黄金需求趋势：2025年第二季度（英）-世界黄金协会

gold.org Gold Demand Trends | Q2 2025 01 Investment drives gold demand in Q2 Demand value rockets to a record US$132bn Total Q2 gold demand (inclusive of OTC investment) increased by 3% y/y to 1,249t. In value terms, total gold demand jumped 45% y/y to US$132bn. A second consecutive quarter of hefty demand for global gold-backed ETFs was instrumental in boosting overall Q2 demand. Uncertain global trade policy, geopolitical turbulence and the rising gold price all fuelled inflows. Bar and coin investors also joined the fray, attracted by the rising price and gold’s safe-haven attributes. Two consecutive quarters generated the strongest first half for bar and coin investment since 2013. Central banks remained a key pillar of global demand, adding 166t to global official gold reserves. Although the pace of buying moderated, the outlook for central bank demand remains healthy. Jewellery demand volumes and value continued to diverge: y/y declines in tonnage were widespread, while spending on gold jewellery saw universal gains. Volumes were very muted, almost retreating back to 2020 pandemic levels. Gold used in technology came under pressure from the potential impact of US tariffs, although growing demand for AI-related applications remains an area of strength. Gold Demand Trends Q2 2025 Chart 1: H1 gold demand volume firms, while value rockets Total H1 demand by sector in tonnes, and value (US$bn)* *Data to 30 June 2025. Source: Metals Focus, Refinitiv GFMS, World Gold Council -100-50050100150200250-1,500-1,000-50005001,0001,5002,0002,5003,0003,500H1'10 H1'11 H1'12 H1'13 H1'14 H1'15 H1'16 H1'17 H1'18 H1'19 H1'20 H1'21 H1'22 H1'23 H1'24 H1'25US$bnTonnesJewellery fabricationTechnologyTotal bar and coinETFs and similarCentral bank and other inst.OTC and otherTotal Demand (value, rhs)Highlights The LBMA (PM) Gold Price hit a new record in June. The average quarterly price was a record US$3,280.35/oz, up by 40% y/y and 15% q/q. Total supply increased 3% y/y. Initial estimates for mine production suggest a Q2 record of 909t. Recycling activity remained subdued despite record prices. Indian consumers increasingly opted to exchange old jewellery for new, or to pledge it as collateral against loans. OTC investment and stock changes added 170t to demand in Q2. Anecdotal reports suggest that institutional investment remained healthy, with continued interest from global High Net Worth investors. For more information please contact: research@gold.org Outlook gold.org Gold Demand Trends | Q2 2025 02 Gold supply and demand Table 1: Quarterly gold supply and demand by sector, tonnes Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q/q % change Y/y % change Supply Mine Production 896.2 957.4 944.8 833.0 908.6 9 1 Net Producer Hedging -20.4 -6.5 -18.5 -7.1 -7.1 - - Recycled Gold 334.2 325.7 358.1 348.5 347.2 0 4 Total Supply 1,210.0 1,276.6 1,284.4 1,174.5 1,248.8 6 3 Demand Jewellery Fabrication 417.2 546.6 524.3 425.4 356.7 -16 -14 J