均水平的15％。

Asian Gold Demand Leads the Way

亞洲黃金的需求帶領

China drove the surge in retail investment demand, notching up the second strongest quarter on record. Chinese investors mopped up 126.7 tonnes of gold bars and coins. That was a 47 percent increase from Q4 ’24 and a 12 percent rise year-on-year.

中國推動了零售投資需求的激增，在記錄中排名第二強的季度。中國投資者大大增加了126.7噸的金條和硬幣。這比第4季度的24 Q4增長了47％，同比增長12％。

The World Gold Council noted that the gain was particularly impressive given year-on-year growth was being built on an already-strong Q1 2024.

世界黃金委員會指出，鑑於已經建立了一份已經持續的2024年第1季度，鑑於同比增長的增長尤其令人印象深刻。

“The record-shattering gold price rally has been key in pushing up bar and coin demand during the quarter. With local assets – such as equities and bonds – performing poorly, investors turned to gold for capital appreciation,” the WGC explained.

WGC解釋說：“創紀錄的黃金價格集會是在本季度推動酒吧和硬幣需求的關鍵。由於當地資產（例如股票和債券）的表現不佳，投資者轉向黃金以獲得資本增值。”

Demand for gold is so strong in China that State Street Global Advisors' strategist Aron Chan described it as a "multi-layered demand base," adding that it helps support and stabilize the price even amid extreme volatility.

在中國，對黃金的需求是如此強大，以至於州街全球顧問策略師阿隆·陳（Aron Chan）將其描述為“多層需求基礎”，並補充說，即使在極端波動中，它也有助於支持和穩定價格。

“This demand is less speculative and more strategic or culturally embedded, which means it is stickier and more resilient.”

“這種需求較少投機，更具戰略意義或文化嵌入，這意味著它更具粘性和更具彈性。”

Indian investors also continued buying gold, with coin and bar demand rising by 7 percent year-on-year in the first quarter. It was the seventh consecutive quarter of year-on-year demand growth for gold coins and bars in India, the world’s second-largest gold market.

印度投資者還繼續購買黃金，第一季度硬幣和酒吧的需求同比增長7％。這是印度第二大黃金市場的黃金硬幣和酒吧連續第七季度需求增長。

Indian demand decreased quarter-on-quarter, but this was mainly due to seasonal fluctuations and an inauspicious period in the Indian calendar.

印度的需求減少了四分之一，但這主要是由於季節性波動和印度日曆中的不吉利時期。

Other Asian markets also reported strong year-year increases in gold coin and bar demand.

其他亞洲市場還報告說，黃金硬幣和酒吧需求的年度增長強勁。

Investment demand remained flat in the Middle East, remaining just above the average level seen over the past three years.

投資需求在中東保持平穩，保持在過去三年中平均水平的水平上。

According to the World Gold Council, Middle Eastern gold coin and bar demand growth was concentrated in Saudi Arabia, driven by positive price expectations, and Iran, due to currency depreciation, high inflation, and concern over unpredictable U.S. foreign policy.

根據世界黃金委員會的說法，中東黃金硬幣和酒吧的需求增長集中在沙特阿拉伯，這是由於貨幣貶值，高通貨膨脹和對不可預測的美國外交政策的關注而造成的，伊朗的驅動和伊朗。

High interest rates in Turkey created some headwinds for gold, and higher prices curbed buying in the UAE.

土耳其的高利率給黃金帶來了一些逆風，而阿聯酋的價格較高。

There was also renewed interest in physical gold in Europe with a 79 percent year-on-year surge in demand for bars and coins in Q1. However, this increase came off a very low base.

歐洲對實物黃金的興趣也重新引起了人們的興趣，對第1季度對酒吧和硬幣的需求同比增長79％。但是，這種增加的基礎很低。

The 26-tonne increase in demand was primarily driven by German-speaking investors. Demand in the UK also got a boost as investors sought capital gains tax-compliant gold in light of last year’s budget changes to CGT thresholds.

26噸需求的增加主要是由講德語的投資者驅動的。鑑於去年的預算變化對CGT閾值的變化，英國的需求也得到了增長。

Canadians even got in on the act, with gold coin and bar demand surging by 85 percent year-on-year.

加拿大人甚至加入了該法案，黃金硬幣和酒吧的需求同比增長85％。

Asians Buy, Americans Sell

亞洲人購買，美國人賣

And what about the U.S.?

那美國呢？

Gold coin and bar demand dropped to the lowest level in almost five years.

黃金硬幣和酒吧的需求在將近五年內下降到最低水平。

While Asian investors bought gold, Americans sold, seeking profits with prices at record levels. At 19.3 tonnes, demand was down 22 percent year-on-year and 16 percent from Q4 ’24.

亞洲投資者購買黃金時，美國人出售了黃金，以創紀錄的價格尋求利潤。在19.3噸的情況下，需求同比下降22％，比第4季度的需求減少了16％。

World Gold Council analysts said the drop wasn’t surprising given Trump’s transition into the White House.

世界黃金委員會分析​​師表示，鑑於特朗普過渡到白宮，情況並不奇怪。

“Historically, Republican presidencies have generally resulted in lower retail demand; however, fieldwork suggests that investment interest picked up late in the quarter and continued through early Q2 as tariff announcements dominated headlines.”

“從歷史上看，共和黨總統總統通常導致零售需求較低；但是，現場工作表明，隨著關稅公告佔據主導地位，投資利息在本季度後期持續到第二季度。”

To be fair, American investors didn’t spurn gold completely. Gold flowed into North American-based ETFs, with fund holdings increasing by 134 tonnes.

公平地說，美國投資者並沒有完全拒絕黃金。黃金流入北美的ETF，基金持有量增加了134噸。

Some of that ETF demand likely came from Canadians who, as already noted, flocked to the yellow metal in Q1.

正如已經指出的那樣，加拿大人可能來自加拿大人，在第一季度中湧向黃金。

ETFs are a convenient way for investors to play the gold market, but owning ETF shares is not the same as holding physical gold.

ETF是投資者在黃金市場上發揮作用的便捷方式，但擁有ETF股票與持有實物黃金不同。

ETFs are relatively liquid. You can buy or sell an ETF with a couple of mouse clicks. You don’t have to worry about transporting or storing metal. In a nutshell, it allows investors to play the gold market without buying full ounces of metal at the spot price.

ETF是相對液體的。您可以使用幾個鼠標點擊購買或出售ETF。您不必擔心運輸或存儲金屬。簡而言之，它允許投資者在不以現貨價格購買全盎司金屬的情況下投入黃金市場。

Since you are just buying a number in a computer, you can easily trade your ETF shares for another stock or cash whenever you want, even multiple times on the same day. Many

由於您只是在計算機上購買一個號碼，因此您可以隨時隨地輕鬆地將ETF股份以其他股票或現金交易，甚至在同一天多次。許多