中央银行保持黄金的狂欢，请参阅ETF在2025年加入Fray

黄金需求的主要来源中央银行在2024年连续第三年购买了1000吨金属。

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.

中央银行将对黄金的需求推向了2024年的七年来最高的，第三年购买了1000多吨金属，因为地缘政治和宏观经济不确定性促进了购买利息。

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.

世界黄金委员会（WGC）在周五的季度报告中说，波兰国家银行是最大的中央银行买家，在储量中增加了90吨。

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年的最后一个季度，当唐纳德·特朗普（Donald Trump）赢得美国大选时，根据报告的购买和未报告购买的估计，WGC计算得出，中央银行的购买量增加了54％至333吨。

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.

去年对黄金的投资需求上涨了25％，达到了1,180吨的四年高点，主要是因为四年来首次枯竭的是物理支持的黄金交易所资金（ETF）。

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

表明对不同产品的需求发生了重大变化，对酒吧的投资需求增长了10％，而购买硬币的投资需求下降了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高级市场分析师路易斯街说：“在2025年，我们预计中央银行将留在驾驶席位和黄金ETF投资者加入竞争中，尤其是当我们看到较低（尽管利率降低）时。”

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

“今年的地缘政治和宏观经济不确定性应该是普遍的主题，支持对黄金的需求作为财富和对冲风险的存储。”

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说，除非非处方交易（OTC）交易，去年的黄金总需求总额不包括非处方交易，这是自2022年以来最高的1％至4,553.7吨。它估计，由于盈利抵消了高净值个人的持续需求，因此，由于一年的最后一个季度下一个季度的低迷，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%.

黄金珠宝的消费量是最大的物理需求类别，在2024年下降了11％，而矿山的产量稳定，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预计，由于价格高，珠宝需求将保持压力和回收利用，今年将进一步上升。