2023年第二季度全球黄金需求趋势
2023年8月 目录 •需求概览 •金饰•金条金币•黄金ETF•央行购金 •供应概览 •金矿产量•回收金供应 上半年金价表现强劲 第二季度及上半年全球黄金需求均保持平稳 第二季度全球黄金需求为921吨，同比微降2%;包含场外投资和库存变动后的需求同比上升7% 二季度亮点： •全球金饰消费同比小幅上升3%，至476吨•金条金币投资达277吨，同比上升6%，主要由土耳其驱动•全球央行购金量为103吨，增幅较去年同期虽有下降，但央行黄金储备仍在增长中•全球黄金总供应同比上升7%，至1,255吨 上半年亮点： •不含场外投资与库存变动的总需求为2,062吨，同比小幅下滑6%•但包含场外和库存变动后，上半年总需求达到了2,460吨，同比上升5%•全球央行净购金量为387吨，创有纪录以来的上半年新高•全球金矿供应达1,781吨，创纪录新高 今年以来，全球金饰需求保持稳定 中国金饰消费同比反弹，但受限于飙升至历史高位的人民币金价 全球金币需求同比上升，但金条投资同比小幅走弱 土耳其和伊朗跻身上半年金条金币投资前五市场 欧洲地区的黄金ETF上半年现大幅流出，占全球主导 上半年，全球央行购金需求创下同期新高 土耳其央行为满足当地需求的售金拖累了总体增速 全球央行净购金量：已公布vs估计值 大多数央行认为全球官方黄金储备将在未来的12个月内上升 上半年，全球金矿产出达新高 中国和印度驱动二季度全球回收金供应的增长 全球宏观环境对黄金表现或有正面影响 基于供需平衡理论，我们的黄金估值模型可以在用户输入不同经济环境参数后得出隐含黄金回报率* Important information anddisclosures © 2023 World Gold Council. All rights reserved. World Gold Council and the Circledevice are trademarks of the World Gold Council or its affiliates. This information is for educational purposes only and by receiving this information, youagree with its intended purpose. Nothing contained herein is intended to constitute arecommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financialinstruments (collectively, “Services”). This information does not take into account anyinvestment objectives, financial situation or particular needs of any particular person. All references to LBMA Gold Price are used with the permission of ICE BenchmarkAdministration Limited and have been provided for informational purposes only. ICEBenchmark Administration Limited accepts no liability or responsibility for the accuracyof the prices or the underlying product to which the prices may be referenced. Othercontent is the intellectual property of the respective third party and all rights arereserved to them. Diversification does not guarantee any investment returns and does not eliminate therisk of loss. Past performance is not necessarily indicative of future results. Theresulting performance of any investment outcomes that can be generated throughallocation to gold are hypothetical in nature, may not reflect actual investment resultsand are not guarantees of future results. WGC does not guarantee or warranty anycalculations and models used in any hypothetical portfolios or any outcomes resultingfrom any such use. Investors should discuss their individual circumstances with theirappropriateinvestment professionals before making any decision regarding anyServices or investments. Reproduction or redistribution of any of this information is expressly prohibited withoutthe prior written consent of World Gold Council or the appropriate copyright owners,except as specifically provided below. Information and statistics are copyright © and/orother intellectual property of the World Gold Council or its affiliates (collectively,“WGC”) or third-party providers identified herein. All rights of the respective owners arereserved. This information may contain forward-looking statements, such as statements whichuse the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, whicharebased on current expectations and are subject to change.Forward-lookingstatements involve a number of risks and uncertainties. There can be no assurancethat any forward-looking statements will be achieved. WGC assumes no responsibilityfor updating any forward-looking statements. The use of the statistics in this information is permitted for the purposes of review andcommentary (including media commentary) in line with fair industry practice, subject tothe following two pre-conditions: (i) only limited extracts of data or analysis be used;and (ii) any and all use of these statistics is accompanied by a citation to World GoldCouncil and, where appropriate, to Metals Focus, Refinitiv GFMS or other identifiedcopyright owners as their source. World Gold Council is affiliated with Metals Focus. Information regarding QaurumSMand the Gold Valuation Framework WGCdoes not guarantee the accuracy or completeness of any information noraccepts responsibility for any losses or damages arising directly or indirectly from theuse of this information. Note that the resulting performance of various investment outcomes that cangenerated through use of Qaurum, the Gold Valuation Framework and otherinformation are hypothetical in nature, may not reflect actual investment results and arenot guarantees of future results. Neither WGC nor Oxford Economics provides anywarranty or guarantee regarding the functionality of the tool, including without limitationany projections, estimates or calculations. 2023年二季度暨上半年全球黄金需求趋势 Q&A
