中央銀行保持黃金的狂歡，請參閱ETF在2025年加入Fray

黃金需求的主要來源中央銀行在2024年連續第三年購買了1000噸金屬。

Central banks drove demand for gold to the highest in seven years in 2024, buying more than 1,000 tons of the metal for the third year running as geopolitical and macroeconomic uncertainty fuelled buying interest.

中央銀行將對黃金的需求推向了2024年的七年來最高的，第三年購買了1000多噸金屬，因為地緣政治和宏觀經濟不確定性促進了購買利息。

The National Bank of Poland was the largest central bank buyer, adding 90 tons to its reserves, the World Gold Council (WGC) said in a quarterly report on Friday.

世界黃金委員會（WGC）在周五的季度報告中說，波蘭國家銀行是最大的中央銀行買家，在儲量中增加了90噸。

In the final quarter of 2024, when Donald Trump won the U.S. election, buying by central banks accelerated by 54% year on year to 333 tons, the WGC calculated, based on reported purchases and an estimate of unreported buying.

在2024年的最後一個季度，當唐納德·特朗普（Donald Trump）贏得美國大選時，根據報告的購買和未報告購買的估計，WGC計算得出，中央銀行的購買量增加了54％至333噸。

Last year’s investment demand for gold rose 25% to a four-year high of 1,180 tons, mainly because outflows from physically-backed gold exchange-traded funds (ETFs) dried up for the first time in four years.

去年對黃金的投資需求上漲了25％，達到了1,180噸的四年高點，主要是因為四年來首次枯竭的是物理支持的黃金交易所資金（ETF）。

Indicating a major shift in appetite for different products, investment demand for bars rose 10%, while coin buying fell 31%.

表明對不同產品的需求發生了重大變化，對酒吧的投資需求增長了10％，而購買硬幣的投資需求下降了31％。

“In 2025, we expect central banks to remain in the driving seat and gold ETF investors to join the fray, especially if we see lower, albeit volatile interest rates,” WGC senior markets analyst Louise Street, said.

WGC高級市場分析師路易斯街說：“在2025年，我們預計中央銀行將留在駕駛席位和黃金ETF投資者加入競爭中，尤其是當我們看到較低（儘管利率降低）時。”

“Geopolitical and macroeconomic uncertainty should be prevalent themes this year, supporting demand for gold as a store of wealth and hedge against risk.”

“今年的地緣政治和宏觀經濟不確定性應該是普遍的主題，支持對黃金的需求作為財富和對沖風險的存儲。”

Total gold demand, excluding over-the-counter (OTC) trading, rose 1% to 4,553.7 tons last year, the highest since 2022, the WGC said. It estimates that OTC demand fell 7% due to a slump in the final quarter of the year as profit-taking offset persistent demand from high net worth individuals.

WGC說，除非非處方交易（OTC）交易，去年的黃金總需求總額不包括非處方交易，這是自2022年以來最高的1％至4,553.7噸。它估計，由於盈利抵消了高淨值個人的持續需求，因此，由於一年的最後一個季度下一個季度的低迷，OTC需求下降了7％。

Gold jewellery consumption, the biggest category of physical demand, fell 11% in 2024, while mine production was steady and recycling rose 15%.

黃金珠寶的消費量是最大的物理需求類別，在2024年下降了11％，而礦山的產量穩定，回收利用15％。

The WGC expects jewellery demand to remain under pressure and recycling to rise further this year due to high prices.

WGC預計，由於價格高，珠寶需求將保持壓力和回收利用，今年將進一步上升。