世界黄金协会：2025年三季度全球黄金需求趋势报告（英文版)

Total gold demand, including OTC, grew 3% y/y to 1,313t, the highest quarterly total in our data series. Yet this was eclipsed by the value measure of demand, which jumped 44% y/y to a record of US$146bn in Q3. Year-to-date demand is 1% higher at 3,717t, equating to US$384bn in value, up 41% y/y. Investors remained firmly in the driving seat in Q3. Huge ETF buying (+222t), accompanied by a fourth successive quarter of bar and coin demand above 300t (316t) fuelled the rise in overall dem