金价高位震荡 多国央行购金热度升高

Core Viewpoint - Gold prices are currently experiencing high volatility, with a recent peak of $3433.35 per ounce on June 13, followed by a decline to around $3374 per ounce as of June 19. The market is influenced by ongoing geopolitical tensions, particularly in the Middle East, which are driving safe-haven demand for gold [1][2]. Group 1: Gold Market Dynamics - Over 95% of central banks surveyed in the World Gold Council's 2025 Global Central Bank Gold Reserve Survey believe that they will continue to increase their gold reserves in the next 12 months, marking the highest percentage since the survey began in 2019 and a 17 percentage point increase from 2024 [2][3]. - Approximately 43% of central banks plan to increase their gold reserves within the next year, despite rising gold prices. Central banks have been net buyers of gold for 15 consecutive years, indicating a strong preference for gold as a strategic asset [3]. Group 2: Investment Trends - Recent capital flows show a shift, with some funds moving towards Hong Kong's consumer sector and others into the silver market, driven by both the gold-silver ratio recovery and industrial demand for silver [2]. - The long-term value storage function of gold (80%), portfolio diversification (81%), and performance during crises (85%) are the primary motivations for central banks to hold gold, reflecting the ongoing economic and geopolitical uncertainties [3].