全球黃金需求在2025年第一季度同比增長1％至1,206噸

以黃金支持的交易所交易資金（ETF）的反彈是傑出的司機，投資需求翻了一番，達到552噸

Global gold demand rose 1 per cent year-on-year in the first quarter of 2025 to 1,206 tonnes, driven by a sharp increase in investment demand as prices surged past $3,000 per ounce, according to the World Gold Council’s (WGC) latest Gold Demand Trends report.

根據世界黃金委員會（WGC）最新的黃金需求趨勢報告，全球黃金需求在2025年第一季度同比增長1％，達到1,206噸，這是由於投資需求的急劇增長，因為價格飆升了3,000美元。

The rebound in gold-backed exchange-traded funds (ETFs) was the standout driver, with investment demand more than doubling to 552 tonnes — up 170 per cent year-on-year and the highest level since Q1 2022.

帶有黃金交易所交易貿易資金（ETF）的反彈是傑出的驅動力，投資需求翻了一番，達到552噸，同比增長170％，是第1季度2022年第1季度以來的最高水平。

ETF inflows alone reached 226 tonnes, boosted by price momentum and rising global uncertainty linked to tariff policies and recessionary fears.

僅ETF流入就達到了226噸，這是由於價格動力和與關稅政策和衰退恐懼有關的全球不確定性的提高。

“Over the past 10 months investors have returned to gold ETFs, ramping up their allocations since Q3 last year,” said Louise Street, senior markets analyst at the WGC. Already in April, Asian inflows have stormed past their Q1 total. However, there is still room for growth, with global gold ETF holdings sitting 10 per cent below their 2020 high.”

WGC高級市場分析師Louise Street說：“在過去的10個月中，投資者返回了黃金ETF，增加了他們的分配。”在四月，亞洲流入已經超越了他們的第一季度。但是，仍然有增長的空間，全球黃金ETF持有量低於其2020年高的10％。 ”

Gold bar and coin demand rises

金條和硬幣需求上升

Total bar and coin demand remained strong, rising 3 per cent year-on-year to 325 tonnes. This increase was largely driven by a surge in retail investment in China, which posted its second-highest quarter on record.

總酒吧和硬幣需求仍然強勁，同比增長3％至325噸。這一增長在很大程度上是由於中國零售投資激增的驅動，該投資的第二高季度在記錄中。

The strength in Eastern markets helped offset a 22 per cent decline in demand from US investors and a modest recovery of 12 tonnes in Europe, albeit from a low base in Q1 2024.

東部市場的實力有助於抵消美國投資者需求下降的22％，歐洲的12噸恢復量適中，儘管這是第1季度2024年第1季度的低基地。

In the Middle East, gold’s traditional appeal remained evident. “Gold investment demand in the Middle East remained resilient in Q1 2025, underpinned by continued geopolitical uncertainty and positive price expectations,” said Andrew Naylor, head of Middle East and Public Policy at the WGC. “Notably, Saudi Arabia saw a 15 per cent year-on-year increase in bar and coin demand, while jewellery demand in the kingdom rose 35 per cent – bucking regional trends.”

在中東，黃金的傳統吸引力仍然很明顯。 “在2025年第1季度，中東的黃金投資需求仍然是彈性的，受到持續的地緣政治不確定性和正價期望的支持，”中東地區負責人安德魯·奈勒（Andrew Naylor）說。 “值得注意的是，沙特阿拉伯的酒吧和硬幣需求同比增長15％，而王國的珠寶需求增長了35％ - 逆轉區域趨勢。”

Central banks continued to be net buyers for the 16th consecutive year, adding 244 tonnes to global reserves in Q1 2025. Although this was 21 per cent lower than Q1 2024, it was in line with the average quarterly purchase volumes recorded over the past three years.

中央銀行連續第16年繼續成為淨買家，在2025年第1季度為全球儲量增加了244噸。儘管這比第1季度2024年第1季度低21％，但與過去三年中記錄的平均季度購買量相符。

Jewellery demand hit

珠寶需求打擊

Jewellery demand, meanwhile, was impacted by the record price environment, with gold hitting 20 all-time highs during the quarter.

同時，珠寶需求受到創紀錄的價格環境的影響，在本季度，黃金達到了20個歷史最高點。

Global jewellery volumes fell to their lowest since 2020, when Covid-related restrictions curtailed demand. Despite this, consumer spending rose 9 per cent year-on-year to $35bn in Q1, as price appreciation drove value higher.

全球珠寶量從2020年以來最低，當時與共同相關的限制減少了需求。儘管如此，隨著價格升值的價值更高，消費者的支出同比增長9％，達到35億美元。

All markets except China recorded increases in the value of gold jewellery demand.

除中國以外的所有市場都記錄了黃金珠寶需求的價值。

On the supply side, gold remained relatively flat at 1,206 tonnes. A record Q1 in mine production was largely offset by slightly lower levels of recycling. Technology demand was stable at 80 tonnes compared to the same period last year.

在供應方面，黃金在1,206噸相對平坦。礦井生產中創紀錄的第一季度被回收水平略低。與去年同期相比，技術需求穩定在80噸。

“It’s been a bumpy start to the year for global markets as trade turmoil, unpredictable US policy announcements, sustained geopolitical tensions and a return of recessionary fears have created a highly uncertain environment for investors,” Street noted. “In this context, investment demand for gold has paved the way for the highest level of first quarter demand since 2016.”

斯特雷特指出：“作為貿易動盪，不可預測的美國政策公告，持續的地緣政治緊張局勢以及經濟衰退的恐懼的回歸為投資者帶來了高度不確定的環境，這是全球市場的顛簸開端。” “在這種情況下，黃金的投資需求為自2016年以來第一季度最高水平的最高水平鋪平了道路。”

The WGC expects continued demand from institutions, individual investors, and central banks, as persistent global uncertainty enhances gold’s appeal as a safe haven asset.

WGC預計機構，個人投資者和中央銀行的需求持續，因為持續的全球不確定性會增強黃金作為避風港資產的吸引力。