摘要：截至 2025 年 9 月 6 日，纽约黄金期货价格为创下 3639.8 美元 一 盎司新高，较前一日上涨 0.92%，盘中最高触及 3655.5 美元，创历史新高。伦敦金现货价格为 3585.79 美元 / 盎司，单日涨幅 0.94%，同样刷新历史纪录。国内

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抢购黄金的中国大妈

截至 2025 年 9 月 6 日，纽约黄金期货价格为创下 3639.8 美元 一 盎司新高，较前一日上涨 0.92%，盘中最高触及 3655.5 美元，创历史新高。伦敦金现货价格为 3585.79 美元 / 盎司，单日涨幅 0.94%，同样刷新历史纪录。国内金店实物黄金价格在 9 月 6 日达到 1058-1062 元 一 克，使不少在低位购买黄金的中国大妈喜笑颜开。

虽然中国大妈疯狂抢购黄金的行为曾经多次成为新闻热点，引发世界舆论广泛关注，但实际上，低调的西南亚和东南亚的印度和巴基斯坦婆姨及她们散布在全球的后裔才是真正的投资和囤积黄金的最大赢家。她们完胜中国大妈的背后都有哪些不为人知的因素呢？本文特向您揭密:

全身佩戴黄金首饰的巴基斯坦卡拉奇新娘

二、文化传统与家族观念促使她们不停地购买黄金

对于南亚的家庭而言，黄金不仅仅是一种投资。孩子们常常从母亲那里继承黄金首饰，将其作为家族的传家宝。

法尔扎娜·加尼所拥有的每一件黄金都承载着一段回忆。她有在巴基斯坦举行婚礼时婆婆送的精美首饰套装；有母亲完成穆斯林朝觐后送的金项链；还有为庆祝女儿出生而准备的金币。

随着金价创下历史新高，她仍会继续投资黄金。

现在居住在佛罗里达州迈阿密的56岁的加尼说：“比起债券和持有现金，我还是更愿意买金币。”

南亚的新娘子以佩戴满身的金饰而闻名：项链、耳环、鼻环、发饰和护身符，这些金饰既可作为礼物赠送，也可作为遗产继承。她们的黄金收藏往往在出生前就开始了，包括继承的首饰以及为纪念出生、人生重要时刻和宗教节日而收到的礼物。

数千年来，黄金一直被视为最可靠的避险资产，但对南亚家庭来说，它不止是一项投资。在印度的城市和农村，无论社会经济阶层如何，女儿继承母亲黄金的传统都广泛存在。

黄金已深深融入该地区的文化肌理，毫不夸张地说，许多女性继承的纱丽上就绣有精美的金线。她们将黄金首饰视为珍贵的家族传家宝，而非快速变现的工具。对女性而言，黄金可能是少数完全属于她们自己的资产之一。

继2024年上涨27%后，今年的黄金价格又飙升了26%。受美国总统唐纳德·特朗普混乱的关税政策及其对美联储主席的攻击影响，今年4月黄金价格创下每金衡盎司3500美元以上的历史新高。而那些长期将大部分资产投入黄金的南亚女性，在此次金价上涨中成了大赢家。

一位南亚母亲在抖音上向观众展示她28年前收到的一条24K金项链时说：“我所拥有的一切都是黄金，我买这条项链的时候，那时候黄金很便宜，一克才12美元，现在已经涨到100美元了。”

据行业领导机构世界黄金协会称，2023年印度是全球第二大黄金首饰市场，仅次于中国。2021年，印度购买了高达611吨的黄金首饰；相比之下，第三大市场中东地区购买了241吨。

印度的黄金需求主要由首饰拉动：该国每年预计有1100万至1300场婚礼，相应地，婚礼首饰占据了印度黄金市场50%以上的份额。英国黄金供应商所罗门环球公司表示，南亚人约占其客户群的10%，且去年南亚裔女性购买黄金的数量有所增加。

世界黄金协会美洲区高级市场战略师约瑟夫·卡瓦托尼告诉美国有线电视新闻网：“首饰在人们的生活中具有吉祥的意义，它可能非常面向消费者，但也是一种很好的储蓄和财富代代相传的机制。”

世界黄金协会印度区首席执行官萨钦·贾恩表示，印度人不把黄金视为奢侈品。相反，黄金首饰被视为只会增值的家庭资产。

在这个地区，数百万人，尤其是女性可能无法获得银行账户或其他有组织的投资形式，黄金首饰因此成为一种有形的财务保障。舆观调查公司今年3月的一项调查显示，在印度，不到50%的女性独立管理自己的财务。

加尼就是在这种观念下长大的。在巴基斯坦，她的母亲告诉她要把零花钱存起来，一旦攒够了，就去买24K金币。

加尼说：“我们东方女性向来以未雨绸缪著称。我们不会只顾当下而不顾明天。”

三、特朗普激发全球黄金热潮？

但在2025年，依赖黄金投资的不仅仅是南亚新娘。特朗普的贸易战打乱了全球贸易现状，投资者正寻求将资产从波动性更大的纸币中转移出来。2025年第一季度，黄金创下了自1986年以来最强劲的季度回报，对避险资产的需求还蔓延到了白银和铂金等其他金属。

投资公司萨维顾问的财富经理约书亚·巴龙告诉美国有线电视新闻网：“黄金是安全和价值的堡垒。”据英国最大的在线黄金交易商BullionByPost称，尽管价格偶尔会下跌，但过去50年来，每金衡盎司黄金的价格飙升了1900%以上。同期白银价格上涨了697%。

印度和中国的央行一直在购买黄金以增加储备。所罗门环球公司称，过去五年，印度储备银行的黄金持有量增加了35%。

四、她们继续将黄金作为可以保值增值并传给后代的资产

南亚人长期以来一直将黄金存放在自己家中。贾恩说，保守估计印度家庭中存放的黄金有2.5万吨或更多。

但南亚人目前还没有兴趣抛售他们的黄金。贾恩说，尽管从历史上看，在价格相对较高时黄金销量会增加，但即使在高价下，印度人仍在持有他们的黄金。

卡瓦托尼说：“西方市场往往在情况确实很糟糕、存在市场风险和不确定性时才想持有黄金。但（南亚）家庭，这几代人，长期以来一直持有黄金，因为他们看到黄金会随着经济扩张而增值，并且与国内生产总值相关联。”

相反，贾恩指出，在过去一年里，印度消费者回到商店，将他们的旧首饰改造成更现代的款式。年轻人仍然看到持有黄金的价值，但他们想要的是可以每天佩戴的首饰，而不是放在银行储物柜里的大型婚礼套装。

贾恩说：“我认为年轻消费者想要拥有这些首饰，爱上它们，使用它们，让它们成为自己生活的一部分。”

去年12月，加尼在她的女儿在迈阿密结婚时，将自己的许多金币和旧首饰套装改造成了一套现代风格的新娘首饰，这套首饰女儿可以保留，并在未来传给她自己的孩子。其他金币则留给了加尼的儿子。

加尼叹了口气说：“她想戴人造首饰，但黄金是最得体、最优雅的。我告诉她，‘别戴别的。’”

South Asian women might be the winners of the gold rush. By Ramishah Maruf, CNN. Sun July 13, 2025.

For South Asian families, gold is more than an investment. Children often inherit gold jewelry as family heirlooms from their mothers.

Every piece of gold that Farzana Ghani owns holds a memory.

She has intricate jewelry sets from her mother-in-law from her wedding in Pakistan; a gold chain gifted from her mother after she performed theHajj, the Muslim pilgrimage; and gold coins to celebrate her daughter’s birth.

And she will keep investing in gold, as prices for the metal reach record highs.

“Compared to bonds and compared to holding cash, I would still prefer to buy gold coins,” Ghani, 56, of Miami, Florida, said.

Brides in South Asia are famously decked out in the precious metal – necklaces, earrings, nose rings, hair pieces and amulets – that can be gifted or inherited. The collection often starts before they’re even born, composed of inherited pieces and gifts to commemorate their birth, life milestones and religious holidays.

Gold has been known as the most reliable safe haven asset for millennia, but it is more than an investment for South Asian families. The tradition of daughters inheriting their mothers’ gold spans across urban and rural India, regardless of socioeconomic class.

A newly wed Indian couple in New Delhi, India, in March 2019.

It is deeply sewn into the fabric of the region’s culture, often quite literally, as many women inherit saris that are intricately embroidered with gold thread. They revere gold pieces as precious family heirlooms rather than a quick cash turnaround — and for women, it can be one of the few assets that belong solely to them.

Gold prices have skyrocketed 26% this year, after rising 27% in 2024. The metal hit a record high above $3,500 a troy ounce in April, spurred by US President Donald Trump’s chaotic tariff agenda and his attacks on the Federal Reserve’s leader. And the South Asian women who long invested most of their assets into gold are winning in this rally.

“Whatever I have, it’s all gold,” one South Asian mother described to her viewers on TikTok, showing off a 24-carat necklace she received 28 years ago. “When I bought this (necklace) right, those days, golds were very cheap. One gram was $12. Now it’s $100.”

India was the second-largest market for gold jewelry in the world in 2023, only falling behind China, according to leading industry group World Gold Council. In 2021, India bought a whopping 611 tonnes of gold jewelry; in comparison, the next-biggest region, the Middle East, bought 241 tonnes.

Demand in India is driven by jewelry: The country has an expected 11 million to 13 million weddings a year, with bridal jewelry enjoying more than 50% of the gold market share, accordingly. South Asians make up approximately 10% of UK gold supplier Solomon Global’s client base, and it had seen an uptick in the last year in women of South Asian origin buying gold, according to the company.

“Jewelry is something that has an auspicious place in people’s lives, it can be very consumer oriented, but it is also a very good mechanism for saving and passing wealth from generation to generation,” Joseph Cavatoni, senior market strategist for the Americas at the World Gold Council, told CNN.

People in India don’t view gold as a splurge according to Sachin Jain, India CEO of the World Gold Council. Instead, gold pieces are viewed as family assets that will only appreciate in value.

Gold jewelry also serves as a physical form of financial protection in a region where millions of people — particularly women — may not have access to bank accounts or other forms of organized investing. In India, less than 50% of women manage their finances independently, according to a March survey from YouGov.

Ghani grew up with that mindset. In Pakistan, her mother told her to set aside any pocket money and, once it’s accumulated, buy 24-karat gold coins.

“We Eastern women are always known for having money on rainy days. We don’t live for today and then forget about tomorrow,” Ghani said.

A global gold frenzy

But in 2025, it’s not just South Asian brides who are relying on gold investments. Trump’s trade war has thrown the global trade status quo into disarray, and investors are looking to move their assets from more volatile paper currency. Gold posted its strongest quarterly return since 1986 during the first quarter of 2025, with demand for safe havens spilling into other metals like silver and platinum.

“Gold is a bastion of safety and value,” Joshua Barone, a wealth manager at investment firm Savvy Advisors, told CNN. Even with the occasional dip, the price of gold per troy ounce has soared more than 1,900% over the past 50 years, according to BullionByPost, the largest online gold dealer in the UK. Silver has risen 697% over the same time period.

Central banks in India and China have been buying bullion to boost their reserves. The Reserve Bank of India has increased its gold holdings by 35% in the last five years, according to Solomon Global.

South Asians have long been storing gold in their own homes. Conservative estimates say that 25,000 tons or more of gold are sitting in homes in India, Jain said.

But South Asians are not interested in selling off their gold just yet. Indians are holding on to their gold even with high prices, Jain said, despite the trend of increased sales when prices were relatively high historically.

Gold bangles are displayed at a jewelry store in Mumbai, India, on March 20, 2025.

The Western markets tend to want to hold gold when things are really scary, market risk and uncertainty. But (South Asian) families, these generations, have held gold for a long time, because they see that gold grows with economic expansion and it links to the GDP,” Cavatoni said.

Instead, Jain noted that in the past year, Indian consumers are coming back into stores and converting their old jewelry into more contemporary designs. Young people still see the value in holding on to gold – but they want pieces they can wear every day rather than gigantic bridal sets that are sitting in bank lockers.

“I think the younger consumer wants to own, fall in love and use those pieces, make them part of their life,” Jain said.

When Ghani’s daughter was getting married last December in Miami, she converted many of her gold coins and old jewelry sets into a modern collection for the bride, one that she can keep and pass on to her own children in the future. Other gold coins were set aside for Ghani’s son.

“She wanted to wear artificial (jewelry),” Ghani sighed. “But gold is the most decent, the most elegant. I told her, ‘Do not wear anything else.’”

来源：读行品世事一点号