过去两个月里，随着金价走软且境内股市黯然失色，中国家庭对黄金的胃口不断增长，在金价试探每盎司4000美元之际提供了支撑。
Chinese households’ appetite for gold has grown over the past two months as prices soften and onshore equities lose their shine, providing support at a time when bullion is testing $4,000 an ounce.
上海黄金交易所的一个热门合约Au99.99在上周成交量跃升至4300万手，即大约430吨，创下4月以来的最高水平。该合约要求全额付款并进行实物交割，因此它反映的是实物需求，而不是杠杆押注。
One popular contract on the Shanghai Gold Exchange, Au99.99, saw volumes jump to 43 million lots last week, or around 430 tons, the highest level since April. The contract requires the full amount to be paid and mandatory delivery, so it reflects physical demand rather than leveraged bets.
金瑞期货有限公司分析师吴紫杰（音）表示：“国内黄金需求越来越与价格走势背道而驰，随着价格下跌而走强。”他还补充说，10月黄金周期间的节庆购买也起到了鼓舞作用。吴紫杰补充说，较低的价格为“长期投资者提供了有吸引力的入场点”。中国消费者通过所谓的积存金计划及类似产品抢购了大量黄金，这类低门槛产品允许个人投资者分批次购买黄金。据大型银行从事此类服务的人员透露，前九个月此类计划下的购买量已经超过了2025年全年的总量。
“Domestic gold demand is increasingly running against the price trend, strengthening as prices fall,” said Zijie Wu, an analyst at Jinrui Futures Co., adding festive buying through Golden Week in October was also encouraging. Lower prices, Wu added, provided “attractive entry points for long-term investors.”Chinese consumers have snapped up much of their gold through so-called accumulation plans and similar products, low-barrier offerings that allow individual investors to buy bullion incrementally. Purchases under the schemes in the first nine months have already surpassed the 2025 full-year total, according to people working on such services at major banks.
他们表示，随着过去一周价格回落，购买速度加快。由于这些数据不属于公开信息，他们要求匿名。
Buying picked up speed over the last week as prices eased, they said, requesting anonymity as the figures are not public.
在房地产低迷、国债收益率创下历史新低之际，由于消费者寻求避风港，黄金在中国越来越成为备受追捧的投资。中国股市也出现暴跌，自5月触及峰值以来市值蒸发了2.4万亿美元。
Gold has become an increasingly sought-after investment in China as consumers hunt for a safe haven at a time when property is slumping and returns on government bonds have hit a record low. China’s stock market has also tumbled, losing $2.4 trillion in value since hitting a peak in May.
今年以来的中国内地购买量帮助稳定了黄金价格，并在很大程度上将基准价格维持在每盎司4000美元以上——尽管美伊战争引发了通胀担忧和加息押注，这些因素通常会削弱人们对这种不产生利息资产的胃口。
Mainland purchases through this year have helped steady gold and largely kept the benchmark price above $4,000 an ounce — even as the US-Iran war fueled inflation concerns and rate-hike bets, factors that would normally have pushed appetite away from a non-interest-bearing asset.
通过积存金计划购买的具体交易量通常不会公布，但上海黄金交易所4月汇编的一份报告中包含的央行总数据表明，2025年各大银行向消费者售出了2187吨黄金——是前一年销售量的三倍多。据知情人士透露，作为一个总数，这并未计入后来被卖回给机构的黄金。
The exact volumes of buying via the accumulation plans are not typically released, but gross figures from the central bank included in an April report compiled by Shanghai Gold Exchange showed that lenders sold 2,187 tons of the metal to consumers in 2025 — more than three times the amount sold a year earlier. As a gross number, that does not take into account gold that was later sold back to institutions, according to people familiar with the matter.