在东盟市场中，消费者投资通常更强大

在本报告所涵盖的东盟市场中，消费者投资通常更强大。在泰国，基本的价格预期为黄金投资的基础

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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.

在本报告中涵盖的东盟市场中，对黄金的消费者投资通常同比增长。在泰国，价格预期的基础是黄金投资的基础，导致酒吧和硬币投资需求同比增长25％。但是，与上一季度相比，需求下降了，因为黄金价格集会鼓励了利润。泰国对第一季度的珠宝需求与全球趋势保持一致，响应创纪录的黄金价格的需求减少。尽管如此，与其他东盟国家相比，泰国市场表现出韧性，显示出适度的下降。

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.

根据世界黄金委员会（WGC）最新的黄金需求趋势报告，投资需求的实力开放，达到了自2016年以来最高的第一季度总数236吨。这在很大程度上是由于机构投资者对黄金交易所交易基金（ETF）的需求的回报，净流入量为141吨，标志着自2013年以来最强的开始。

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.

经过连续八个季度的流出，投资者在2025年下半年返回Gold ETF，大大提高了他们的分配。到4月，亚洲黄金ETF流入已经超过了整个Q1总数，强调了机构投资者的看涨资产归还速度的迅速步伐。

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，尽管这一年的开端很强，但金ETF需求仍有进一步增长的潜力。尽管在第一季度表现优于其他主要资产类别，并且由于市场不确定性持续更大，但在未来几个月内，甚至可以将更高水平的资本分配给黄金。

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.

对于第1季度的美国股票的净流出是自全球金融危机以来最高的，投资者可能宁愿实现其中一些收益并将其投资组合多样化为其他资产类别，例如黄金。

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，尽管本年度的开端很强，但在未来几个月中，有可能将更高水平的资本分配给黄金。对于自全球金融危机以来，美国股票的净流出是最高的，投资者可能宁愿多样化其投资组合，并将其中一些收益带入其他资产类别，例如黄金。

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

全球黄金ETF持有量仍低于其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.

在下一季度仍然很难预测更广泛的经济格局，这可能会为黄金提供进一步的上升潜力。随着动荡的时代的存在，避风港对机构，个人和官方部门对黄金的需求可能会在未来的时期攀升。

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

可以在此处查看黄金需求趋势Q1 2025报告，其中包括由金属聚焦提供的全面数据。