2024年黄金需求创下新高
LearnAndRecord约 13 分钟近日，世界黄金协会发布2024年《全球黄金需求趋势报告》。2024年全球黄金需求总量（包含场外交易）达4974吨，需求总额达3820亿美元，均创历史新高。
🤔️小作业：
1. In the phrase “tailwinds for gold ETFs” used in the article, what does “tailwinds” most nearly mean?
A. Adverse factors that hinder progress
B. External factors that support growth
C. Rapid increases in market demand
D. Unexpected changes in investor behavior
无注释原文：
Gold Demand Rose to Fresh High in 2024, Report Says
From: The Wall Street Journal
Gold demand hit a new record in 2024 driven by central banks and investors, according to a new report.
Total gold demand rose 1% on-year to an all-time high of 4,974.5 metric tons, the World Gold Council said Wednesday in a new report on gold-demand trends.
Gold demand was a record $111 billion in the fourth quarter. The healthy demand has persisted into the new year, helping continuous gold future prices hit a fresh record in late European trading on Tuesday of $2,877.10 a troy ounce. New York Mercantile Exchange gold futures are up around 8.9% in the year to date.
“The uncertainty remains very high and that's always going to be a supportive element for investment,” said Louise Street, senior markets analyst at the WGC.
Central-bank demand–and emerging-market-bank demand in particular–was the greatest driver behind the increase, with buying exceeding 1,000 metric tons of the precious metal for the third year in a row. On an annual basis, central-bank demand declined 1%, but purchases rocketed 54% on-year in the fourth quarter, to 332.9 tons.
Poland's central bank led purchases, adding 90 tons to its reserves, and central-bank demand is expected to stay high going into the new year, Street said.
“The uncertainty remains high in 2025 and it seems as likely as ever that central banks will once again turn to gold as a stable strategic asset,” the report said.
Gold investment also drove up demand, rising 25% on-year, to a four year high of 1,180 tons. Gold ETFs marked their first year since 2020 to avoid sizeable outflows, and in the fourth quarter, global gold-backed ETFs posted a second consecutive quarter of inflows–primarily driven by China and India in particular, Street said.
Investment in gold was concentrated in the second half of the year as falling interest rates and gold's continued strong price performance attracted inflows. Asian-listed funds led the charge, adding 78 tons of holdings over the year. North American funds added just 8 tons–though this was the first annual increase since 2020–while European funds saw outflows, albeit at a lower level on-year.
Looking ahead, tailwinds for gold ETFs, over-the-counter purchases and futures-based investment are likely given expectations for lower global interest rates, high-valued equities, a weaker U.S. dollar and risks through conflicts, the WGC said.
On the other hand, gold demand for jewelry has fallen on year, driven by higher prices. Weakness was seen in every major region, with global demand falling 11%,.
“If the gold price remains at current or higher levels, it could further erode jewelry demand, particularly as growth is also weak or slowing in all four major gold regions,” the WGC said.
Elsewhere, technology demand also rose 7%, to 326 tons, mostly driven by strong demand in AI-related applications and some recovery in the consumer-electronic markets.
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注：完整题目见本文开头；中文文本为华尔街日报官方译文，仅供参考
含注释全文：
Gold Demand Rose to Fresh High in 2024, Report Says
From: The Wall Street Journal
Gold demand hit a new record in 2024 driven by central banks and investors, according to a new report.
据一份新报告显示，受央行和投资者需求推动，2024年黄金需求创下新高。
Total gold demand rose 1% on-year to an all-time high of 4,974.5 metric tons, the World Gold Council said Wednesday in a new report on gold-demand trends.
世界黄金协会（World Gold Council）周三发布的一份关于黄金需求趋势的新报告显示，2024年全球黄金总需求同比增长1%，达到4,974.5吨，创下历史新高。
metric ton
metric ton /ˌmet.rɪk ˈtʌn/ 表示“公吨，米制吨（=1,000 公斤）”，英文解释为“a unit of weight equal to 1,000 kilograms”
Gold demand was a record $111 billion in the fourth quarter. The healthy demand has persisted into the new year, helping continuous gold future prices hit a fresh record in late European trading on Tuesday of $2,877.10 a troy ounce. New York Mercantile Exchange gold futures are up around 8.9% in the year to date.
2024年第四季度，黄金需求总额达到创纪录的1,110亿美元。进入新的一年后，这种旺盛的需求仍在持续，支撑黄金期货价格在周二欧洲尾盘上涨至每盎司2,877.10美元，创下纪录新高。今年迄今，纽约商品交易所(New York Mercantile Exchange)黄金期货价格已累计上涨约8.9%。
persist
persist /pəˈsɪst/ 1）表示“继续存在（发生）；持续；存留”，英文解释为“If something bad persists, it continues to exist or happen”举个🌰：If the pain persists, you must see a doctor. 如果一直痛，你就必须去看医生了。
2）表示“坚持；执意”，英文解释为“to continue to do something, although this is difficult, or other people oppose it”举个🌰：‘I don't think it's right,’ He persisted. “我认为那不对。”他坚持说道。
troy ounce
A troy ounce（金衡盎司） 是国际上用于衡量贵金属（如黄金、白银、铂金等）的特殊重量单位，与日常使用的常衡盎司（avoirdupois ounce）不同。源自法国中世纪贸易城市 Troyes（特鲁瓦），该地在中世纪是欧洲重要的贵金属交易中心，计量标准由此传播。
1金衡盎司 ≈ 31.1035克；1常衡盎司 ≈ 28.3495克
mercantile
mercantile /ˈmɜː.kən.taɪl/ 表示“贸易的；商业的”，英文解释为“related to trade or business”
“The uncertainty remains very high and that's always going to be a supportive element for investment,” said Louise Street, senior markets analyst at the WGC.
世界黄金协会高级市场分析师Louise Street表示：“不确定性仍然非常高，这将始终是投资黄金的一个利好因素。”
Central-bank demand–and emerging-market-bank demand in particular–was the greatest driver behind the increase, with buying exceeding 1,000 metric tons of the precious metal for the third year in a row. On an annual basis, central-bank demand declined 1%, but purchases rocketed 54% on-year in the fourth quarter, to 332.9 tons.
央行需求（尤其是新兴市场银行的需求）是推动黄金需求增长的最大动力，全球央行连续第三年黄金购买量超过1,000吨。2024年全年，央行的黄金需求量下降了1%，但第四季度购买量同比飙升54%，至332.9吨。
exceed
exceed /ɪkˈsiːd/ 表示“超过，超出（数量）；超越（规定的范围）”，英文解释为“to be greater than a number or amount, or to go past an allowed limit”举个🌰：The final cost should not exceed ￥100. 最终的花费不应超出100元。
📍词根“-ceed”表示"走，去"，前缀“ex-”表示"出，超出"。近义词：surpass（超过），同根词：proceed（进行），succeed（成功）
rocket
rocket作动词除了表示“迅速上升，猛涨”，也可以表示“迅速取得成功；一举成名”，英文解释为“to achieve a successful position very quickly”，举个🌰：Their new album rocketed to number one in the charts. 他们的新专辑跃居排行榜首位。
Poland's central bank led purchases, adding 90 tons to its reserves, and central-bank demand is expected to stay high going into the new year, Street said.
Street表示，波兰央行的黄金购买量最大，为其储备增加了90吨黄金，预计在2025年，央行的黄金需求仍将保持在高位。
reserve
reserve /rɪˈzɜːv/ 作名词，表示“贮藏（物）；储备（物）；备用（物）”，英文解释为“the act of keeping something or a supply of something until it is needed, or a supply that you keep”举个🌰：She keeps a little money in reserve (= for use if and when needed). 她留下了一些钱以备不时之需。
作动词，表示“把…专门留给；把…留作；保留”，英文解释为“to keep something for a particular purpose or time”举个🌰：I reserve Mondays for tidying my desk and answering letters. 我把周一的时间留出来专门清理办公桌和回复信件。
“The uncertainty remains high in 2025 and it seems as likely as ever that central banks will once again turn to gold as a stable strategic asset,” the report said.
报告称：“2025年，不确定性依然很高，央行将再次把黄金作为一种稳定的战略资产，这种可能性似乎与以往一样大。”
Gold investment also drove up demand, rising 25% on-year, to a four year high of 1,180 tons. Gold ETFs marked their first year since 2020 to avoid sizeable outflows, and in the fourth quarter, global gold-backed ETFs posted a second consecutive quarter of inflows–primarily driven by China and India in particular, Street said.
黄金投资也推动需求同比增长25%，至1,180吨的四年高点。Street表示，这是黄金ETF自2020年以来首次得以避免大量资金流出的一年，在第四季度，全球黄金ETF连续第二个季度录得资金流入，这主要由中国和印度驱动。
sizeable
sizeable/sizable 表示“相当大的”，英文解释为“fairly large”如：a sizeable amount of money 数目可观的一笔钱，举个🌰：Part-time students make up a sizeable proportion of the college population. 非全日制学生在大学生总人数中占了很大的比例。
consecutive
consecutive /kənˈsek.jə.tɪv/ 表示“连续的，连贯的，不间断的”，英文解释为“Consecutive events, numbers, etc. follow one after another without an interruption.”举个🌰：This is the fifth consecutive weekend that I've spent working. 这是我连续第五个周末加班。
📍《经济学人》（The Economist）一篇讲述绿色风投的文章中提到：Last year taxpayer-funded green-energy R&D around the world rose for the third consecutive year, to a record $25.4bn, accroding to the IEA. 根据国际能源署的数据，去年全球受政府资助的绿色能源研发连续第三年增长，达到创纪录的254亿美元。
Investment in gold was concentrated in the second half of the year as falling interest rates and gold's continued strong price performance attracted inflows. Asian-listed funds led the charge, adding 78 tons of holdings over the year. North American funds added just 8 tons–though this was the first annual increase since 2020–while European funds saw outflows, albeit at a lower level on-year.
对黄金的投资主要集中在下半年，利率下降以及金价持续强劲的表现吸引了资金流入。亚洲上市基金一马当先，全年增持78吨。北美基金仅增持8吨——不过这是自2020年以来的首次年度增长——而欧洲基金则出现流出，尽管同比降幅较小。
albeit
albeit /ɔːlˈbiː.ɪt/ 表示“尽管；虽然”，相当于“although”举个🌰：He finally agreed, albeit reluctantly, to help us. 尽管勉强，他最后还是同意帮助我们。
Looking ahead, tailwinds for gold ETFs, over-the-counter purchases and futures-based investment are likely given expectations for lower global interest rates, high-valued equities, a weaker U.S. dollar and risks through conflicts, the WGC said.
世界黄金协会表示，展望未来，鉴于对全球利率走低的预期、股票估值高企、美元较为疲软，以及冲突带来的风险，就黄金ETF、OTC购买和基于期货的投资而言可能迎来利好。
tailwind
tailwind /ˈteɪl.wɪnd/ 表示“顺风”，英文解释为“a wind blowing from behind a vehicle”
over-the-counter
over the counter /ˌəʊ.və.ðəˈkaʊn.tər/ 1）表示“场外交易，柜台交易”，英文解释为“used to describe shares that are traded directly between dealers (= people and organizations that buy and sell for others), rather than on a stock market”举个🌰：Brokers can use the system to look up prices or enter quotes for over-the-counter securities. 经纪商可以用这个系统对场外交易股票查价和出价。
2）表示“（药品）非处方的，无需处方也可买到的”，英文解释为“An over-the-counter drug is bought from a shop without the person who buys it having visited a doctor first.”如：an over-the-counter medicine 非处方药。
equity
equity /ˈek.wɪ.ti/ 1）表示“（公司的）股本，股票值；股票”，英文解释为“the value of a company, divided into many equal parts owned by the shareholders, or one of the equal parts into which the value of a company is divided”举个🌰：He sold his equity in the company last year. 他去年卖掉了这家公司的股票。
2）表示“公平；公正”，英文解释为“the situation in which everyone is treated fairly and equally”如：a society based on equity and social justice 建立在公平公正和社会正义基础之上的社会。
📍private equity (PE) 私募股权；私人股本。据百度百科介绍，PE也就是私募股权投资，从投资方式角度看，是指通过私募形式对私有企业，即非上市企业进行的权益性投资，在交易实施过程中附带考虑了将来的退出机制，即通过上市、并购或管理层回购等方式，出售持股获利。
On the other hand, gold demand for jewelry has fallen on year, driven by higher prices. Weakness was seen in every major region, with global demand falling 11%.
另一方面，受金价上涨影响，珠宝相关黄金求已同比下降。所有主要地区都出现了疲软，全球需求下降11%。
“If the gold price remains at current or higher levels, it could further erode jewelry demand, particularly as growth is also weak or slowing in all four major gold regions,” the WGC said.
世界黄金协会表示：“如果金价保持在当前水平或更高水平，可能会进一步侵蚀珠宝需求，尤其是在黄金相关四大主要地区经济增长均疲软或放缓的情况下。”
erode
erode /ɪˈrəʊd/ 表示“降低，削弱”，英文解释为“If the value of something erodes or is eroded by something such as inflation or age, its value decreases.”举个🌰：Competition in the financial marketplace has eroded profits. 金融市场的竞争降低了利润。
还可以指“（气候）侵蚀，腐蚀；（岩石、土壤）风化”等，英文解释为“if the weather erodes rock or soil, or if rock or soil erodes, its surface is gradually destroyed”
Elsewhere, technology demand also rose 7%, to 326 tons, mostly driven by strong demand in AI-related applications and some recovery in the consumer-electronic markets.
其他方面，科技领域黄金需求也增长7%，达到326吨，这主要得益于人工智能（AI）相关应用方面需求强劲，以及消费电子产品市场有所复苏。
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