央行，黄金新信号！

Core Viewpoint - The People's Bank of China has increased its gold reserves for the seventh consecutive month, signaling a strategic adjustment in international reserve structure amid global changes [1][4]. Group 1: Gold Reserves and Market Trends - As of the end of May, China's gold reserves reached 73.83 million ounces, an increase of 60,000 ounces from the previous month [1]. - The continuous increase in gold reserves aligns with market expectations, reflecting new changes in the global political and economic landscape [1][4]. - The international gold price has shown strong performance, with spot gold surpassing $3,310 per ounce on June 9, 2025 [1]. Group 2: Domestic Gold Jewelry Prices - The price of gold jewelry in China has seen a decline, with some brands offering prices as low as 985 yuan per gram [2]. Group 3: Future Outlook for Gold - The World Gold Council indicates that gold may remain one of the few resilient assets in a stagflation environment, with potential for future price increases [4]. - The low proportion of gold in China's international reserves (7% as of May 2025) compared to the global average of 15% suggests a continued trend of increasing gold reserves by the central bank [4]. - The central bank's strategy to increase gold reserves is also aimed at enhancing the credibility of the sovereign currency and promoting the internationalization of the renminbi [4].