Haitong International: Global gold demand reaches a new high, with decreased quantity and increased price in the Chinese market and evident structural differentiation.

Huatai International released a research report stating that looking ahead to the fourth quarter, global gold allocation demand is expected to remain resilient, and the Chinese market may see a temporary rebound driven by the holiday season. The World Gold Council believes that geopolitical uncertainties and expectations of interest rate cuts in the fourth quarter will continue to support global gold allocation demand; at the same time, with strong gold prices and continued central bank purchases, investment in gold bars and coins will continue to attract attention. The WGC expects that gold jewelry consumption in the Chinese market in the fourth quarter may see traditional seasonal improvements, but if gold prices remain high, end-user recovery may be limited. Additionally, due to the Chinese New Year in 2026 being later than in previous years, replenishment by retailers and pre-holiday purchases by residents may be correspondingly delayed.