金价重返3300，中国买家回归了

Core Viewpoint - Gold prices have rebounded above $3,300, with significant increases in Chinese gold stocks and a notable return of Chinese buyers to the market [1][2][4]. Group 1: Market Dynamics - Chinese buyers have returned to the market, with buying activity in the Shanghai Futures Exchange (SHFE) triggering purchases in the New York Commodity Exchange (COMEX) [2]. - The total open interest in COMEX gold contracts increased by 3%, while silver contracts rose by 4% [2]. - Despite an 8% drop in gold prices previously, domestic holdings in China remained stable, indicating no significant sell-off among investors [2]. Group 2: Import and Trading Activity - China's gold imports surged by 73% month-on-month in April, reaching the highest level in nearly a year [6]. - The Shanghai Gold Exchange's premium remains strong despite high gold prices, reflecting continued demand from domestic investors [6]. - The People's Bank of China allocated new import quotas to commercial banks to meet investor demand [6]. Group 3: Geopolitical Factors - Rising geopolitical tensions, particularly regarding Israel's potential attack on Iran's nuclear facilities, have contributed to increased market risks [4]. - The return of Chinese buyers is seen as a critical factor in the current market dynamics [4]. Group 4: Options Market Insights - The skewness of gold options remains low at approximately 2.25v, indicating a lack of interest from hedge funds outside of China [6]. - The volatility of 6-month 25% out-of-the-money call options is around 19.5%, suggesting potential for better performance if gold prices reach new highs [6].