<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>尽管价格创下历史新高，印度黄金需求依然强劲，主要受到投资需求的推动。</p>
<p>印度是全球第二大黄金市场。</p>
<p>2025 年最后一个月，黄金价格持续上涨，印度国内价格大致跟随全球价格。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.moneymetals.com/uploads/content/india-gold-price.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.moneymetals.com/uploads/content/india-gold-price.png"/></p>
<p>价格上涨给印度珠宝销售带来了压力。销售量下降，但由于价格上涨，珠宝销售的价值却在增加。根据世界黄金协会的调查，“<em>基于需求的婚礼购买保持稳定，为整体珠宝需求提供了重要支持</em>。”</p>
<p>虽然印度消费者并没有放弃黄金，但一些人开始转向更轻便的珠宝，有时也选择低纯度的黄金。</p>
<p>历史上，印度人将黄金珠宝视为投资和装饰，偏好 22 克拉的黄金。然而，越来越多的消费者现在选择 18 克拉和 14 克拉的黄金以节省开支。</p>
<p>与此同时，世界黄金协会表示，“<em>交易活动依然活跃，突显了注重价值的消费者行为：一些零售商报告称，超过 40% 的珠宝销售是由旧珠宝交换驱动的</em>。”</p>
<p>销售下降并没有对零售商造成伤害。他们通过提高价格来弥补销量的下降。上市的印度珠宝零售商在第四季度报告了强劲的收入增长，年增长率在 37% 到 51% 之间，得益于节日和婚礼的需求。</p>
<p>尽管价格上涨给珠宝需求带来了压力，但却提升了投资兴趣。黄金条和金币的销售表现强劲。世界黄金协会表示，市场吸引了希望借助价格势头获利的新参与者。</p>
<p>强劲的 ETF 增长也反映了印度投资需求的上升。黄金已经连续八个月流入印度基金。12 月份黄金流入创下₹1160 亿的纪录。</p>
<p>12 月份累计持有量增加了创纪录的 8.6 吨，使 2025 年的总量达到历史最高的 95 吨。</p>
<p>根据世界黄金协会的说法，“<em>投资者的胃口受到股市表现疲软和黄金价格持续上涨的支持，进一步巩固了黄金 ETF 作为首选投资组合多样化工具的角色</em>。”</p>
<p>印度人历史上偏好实物黄金，但对 ETF 的兴趣在去年激增。账户（投资组合）年增长 60%。截至 12 月底，印度的 ETF 账户达到了 1020 万个，去年新增了 380 万个。</p>
<p>黄金 ETF 由信托公司支持，持有信托拥有和存储的金属。在大多数情况下，投资 ETF 并不意味着你拥有任何实物黄金。你拥有的是 ETF 的股份，而不是黄金本身。ETF 是投资者参与黄金市场的便捷方式，但拥有 ETF 股份并不等同于持有实物黄金。</p>
<p>通过统一支付接口（UPI）进行的数字黄金购买也出现了健康增长。交易金额在去年几乎增长了三倍，从 1 月份的₹80 亿（8800 万美元）上升到 12 月份的₹210 亿（2.31 亿美元）。</p>
<p>印度 12 月份的黄金进口在价值上环比增长了 3%。然而，世界黄金协会估计，进口吨位从 11 月份的 48 吨小幅下降至上个月的 35-40 吨。</p>
<p>到 2025 年，印度的黄金进口账单与去年相似，约为 590 亿美元。然而，进口量下降了超过 20%，反映出黄金价格的上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.moneymetals.com/uploads/content/india-gold-imports-2025.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.moneymetals.com/uploads/content/india-gold-imports-2025.png"/></p>
<p>印度人因文化和经济原因热爱黄金。</p>
<p>这种黄色金属深深融入印度的婚礼仪式以及宗教和文化仪式中。节日季节通常会提升黄金需求。</p>
<p>印度人还将这种黄色金属视为财富的储存方式，尤其是在贫困的农村地区。约三分之二的印度黄金需求来自城市中心以外的地区，那里的许多人在税收体系之外运作。许多印度人不仅将黄金珠宝视为装饰品，还作为保值的方式。</p>
<p>在西方，黄金通常被视为奢侈品。</p>
<p>但在印度，即使是贫穷的印度人也会购买黄金。</p>
<p>根据 2018 年 ICE360 的调查，印度每两个家庭中就有一个在过去五年内购买过黄金。总体而言，87% 的印度家庭拥有一些黄金。即使是收入最低的家庭也持有一些这种黄色金属。调查显示，底层 10% 收入的家庭中，有超过 75% 的家庭设法购买了一些黄金。</p>
<p>这种黄色金属在印度人遭受政府应对 COVID-19 经济风暴时成为了救命稻草。在印度政府封锁全国后，银行收紧了信贷以降低违约风险。由于无法获得传统贷款，印度人利用黄金来获得融资。在经历了第二轮封锁后，许多印度人不得不出售黄金以维持生计。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>白银现在排名世界第二大最有价值资产</p>
<p>债务黑洞又吞噬了一名受害者</p>
<p>债务数据继续显示出深度的消费者压力</p>

GIND

<p>印度的黄金需求尽管价格创下新高，但仍然保持强劲，主要受到投资兴趣的驱动。虽然珠宝销售量有所下降，但由于价格上涨，销售额却有所增加。消费者正逐渐转向更轻和低纯度的黄金。零售商报告称，受节日和婚礼需求的支持，收入显著增长。黄金 ETF 的兴趣激增，资金流入创下新高，账户数量增加了 60%。数字黄金购买量也增长了三倍。印度的黄金进口在价值上有所上升，但吨位上有所下降，反映出高价格的影响。黄金在印度具有重要的文化意义，既是装饰品也是财富的储存方式</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>Indian gold demand has remained resilient, despite record-high prices, driven by strong investment demand.</p>
<div class="lb-trans"><p>尽管价格创下历史新高，印度黄金需求依然强劲，主要受到投资需求的推动。</p>
</div><p>India ranks as the world’s second-largest gold market.</p>
<div class="lb-trans"><p>印度是全球第二大黄金市场。</p>
</div><p>The gold price continued to surge in the final month of 2025, with domestic prices in India broadly tracking the global price.</p>
<div class="lb-trans"><p>2025 年最后一个月，黄金价格持续上涨，印度国内价格大致跟随全球价格。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.moneymetals.com/uploads/content/india-gold-price.png" alt="" original-src="https://www.moneymetals.com/uploads/content/india-gold-price.png"/></p>
<p>Higher prices have created headwinds for Indian jewelry sales. Sales volumes are down. However, the value of jewelry sales is up thanks to the appreciating price. According to survey work by the World Gold Council, “ <em>Needs-based wedding purchases remain steady, providing key support to overall jewelry demand.</em>”</p>
<div class="lb-trans"><p>价格上涨给印度珠宝销售带来了压力。销售量下降，但由于价格上涨，珠宝销售的价值却在增加。根据世界黄金协会的调查，“<em>基于需求的婚礼购买保持稳定，为整体珠宝需求提供了重要支持</em>。”</p>
</div><p>While Indian consumers haven't sworn off gold, some have shifted toward lighter-weight pieces, and in some cases, lower-purity gold.</p>
<div class="lb-trans"><p>虽然印度消费者并没有放弃黄金，但一些人开始转向更轻便的珠宝，有时也选择低纯度的黄金。</p>
</div><p>Historically, Indians have used gold jewelry as an investment as well as an adornment and have preferred 22-karat pieces. However, more consumers are now opting for 18 and 14k gold to economize.</p>
<div class="lb-trans"><p>历史上，印度人将黄金珠宝视为投资和装饰，偏好 22 克拉的黄金。然而，越来越多的消费者现在选择 18 克拉和 14 克拉的黄金以节省开支。</p>
</div><p>Meanwhile, according to the WGC, “ <em>Exchange activity continues to be robust, highlighting value-conscious consumer behavior: some retailers report that over 40 percent of their jewelry sales are driven by old jewelry exchange.</em>”</p>
<div class="lb-trans"><p>与此同时，世界黄金协会表示，“<em>交易活动依然活跃，突显了注重价值的消费者行为：一些零售商报告称，超过 40% 的珠宝销售是由旧珠宝交换驱动的</em>。”</p>
</div><p>The drop in sales isn’t hurting retailers. They are making up for lower volume with higher prices. Listed Indian jewelry retailers reported strong revenue growth ranging from 37 percent to 51 percent on an annual basis in Q4, supported by festival and wedding demand.</p>
<div class="lb-trans"><p>销售下降并没有对零售商造成伤害。他们通过提高价格来弥补销量的下降。上市的印度珠宝零售商在第四季度报告了强劲的收入增长，年增长率在 37% 到 51% 之间，得益于节日和婚礼的需求。</p>
</div><p>While rising prices are creating headwinds for jewelry demand, it is boosting investment interest. Sales of gold bars and coins have been robust. The World Gold Council says the market is attracting new participants hoping to cash in on the price momentum.</p>
<div class="lb-trans"><p>尽管价格上涨给珠宝需求带来了压力，但却提升了投资兴趣。黄金条和金币的销售表现强劲。世界黄金协会表示，市场吸引了希望借助价格势头获利的新参与者。</p>
</div><p>Strong ETF growth also reflects growing Indian investment demand. Gold has flowed into Indian funds for eight straight months. Gold inflows set a record of ₹116 billion in December.</p>
<div class="lb-trans"><p>强劲的 ETF 增长也反映了印度投资需求的上升。黄金已经连续八个月流入印度基金。12 月份黄金流入创下₹1160 亿的纪录。</p>
</div><p>Cumulative holdings increased by a record 8.6 tonnes in December, lifting the 2025 total to a historic high of 95 tonnes.</p>
<div class="lb-trans"><p>12 月份累计持有量增加了创纪录的 8.6 吨，使 2025 年的总量达到历史最高的 95 吨。</p>
</div><p>According to the World Gold Council, “ <em>Investor appetite was supported by muted equity market performance and sustained gold price momentum, reinforcing the role of gold ETFs as a preferred portfolio diversifier.”</em></p>
<div class="lb-trans"><p>根据世界黄金协会的说法，“<em>投资者的胃口受到股市表现疲软和黄金价格持续上涨的支持，进一步巩固了黄金 ETF 作为首选投资组合多样化工具的角色</em>。”</p>
</div><p>Indians have historically preferred physical gold, but interest in ETFs swelled last year. There was a 60 percent annual increase in accounts (folios). As of the end of December, there were 10.2 million Indian ETF accounts, with 3.8 million added last year.</p>
<div class="lb-trans"><p>印度人历史上偏好实物黄金，但对 ETF 的兴趣在去年激增。账户（投资组合）年增长 60%。截至 12 月底，印度的 ETF 账户达到了 1020 万个，去年新增了 380 万个。</p>
</div><p>A gold ETF is backed by a trust company that holds metal owned and stored by the trust. In most cases, investing in an ETF does not entitle you to any amount of physical gold. You own a share of the ETF, not gold itself. ETFs are a convenient way for investors to play the gold market, but owning ETF shares is not the same as holding physical gold.</p>
<div class="lb-trans"><p>黄金 ETF 由信托公司支持，持有信托拥有和存储的金属。在大多数情况下，投资 ETF 并不意味着你拥有任何实物黄金。你拥有的是 ETF 的股份，而不是黄金本身。ETF 是投资者参与黄金市场的便捷方式，但拥有 ETF 股份并不等同于持有实物黄金。</p>
</div><p>There was also a healthy increase in digital gold purchases through the Unified Payments Interface (UPI). Transaction values nearly tripled last year, rising from ₹8 billion ($88 million) in January to ₹21 billion ($231 million) in December.</p>
<div class="lb-trans"><p>通过统一支付接口（UPI）进行的数字黄金购买也出现了健康增长。交易金额在去年几乎增长了三倍，从 1 月份的₹80 亿（8800 万美元）上升到 12 月份的₹210 亿（2.31 亿美元）。</p>
</div><p>Indian gold imports grew by 3 percent in value terms month-on-month in December. However, the World Gold Council estimates import tonnage declined modestly from 48 tonnes in November to 35-40 tonnes last month.</p>
<div class="lb-trans"><p>印度 12 月份的黄金进口在价值上环比增长了 3%。然而，世界黄金协会估计，进口吨位从 11 月份的 48 吨小幅下降至上个月的 35-40 吨。</p>
</div><p>Through 2025, the Indian gold import bill was similar to the previous year at around $59 billion. However, volumes declined by over 20 percent, reflecting higher gold prices.</p>
<div class="lb-trans"><p>到 2025 年，印度的黄金进口账单与去年相似，约为 590 亿美元。然而，进口量下降了超过 20%，反映出黄金价格的上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.moneymetals.com/uploads/content/india-gold-imports-2025.png" alt="" original-src="https://www.moneymetals.com/uploads/content/india-gold-imports-2025.png"/></p>
<p>Indians love gold for both cultural and economic reasons.</p>
<div class="lb-trans"><p>印度人因文化和经济原因热爱黄金。</p>
</div><p>The yellow metal is deeply interwoven into India’s marriage ceremonies, along with its religious and cultural rituals. Festival seasons typically boost gold demand.</p>
<div class="lb-trans"><p>这种黄色金属深深融入印度的婚礼仪式以及宗教和文化仪式中。节日季节通常会提升黄金需求。</p>
</div><p>Indians also value the yellow metal as a store of wealth, especially in poorer rural regions. Around two-thirds of India’s gold demand comes from beyond the urban centers, where large numbers of people operate outside the tax system. Many Indians use gold jewelry not only as an adornment but as a way to preserve wealth.</p>
<div class="lb-trans"><p>印度人还将这种黄色金属视为财富的储存方式，尤其是在贫困的农村地区。约三分之二的印度黄金需求来自城市中心以外的地区，那里的许多人在税收体系之外运作。许多印度人不仅将黄金珠宝视为装饰品，还作为保值的方式。</p>
</div><p>In the West, gold is generally viewed as a luxury item.</p>
<div class="lb-trans"><p>在西方，黄金通常被视为奢侈品。</p>
</div><p>Not in India. Even poor Indians buy gold.</p>
<div class="lb-trans"><p>但在印度，即使是贫穷的印度人也会购买黄金。</p>
</div><p>According to a 2018 ICE360 survey, one in every two households in India had purchased gold within the last five years. Overall, 87 percent of Indian households own some gold. Even households at the lowest income levels in India hold some of the yellow metal. According to the survey, more than 75 percent of families in the bottom 10 percent of income managed to buy some gold.</p>
<div class="lb-trans"><p>根据 2018 年 ICE360 的调查，印度每两个家庭中就有一个在过去五年内购买过黄金。总体而言，87% 的印度家庭拥有一些黄金。即使是收入最低的家庭也持有一些这种黄色金属。调查显示，底层 10% 收入的家庭中，有超过 75% 的家庭设法购买了一些黄金。</p>
</div><p>The yellow metal was a lifeline for Indians buffeted by the economic storm caused by the government's response to COVID-19. After the Indian government locked down the country, banks tightened credit to mitigate the default risk. Unable to secure traditional loans, Indians used gold to secure financing. As Indians endured a second wave of lockdowns, many Indians resorted to selling gold outright to make ends meet.</p>
<div class="lb-trans"><p>这种黄色金属在印度人遭受政府应对 COVID-19 经济风暴时成为了救命稻草。在印度政府封锁全国后，银行收紧了信贷以降低违约风险。由于无法获得传统贷款，印度人利用黄金来获得融资。在经历了第二轮封锁后，许多印度人不得不出售黄金以维持生计。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Silver Now Ranks As The Second-Most Valuable Asset In The World</p>
<div class="lb-trans"><p>白银现在排名世界第二大最有价值资产</p>
</div><p>The Debt Black Hole Claims Another Victim</p>
<div class="lb-trans"><p>债务黑洞又吞噬了一名受害者</p>
</div><p>Debt Data Continues To Signal Deep Consumer Stress</p>
<div class="lb-trans"><p>债务数据继续显示出深度的消费者压力</p>
</div>

尽管价格创下纪录，印度的黄金需求依然保持坚韧