世界黄金协会最新报告显示，全球央行正在加速增持黄金。[1]二季度全球央行净购金289吨，同比增长62%。[1]这一增幅反映出央行面临的多重压力：一方面，地缘政治风险不断上升驱动央行加强储备多元化；另一方面，89%的央行预期全球官方黄金储备会在未来12个月进一步上涨。[1]
上半年全球黄金总需求达2522吨，需求总值约3800亿美元。[1]然而黄金市场出现了结构分化：金饰需求二季度同比下滑17%，但消费者开始向轻量化产品转变，上半年消费金额反而增长22%至860亿美元。[1]国内金饰需求尤其低迷，二季度仅50吨，为2005年以来同期最低。[1]与此同时，受人工智能产业带动，二季度科技用金增至80吨，同比增长2%，其中电子用金增长4%。[1]
对于央行的大幅增持动向，专家指出，储备多元化需求和地缘政治风险上升是央行配置黄金的直接驱动因素。[1]在投资建议方面，分析人士建议投资者将黄金仓位控制在5%至10%之间。[1]
The World Gold Council's second-quarter 2026 report reveals a dramatic acceleration in central bank gold accumulation, reflecting mounting geopolitical concerns and shifting monetary strategies worldwide. Central banks purchased a net 289 tonnes of gold in the second quarter, marking a 62% year-on-year increase [1]. The surge is part of a broader expansion in global gold demand, which reached 2,522 tonnes in the first half of 2026—a historic peak—valued at approximately $380 billion [1].
According to experts cited in the report, the primary drivers behind central banks' heightened gold acquisition are twofold [1]. Reserve diversification remains a fundamental consideration, while escalating geopolitical risks have emerged as an increasingly urgent factor prompting monetary authorities to rebalance their holdings. Looking ahead, 89% of central banks surveyed expect global official gold reserves to rise further over the next 12 months [1], underscoring a sustained conviction in gold's role as a safeguard against systemic uncertainty.
Beyond official reserves, consumer demand for gold jewelry showed mixed signals in the period. Although jewelry demand declined 17% year-on-year, the total value of jewelry consumption rose 22% to $8.6 billion in the first half [1], indicating a shift toward lighter, more refined pieces even as volume contracted. Industrial applications also demonstrated resilience, with technology-related gold use climbing to 80 tonnes and expanding 2% year-on-year, buoyed by growing demand from the artificial intelligence sector [1]. Domestic jewelry demand within China reached just 50 tonnes in the second quarter, marking the lowest level for that period since 2005 [1].