各国央行在第三季度以2024年底以来的最快速度购买黄金，尽管金价面临油价上涨和利率走高的压力。
Central banks bought gold at the fastest pace since the end of 2024 in the third quarter, even as the metal faced pressure from higher oil prices and interest rates.
世界黄金协会周二发布的一份报告称，这些机构在截至9月的三个月内净增持了321吨黄金。在2026年开局缓慢之后，这使得今年以来的累计购买量估计达到675吨，略高于去年同期。
The institutions accumulated a net 321 tons in the three months through September, the World Gold Council said in a report on Tuesday. After a slow start to 2026, that brought the estimate for year-to-date buying to 675 tons, slightly ahead of the same period a year earlier.
这些数据凸显了央行——作为推动金价多年上涨至1月份创纪录高位的重要力量——在一个原本低迷的市场中，仍然是支撑金价的关键因素。自2月下旬伊朗战争爆发以来，金价已下跌约四分之一，因为更高的能源成本助长了货币政策收紧的预期，这对无收益的黄金构成了利空。
The figures underscore how central banks — an important driver of bullion’s multiyear rally to a record high in January — have remained a key support to prices in an otherwise tepid market. The metal has lost about a quarter of its value since the Iran war began in late February, as higher energy costs fueled expectations of tighter monetary policy, a headwind for the non-yielding metal.
世界黄金协会高级市场策略师约翰·里德表示，季度内较弱的金价可能鼓励一些央行加大了购买力度。他还说，对于看空美元的央行来说，美元的反弹也可能使得将部分储备转入黄金更具吸引力。
Weaker gold prices during the quarter likely encouraged some central banks to step up purchases, said John Reade, senior market strategist at the WGC. For central banks with a bearish outlook on the US dollar, the greenback’s rally may also have made shifting some reserves into gold more appealing, he said.
里德说：“如果你认为美元长期来看会下跌，而你持有的短期美债即将到期，那么你也许会用那些昂贵的美元去买黄金。”
“If you think the dollar is going to be falling in the long term, and you own short-dated Treasuries and they’re rolling off, then maybe you’re taking some of those expensive dollars and buying gold with them,” Reade said.
据估计，近三分之二的央行购金量并未由货币当局自行披露。咨询公司Metals Focus Ltd.代表协会，利用公开数据、贸易统计和实地调研相结合的方式计算购买量。
Almost two-thirds of the estimated central-bank buying wasn’t disclosed by monetary authorities themselves. Consultancy Metals Focus Ltd. calculates purchases on behalf of the council using a combination of public data, trade statistics and field research.
中国和波兰是最新季度披露购买量最大的两个买家，分别增持了63吨和41吨。俄罗斯是唯一主要卖家，在该期间抛售了19吨。
China and Poland were the biggest disclosed buyers in the latest quarter, adding 63 tons and 41 tons, respectively. Russia was the only major seller, offloading 19 tons in the period.
近几个月来，金价有所回落，因为中东战争持续推高原油价格和利率预期。尽管如此，世界黄金协会表示，流入黄金支持型交易所交易基金（ETF）的资金依然显著强劲，第三季度持仓量增加211吨，达到纪录高位。
Gold has drifted lower in recent months, as war in the Middle East continues to push crude prices and interest-rate expectations higher. Still, inflows into gold-backed exchange-traded funds have been markedly strong, with holdings rising by 211 tons to a record in the third quarter, the WGC said.
珠宝需求下降17%至313吨，为该协会自2000年有数据以来最疲软的第三季度，原因是印度和中国的税收变化以及价格上涨，促使消费者转向更轻、克拉数更低的首饰。世界黄金协会报告还称：
Jewelry demand fell 17% to 313 tons, the weakest third quarter in the council’s data going back to 2000, as tax changes in India and China, along with higher prices, pushed consumers toward lighter and lower-carat pieces. Also in the WGC report: