各国央行购金支撑金价

Group 1 - Current US-China trade relations show significant signs of easing, leading to a reduction in safe-haven demand for gold, which is currently undergoing a phase of adjustment, although gold's safe-haven attributes will limit its downside potential [1] - Recent data indicates that the negative impact of tariff policies on the US economy is becoming evident, with the manufacturing PMI index remaining weak and the services PMI index experiencing its first contraction in a year [1][2] - The US manufacturing PMI for May is reported at 48.5, the lowest since November of the previous year, with new orders index at 47.6, highlighting the impact of tariff increases on demand [1] Group 2 - The ISM services PMI for May fell to 49.9, significantly below expectations, with the new orders index dropping to 46.4, marking the largest decline since June 2024 [2] - The US added 139,000 non-farm jobs in May, exceeding market expectations, while the unemployment rate remained stable at 4.2% [2] - Average hourly earnings increased by 0.4% month-on-month and 3.9% year-on-year, reflecting tightening labor supply rather than strong demand [3] Group 3 - China's foreign exchange reserves rose to nearly $3.3 trillion in May, with gold reserves increasing slightly to 73.83 million ounces, marking the seventh consecutive month of gold accumulation [4] - Since November 2022, China's central bank has cumulatively added 10.16 million ounces of gold, although the pace of accumulation has slowed in recent months [4] - Global gold demand, including over-the-counter investments, saw a slight year-on-year increase of 1% in Q1 2025, with central banks remaining significant buyers despite a slight slowdown [4]