对实物黄金的需求在第一季度飙升，但在美国却没有

亚洲投资者主要提高了对黄金条和硬币的需求，因为美国投资者继续坐在场外。

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

第一季度对实物黄金的需求激增。但不在美国。

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

随着美国投资者继续在场外，亚洲投资者推动了对黄金条和硬币的大部分需求。

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.

全球对黄金条和硬币的需求在第一季度增长了3％，从325.4吨增长到第1季度的317.3吨。这与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.

黄金硬币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

亚洲黄金的需求带领

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.

中国推动了零售投资需求的激增，在记录中排名第二强的季度。中国投资者大大增加了126.7吨的金条和硬币。这比第4季度的24 Q4增长了47％，同比增长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.

世界黄金委员会指出，鉴于已经建立了一份已经持续的2024年第1季度，鉴于同比增长的增长尤其令人印象深刻。

“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解释说：“创纪录的黄金价格集会是在本季度推动酒吧和硬币需求的关键。由于当地资产（例如股票和债券）的表现不佳，投资者转向黄金以获得资本增值。”

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.

在中国，对黄金的需求是如此强大，以至于州街全球顾问策略师阿隆·陈（Aron Chan）将其描述为“多层需求基础”，并补充说，即使在极端波动中，它也有助于支持和稳定价格。

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

“这种需求较少投机，更具战略意义或文化嵌入，这意味着它更具粘性和更具弹性。”

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.

印度投资者还继续购买黄金，第一季度硬币和酒吧的需求同比增长7％。这是印度第二大黄金市场的黄金硬币和酒吧连续第七季度需求增长。

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

印度的需求减少了四分之一，但这主要是由于季节性波动和印度日历中的不吉利时期。

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

其他亚洲市场还报告说，黄金硬币和酒吧需求的年度增长强劲。

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

投资需求在中东保持平稳，保持在过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.

根据世界黄金委员会的说法，中东黄金硬币和酒吧的需求增长集中在沙特阿拉伯，这是由于货币贬值，高通货膨胀和对不可预测的美国外交政策的关注而造成的，伊朗的驱动和伊朗。

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

土耳其的高利率给黄金带来了一些逆风，而阿联酋的价格较高。

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.

欧洲对实物黄金的兴趣也重新引起了人们的兴趣，对第1季度对酒吧和硬币的需求同比增长79％。但是，这种增加的基础很低。

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吨需求的增加主要是由讲德语的投资者驱动的。鉴于去年的预算变化对CGT阈值的变化，英国的需求也得到了增长。

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该法案，黄金硬币和酒吧的需求同比增长85％。

Asians Buy, Americans Sell

亚洲人购买，美国人卖

And what about the U.S.?

那美国呢？

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

黄金硬币和酒吧的需求在将近五年内下降到最低水平。

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.

亚洲投资者购买黄金时，美国人出售了黄金，以创纪录的价格寻求利润。在19.3吨的情况下，需求同比下降22％，比第4季度的需求减少了16％。

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

世界黄金委员会分析​​师表示，鉴于特朗普过渡到白宫，情况并不奇怪。

“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.”

“从历史上看，共和党总统总统通常导致零售需求较低；但是，现场工作表明，随着关税公告占据主导地位，投资利息在本季度后期持续到第二季度。”

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

公平地说，美国投资者并没有完全拒绝黄金。黄金流入北美的ETF，基金持有量增加了134吨。

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

正如已经指出的那样，加拿大人可能来自加拿大人，在第一季度中涌向黄金。

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是投资者在黄金市场上发挥作用的便捷方式，但拥有ETF股票与持有实物黄金不同。

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是相对液体的。您可以使用几个鼠标点击购买或出售ETF。您不必担心运输或存储金属。简而言之，它允许投资者在不以现货价格购买全盎司金属的情况下投入黄金市场。

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

由于您只是在计算机上购买一个号码，因此您可以随时随地轻松地将ETF股份以其他股票或现金交易，甚至在同一天多次。许多