印度第一季度黄金需求飙升8%，达到136.6吨

尽管金价高企，但 2024 年第一季度（1 月至 3 月）印度的黄金需求仍增长 8%，达到 136.6 吨。这一增长是由强劲的经济环境、印度储备银行 (RBI) 积极购买黄金以及 4% 的珠宝需求增长推动的。黄金的投资需求也激增19%，表明在经济不确定时期人们对黄金作为避险资产的强烈偏好。

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

印度1-3月季度黄金需求激增8%，达到136.6吨

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：印度对黄金的永不满足的需求依然强劲，三月份季度的需求量每年飙升 8%，达到 136.6 吨。这一增长归因于有利的经济环境和印度储备银行（RBI）积极购买黄金。

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.

世界黄金协会（WGC）在其全球报告《2024年第一季度黄金需求趋势》中透露，印度的黄金总需求（包括珠宝和投资）从去年同期的126.3吨攀升至136.6吨。

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.

珠宝消费量增长 4%，从 91.9 吨增至 95.5 吨，提振了需求。包括金条、金币和其他形式的投资需求也大幅增长 19%，从 34.4 吨扩大到 41.1 吨。

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.

世界黄金协会印度区域首席执行官 Sachin Jain 将需求激增归因于印度人对黄金的持久喜爱。他指出，尽管价格处于历史高位，导致季度末销售暂时放缓，但国家强劲的宏观经济环境促进了珠宝消费。

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对印度今年的黄金需求可能会下降到700-800吨范围内表示乐观。然而，他承认，如果价格持续上涨，需求可能会倾向于该区间的低端。 2023年，印度黄金需求达到747.5吨。

Central Bank Purchases and Market Dynamics Boost Demand

央行购买和市场动态刺激需求

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 月推动需求增长的几个因素。他强调，从历史上看，印度和中国等东方市场对价格波动做出反应，而西方市场则对价格上涨做出反应。

"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).

“我们第一次目睹了印度和中国市场对金价上涨的反应完全逆转，”贾恩观察到。他进一步指出，对珠宝和金条、硬币和交易所交易基金 (ETF) 等投资产品的需求都在上升。

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

印度央行大举购买黄金也推动了需求激增。央行已表示打算继续进行这些购买。

Outlook for April-June Quarter and Beyond

四月至六月季度及以后的展望

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 警告称，由于价格大幅上涨和正在进行的选举进程，4 月至 6 月季度的黄金需求可能会放缓。尽管如此，他表示相信节日和婚礼等强大的文化和季节性因素，加上对有利季风和稳健经济增长的预期，将继续支持需求。

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.

世界黄金协会报告称，印度的黄金需求按价值计算，增长了 20%，达到 75,470 千万卢比，而 2023 年第一季度为 63,090 千万卢比。珠宝需求为 52,750 千万卢比，比 45,890 千万卢比增长了 15%，而投资需求则增长了32%，从 1720 亿卢比增至 2272 亿卢比。

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.

本季度印度回收的黄金总量达到 38.3 吨，较 2023 年第一季度的 34.8 吨增加 10%。进口量也增加 25%，达到 179.4 吨，而去年同期为 143.4 吨。

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 年第一季度的平均季度价格为每 10 克黄金 55,247.20 卢比，高于 2023 年第一季度的每 10 克黄金 49,943.80 卢比（不包括进口税和商品及服务税）。

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 强调，金条和金币领域同比显着增长 19%，达到 41 吨，相当于 2022 年第一季度的强劲需求，这是自 2014 年以来最强劲的第一季度。他将这一趋势归因于价格调整2月份，这引发了投资者的兴趣和对反弹的预期。

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

黄金ETF的投资也出现超过2吨的正流入。

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.

尽管目前金价上涨，但贾恩表示有信心，强劲的文化和季节性因素、良好的经济前景以及强劲季风的预期将继续支撑需求。