全球黄金需求在2025年第一季度同比增长1％至1,206吨

以黄金支持的交易所交易资金（ETF）的反弹是杰出的司机，投资需求翻了一番，达到552吨

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.

根据世界黄金委员会（WGC）最新的黄金需求趋势报告，全球黄金需求在2025年第一季度同比增长1％，达到1,206吨，这是由于投资需求的急剧增长，因为价格飙升了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.

带有黄金交易所交易贸易资金（ETF）的反弹是杰出的驱动力，投资需求翻了一番，达到552吨，同比增长170％，是第1季度2022年第1季度以来的最高水平。

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

仅ETF流入就达到了226吨，这是由于价格动力和与关税政策和衰退恐惧有关的全球不确定性的提高。

“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高级市场分析师Louise Street说：“在过去的10个月中，投资者返回了黄金ETF，增加了他们的分配。”在四月，亚洲流入已经超越了他们的第一季度。但是，仍然有增长的空间，全球黄金ETF持有量低于其2020年高的10％。”

Gold bar and coin demand rises

金条和硬币需求上升

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.

总酒吧和硬币需求仍然强劲，同比增长3％至325吨。这一增长在很大程度上是由于中国零售投资激增的驱动，该投资的第二高季度在记录中。

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.

东部市场的实力有助于抵消美国投资者需求下降的22％，欧洲的12吨恢复量适中，尽管这是第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.”

在中东，黄金的传统吸引力仍然很明显。 “在2025年第1季度，中东的黄金投资需求仍然是弹性的，受到持续的地缘政治不确定性和正价期望的支持，”中东地区负责人安德鲁·奈勒（Andrew Naylor）说。 “值得注意的是，沙特阿拉伯的酒吧和硬币需求同比增长15％，而王国的珠宝需求增长了35％ - 逆转区域趋势。”

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.

中央银行连续第16年继续成为净买家，在2025年第1季度为全球储量增加了244吨。尽管这比第1季度2024年第1季度低21％，但与过去三年中记录的平均季度购买量相符。

Jewellery demand hit

珠宝需求打击

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

同时，珠宝需求受到创纪录的价格环境的影响，在本季度，黄金达到了20个历史最高点。

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.

全球珠宝量从2020年以来最低，当时与共同相关的限制减少了需求。尽管如此，随着价格升值的价值更高，消费者的支出同比增长9％，达到35亿美元。

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

除中国以外的所有市场都记录了黄金珠宝需求的价值。

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.

在供应方面，黄金在1,206吨相对平坦。矿井生产中创纪录的第一季度被回收水平略低。与去年同期相比，技术需求稳定在80吨。

“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：“作为贸易动荡，不可预测的美国政策公告，持续的地缘政治紧张局势以及经济衰退的恐惧的回归为投资者带来了高度不确定的环境，这是全球市场的颠簸开端。” “在这种情况下，黄金的投资需求为自2016年以来第一季度最高水平的最高水平铺平了道路。”

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预计机构，个人投资者和中央银行的需求持续，因为持续的全球不确定性会增强黄金作为避风港资产的吸引力。