全球央行购金大增62% 释放地缘政治风险信号

世界黄金协会发布的2026年二季度报告显示，全球央行购金需求明显升温。1二季度全球央行净购金289吨，较去年同期大幅增长62%；上半年全球黄金总需求达到2522吨，创下历史新高，总需求价值约3800亿美元。1

央行对黄金的持续增持反映了当前的地缘政治环境。1世界黄金协会驻华区董事贾舒畅表示："央行储备管理官员们普遍认为，配置黄金最直接的驱动因素，一方面是储备多元化的需求；另一方面是地缘政治风险不断上升。"1这一判断得到了央行机构本身的验证——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

黄金需求结构呈现出新的变化趋势。1金饰需求在二季度同比下滑17%，但上半年消费金额反而增长22%至860亿美元，表明消费者正在转向轻量化产品。1值得注意的是，国内二季度金饰需求仅50吨，为2005年以来同期最低。1科技领域用金量小幅增长至80吨，同比增长2%，其中电子用金增长4%，反映出人工智能产业的拉动作用。1

对于投资者而言，业内人士建议谨慎配置。1分析人士陈彦冰建议投资者仓位控制在5%至10%。1

The World Gold Council's latest report for the second quarter of 2026 reveals a significant acceleration in central bank gold accumulation, reflecting growing concern over geopolitical instability. Central banks worldwide purchased a net 289 tonnes of gold in the second quarter, marking a 62% year-on-year increase 1. This surge contributed to global gold demand reaching 2,522 tonnes in the first half of 2026, the highest level on record, with a total value of approximately 3.8 billion dollars 1.

Analysts attribute the heightened purchasing activity to dual motivations driving central bank policy. According to experts cited in the report, central bank reserve managers view gold acquisition primarily as a means to achieve reserve diversification and to hedge against escalating geopolitical risks 1. A striking 89% of central banks surveyed expect global official gold reserves to rise further over the next twelve months 1.

Beyond central bank activity, the broader gold market showed mixed dynamics in the first half of 2026. While jewelry demand declined 17% year-on-year in the second quarter, consumer spending on gold jewelry increased 22% to 860 million dollars for the half-year period, as purchasers shifted toward lighter-weight products 1. Notably, domestic jewelry demand in the second quarter fell to just 50 tonnes, marking the lowest level for that quarter since 2005 1. Technology-driven gold demand also posted modest growth, reaching 80 tonnes in the second quarter with a 2% year-on-year increase, bolstered by expanding applications in the artificial intelligence sector 1.