印度第一季黃金需求飆升8%，達到136.6噸

儘管金價高企，但 2024 年第一季（1 月至 3 月）印度的黃金需求仍增加 8%，達到 136.6 噸。這一成長是由強勁的經濟環境、印度儲備銀行 (RBI) 積極購買黃金以及 4% 的珠寶需求成長所推動的。黃金的投資需求也激增19%，顯示經濟不確定時期人們對黃金作為避險資產的強烈偏好。

India's Gold Demand Surges by 8% in January-March Quarter, Reaching 136.6 Tonnes

印度1-3月季黃金需求激增8%，達136.6噸

New Delhi, India: India's insatiable appetite for gold has remained robust, with demand surging by 8% annually to 136.6 tonnes in the March quarter. This increase is attributed to a favorable economic environment and aggressive gold purchases by the Reserve Bank of India (RBI).

印度新德里：印度對黃金的永不滿足的需求依然強勁，三月季度的需求量每年飆升 8%，達到 136.6 噸。這一增長歸因於有利的經濟環境和印度儲備銀行（RBI）積極購買黃金。

The World Gold Council (WGC), in its global report 'Gold Demand Trends Q1 2024,' revealed that India's total gold demand, encompassing both jewelry and investment, climbed from 126.3 tonnes in the corresponding period last year to 136.6 tonnes.

世界黃金協會（WGC）在其全球報告《2024年第一季黃金需求趨勢》中透露，印度的黃金總需求（包括珠寶和投資）從去年同期的126.3噸攀升至136.6噸。

The demand was bolstered by a 4% growth in jewelry consumption, rising from 91.9 tonnes to 95.5 tonnes. Investment demand, encompassing bars, coins, and other forms, also witnessed a significant increase of 19%, expanding from 34.4 tonnes to 41.1 tonnes.

珠寶消費量增加 4%，從 91.9 噸增加到 95.5 噸，提振了需求。包括金條、金幣和其他形式的投資需求也大幅增加 19%，從 34.4 噸擴大到 41.1 噸。

Sachin Jain, Regional CEO for India at WGC, attributed the surge in demand to Indians' enduring affinity for gold. He noted that the nation's robust macroeconomic environment fostered jewelry consumption despite historically high prices leading to a temporary slowdown in sales towards the end of the quarter.

世界黃金協會印度區域執行長 Sachin Jain 將需求激增歸因於印度人對黃金的持久喜愛。他指出，儘管價格處於歷史高位，導致季度末銷售暫時放緩，但國家強勁的宏觀經濟環境促進了珠寶消費。

Jain expressed optimism that India's gold demand would likely fall within the 700-800 tonne range for the year. However, he acknowledged that if the price rally persists, demand could gravitate towards the lower end of this spectrum. In 2023, India's gold demand reached 747.5 tonnes.

Jain對印度今年的黃金需求可能會下降到700-800噸範圍內表示樂觀。然而，他承認，如果價格持續上漲，需求可能會傾向於該區間的低端。 2023年，印度黃金需求達747.5噸。

Central Bank Purchases and Market Dynamics Boost Demand

央行購買和市場動態刺激需求

Jain identified several factors driving demand growth in January-March. He highlighted that historically, eastern markets like India and China react to price fluctuations, while western markets respond to price increases.

Jain 指出了 1 月至 3 月推動需求成長的幾個因素。他強調，從歷史上看，印度和中國等東方市場對價格波動做出反應，而西方市場則對價格上漲做出反應。

"For the first time, we witnessed a complete reversal where Indian and Chinese markets reacted to an increase in gold prices," Jain observed. He further noted that demand had escalated for both jewelry and investment products like bars, coins, and exchange-traded funds (ETFs).

「我們第一次目睹了印度和中國市場對金價上漲的反應完全逆轉，」賈恩觀察到。他進一步指出，對珠寶和金條、硬幣和交易所交易基金 (ETF) 等投資產品的需求都在上升。

The RBI's aggressive gold buying has also contributed to the demand surge. The central bank has indicated its intention to continue these purchases.

印度央行大舉購買黃金也推動了需求激增。央行已表示打算繼續進行這些購買。

Outlook for April-June Quarter and Beyond

四月至六月季度及以後的展望

Jain cautioned that gold demand may decelerate in the April-June quarter due to a sharp rally in prices and the ongoing election process. Nevertheless, he expressed belief that strong cultural and seasonal factors, such as festivals and weddings, coupled with expectations of a favorable monsoon and solid economic growth, will continue to support demand.

Jain 警告稱，由於價格大幅上漲和正在進行的選舉進程，4 月至 6 月季度的黃金需求可能會放緩。儘管如此，他表示相信節慶和婚禮等強大的文化和季節性因素，加上對有利季風和穩健經濟成長的預期，將繼續支持需求。

The WGC reported that India's gold demand in value terms surged by 20% to Rs 75,470 crore, compared to Rs 63,090 crore in Q1 2023. Jewelry demand accounted for Rs 52,750 crore, a 15% increase from Rs 45,890 crore, while investment demand rose by 32% to Rs 22,720 crore from Rs 17,200 crore.

世界黃金協會報告稱，印度的黃金需求按價值計算，增長了20%，達到75,470 千萬盧比，而2023 年第一季為63,090 千萬盧比。成長了15%，而投資需求則成長了32%，從 1,720 億盧比增至 2,272 億盧比。

Total gold recycled in India during the quarter reached 38.3 tonnes, representing a 10% increase from 34.8 tonnes in Q1 2023. Imports also increased by 25% to 179.4 tonnes, compared to 143.4 tonnes in the same period last year.

本季印度回收的黃金總量達 38.3 噸，較 2023 年第一季的 34.8 噸增加 10%。

The average quarterly price in Q1 2024 was Rs 55,247.20 per 10 grams of gold, up from Rs 49,943.80 per 10 grams in Q1 2023 (excluding import duty and GST).

2024 年第一季的平均季度價格為每 10 克黃金 55,247.20 盧比，高於 2023 年第一季的每 10 克黃金 49,943.80 盧比（不包括進口稅和商品及服務稅）。

Jain emphasized that the gold bar and coin segment witnessed a notable 19% year-on-year increase to 41 tonnes, equaling the robust demand seen in Q1 2022, which was the strongest first quarter since 2014. He attributed this trend to a price correction in February that sparked investor interest and anticipation of a rebound.

Jain 強調，金條和金幣領域同比顯著增長19%，達到41 噸，相當於2022 年第一季的強勁需求，這是自2014 年以來最強勁的第一季。價格調整2月份，引發了投資者的興趣和對反彈的預期。

Investments into gold ETFs also saw positive inflows of over 2 tonnes.

黃金ETF的投資也出現超過2噸的正流入。

Despite the current elevated gold prices, Jain expressed confidence that demand will remain supported by strong cultural and seasonal factors, a favorable economic outlook, and expectations of a robust monsoon.

儘管目前金價上漲，但賈恩表示有信心，強勁的文化和季節性因素、良好的經濟前景以及強勁季風的預期將繼續支撐需求。