<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>圖片來源：Pixabay</em></p>
<p>儘管價格創下歷史新高，印度黃金需求依然強勁，主要受到投資需求的推動。</p>
<p>印度是全球第二大黃金市場。</p>
<p>2025 年最後一個月，黃金價格持續上漲，印度國內價格大致跟隨全球價格。</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>價格上漲給印度珠寶銷售帶來了壓力。銷售量下降，但由於價格上漲，珠寶銷售的價值卻在增加。根據世界黃金協會的調查，“<em>基於需求的婚禮購買保持穩定，為整體珠寶需求提供了重要支持</em>。”</p>
<p>雖然印度消費者並沒有放棄黃金，但一些人開始轉向更輕便的珠寶，有時也選擇低純度的黃金。</p>
<p>歷史上，印度人將黃金珠寶視為投資和裝飾，偏好 22 克拉的黃金。然而，越來越多的消費者現在選擇 18 克拉和 14 克拉的黃金以節省開支。</p>
<p>與此同時，世界黃金協會表示，“<em>交易活動依然活躍，突顯了注重價值的消費者行為：一些零售商報告稱，超過 40% 的珠寶銷售是由舊珠寶交換驅動的</em>。”</p>
<p>銷售下降並沒有對零售商造成傷害。他們通過提高價格來彌補銷量的下降。上市的印度珠寶零售商在第四季度報告了強勁的收入增長，年增長率在 37% 到 51% 之間，得益於節日和婚禮的需求。</p>
<p>儘管價格上漲給珠寶需求帶來了壓力，但卻提升了投資興趣。黃金條和金幣的銷售表現強勁。世界黃金協會表示，市場吸引了希望藉助價格勢頭獲利的新參與者。</p>
<p>強勁的 ETF 增長也反映了印度投資需求的上升。黃金已經連續八個月流入印度基金。12 月份黃金流入創下₹1160 億的紀錄。</p>
<p>12 月份累計持有量增加了創紀錄的 8.6 噸，使 2025 年的總量達到歷史最高的 95 噸。</p>
<p>根據世界黃金協會的説法，“<em>投資者的胃口受到股市表現疲軟和黃金價格持續上漲的支持，進一步鞏固了黃金 ETF 作為首選投資組合多樣化工具的角色</em>。”</p>
<p>印度人歷史上偏好實物黃金，但對 ETF 的興趣在去年激增。賬户（投資組合）年增長 60%。截至 12 月底，印度的 ETF 賬户達到了 1020 萬個，去年新增了 380 萬個。</p>
<p>黃金 ETF 由信託公司支持，持有信託擁有和存儲的金屬。在大多數情況下，投資 ETF 並不意味着你擁有任何實物黃金。你擁有的是 ETF 的股份，而不是黃金本身。ETF 是投資者參與黃金市場的便捷方式，但擁有 ETF 股份並不等同於持有實物黃金。</p>
<p>通過統一支付接口（UPI）進行的數字黃金購買也出現了健康增長。交易金額在去年幾乎增長了三倍，從 1 月份的₹80 億（8800 萬美元）上升到 12 月份的₹210 億（2.31 億美元）。</p>
<p>印度 12 月份的黃金進口在價值上環比增長了 3%。然而，世界黃金協會估計，進口噸位從 11 月份的 48 噸小幅下降至上個月的 35-40 噸。</p>
<p>到 2025 年，印度的黃金進口賬單與去年相似，約為 590 億美元。然而，進口量下降了超過 20%，反映出黃金價格的上漲。</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>印度人因文化和經濟原因熱愛黃金。</p>
<p>這種黃色金屬深深融入印度的婚禮儀式以及宗教和文化儀式中。節日季節通常會提升黃金需求。</p>
<p>印度人還將這種黃色金屬視為財富的儲存方式，尤其是在貧困的農村地區。約三分之二的印度黃金需求來自城市中心以外的地區，那裏的許多人在税收體系之外運作。許多印度人不僅將黃金珠寶視為裝飾品，還作為保值的方式。</p>
<p>在西方，黃金通常被視為奢侈品。</p>
<p>但在印度，即使是貧窮的印度人也會購買黃金。</p>
<p>根據 2018 年 ICE360 的調查，印度每兩個家庭中就有一個在過去五年內購買過黃金。總體而言，87% 的印度家庭擁有一些黃金。即使是收入最低的家庭也持有一些這種黃色金屬。調查顯示，底層 10% 收入的家庭中，有超過 75% 的家庭設法購買了一些黃金。</p>
<p>這種黃色金屬在印度人遭受政府應對 COVID-19 經濟風暴時成為了救命稻草。在印度政府封鎖全國後，銀行收緊了信貸以降低違約風險。由於無法獲得傳統貸款，印度人利用黃金來獲得融資。在經歷了第二輪封鎖後，許多印度人不得不出售黃金以維持生計。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>白銀現在排名世界第二大最有價值資產</p>
<p>債務黑洞又吞噬了一名受害者</p>
<p>債務數據繼續顯示出深度的消費者壓力</p>

GIND

<p>印度的黃金需求儘管價格創下新高，但仍然保持強勁，主要受到投資興趣的驅動。雖然珠寶銷售量有所下降，但由於價格上漲，銷售額卻有所增加。消費者正逐漸轉向更輕和低純度的黃金。零售商報告稱，受節日和婚禮需求的支持，收入顯著增長。黃金 ETF 的興趣激增，資金流入創下新高，賬户數量增加了 60%。數字黃金購買量也增長了三倍。印度的黃金進口在價值上有所上升，但噸位上有所下降，反映出高價格的影響。黃金在印度具有重要的文化意義，既是裝飾品也是財富的儲存方式</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>圖片來源：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>儘管價格創下歷史新高，印度黃金需求依然強勁，主要受到投資需求的推動。</p>
</div><p>India ranks as the world’s second-largest gold market.</p>
<div class="lb-trans"><p>印度是全球第二大黃金市場。</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 年最後一個月，黃金價格持續上漲，印度國內價格大致跟隨全球價格。</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>價格上漲給印度珠寶銷售帶來了壓力。銷售量下降，但由於價格上漲，珠寶銷售的價值卻在增加。根據世界黃金協會的調查，“<em>基於需求的婚禮購買保持穩定，為整體珠寶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>雖然印度消費者並沒有放棄黃金，但一些人開始轉向更輕便的珠寶，有時也選擇低純度的黃金。</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>歷史上，印度人將黃金珠寶視為投資和裝飾，偏好 22 克拉的黃金。然而，越來越多的消費者現在選擇 18 克拉和 14 克拉的黃金以節省開支。</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>與此同時，世界黃金協會表示，“<em>交易活動依然活躍，突顯了注重價值的消費者行為：一些零售商報告稱，超過 40% 的珠寶銷售是由舊珠寶交換驅動的</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>銷售下降並沒有對零售商造成傷害。他們通過提高價格來彌補銷量的下降。上市的印度珠寶零售商在第四季度報告了強勁的收入增長，年增長率在 37% 到 51% 之間，得益於節日和婚禮的需求。</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>儘管價格上漲給珠寶需求帶來了壓力，但卻提升了投資興趣。黃金條和金幣的銷售表現強勁。世界黃金協會表示，市場吸引了希望藉助價格勢頭獲利的新參與者。</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>強勁的 ETF 增長也反映了印度投資需求的上升。黃金已經連續八個月流入印度基金。12 月份黃金流入創下₹1160 億的紀錄。</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 月份累計持有量增加了創紀錄的 8.6 噸，使 2025 年的總量達到歷史最高的 95 噸。</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>根據世界黃金協會的説法，“<em>投資者的胃口受到股市表現疲軟和黃金價格持續上漲的支持，進一步鞏固了黃金 ETF 作為首選投資組合多樣化工具的角色</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>印度人歷史上偏好實物黃金，但對 ETF 的興趣在去年激增。賬户（投資組合）年增長 60%。截至 12 月底，印度的 ETF 賬户達到了 1020 萬個，去年新增了 380 萬個。</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>黃金 ETF 由信託公司支持，持有信託擁有和存儲的金屬。在大多數情況下，投資 ETF 並不意味着你擁有任何實物黃金。你擁有的是 ETF 的股份，而不是黃金本身。ETF 是投資者參與黃金市場的便捷方式，但擁有 ETF 股份並不等同於持有實物黃金。</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>通過統一支付接口（UPI）進行的數字黃金購買也出現了健康增長。交易金額在去年幾乎增長了三倍，從 1 月份的₹80 億（8800 萬美元）上升到 12 月份的₹210 億（2.31 億美元）。</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 月份的黃金進口在價值上環比增長了 3%。然而，世界黃金協會估計，進口噸位從 11 月份的 48 噸小幅下降至上個月的 35-40 噸。</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，印度的黃金進口賬單與去年相似，約為 590 億美元。然而，進口量下降了超過 20%，反映出黃金價格的上漲。</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>印度人因文化和經濟原因熱愛黃金。</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>這種黃色金屬深深融入印度的婚禮儀式以及宗教和文化儀式中。節日季節通常會提升黃金需求。</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>印度人還將這種黃色金屬視為財富的儲存方式，尤其是在貧困的農村地區。約三分之二的印度黃金需求來自城市中心以外的地區，那裏的許多人在税收體系之外運作。許多印度人不僅將黃金珠寶視為裝飾品，還作為保值的方式。</p>
</div><p>In the West, gold is generally viewed as a luxury item.</p>
<div class="lb-trans"><p>在西方，黃金通常被視為奢侈品。</p>
</div><p>Not in India. Even poor Indians buy gold.</p>
<div class="lb-trans"><p>但在印度，即使是貧窮的印度人也會購買黃金。</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>根據 2018 年 ICE360 的調查，印度每兩個家庭中就有一個在過去五年內購買過黃金。總體而言，87% 的印度家庭擁有一些黃金。即使是收入最低的家庭也持有一些這種黃色金屬。調查顯示，底層 10% 收入的家庭中，有超過 75% 的家庭設法購買了一些黃金。</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>這種黃色金屬在印度人遭受政府應對 COVID-19 經濟風暴時成為了救命稻草。在印度政府封鎖全國後，銀行收緊了信貸以降低違約風險。由於無法獲得傳統貸款，印度人利用黃金來獲得融資。在經歷了第二輪封鎖後，許多印度人不得不出售黃金以維持生計。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>Silver Now Ranks As The Second-Most Valuable Asset In The World</p>
<div class="lb-trans"><p>白銀現在排名世界第二大最有價值資產</p>
</div><p>The Debt Black Hole Claims Another Victim</p>
<div class="lb-trans"><p>債務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>債務數據繼續顯示出深度的消費者壓力</p>
</div>

儘管價格創下紀錄，印度的黃金需求依然保持堅韌