中欧基金任飞：黄金长期看涨逻辑未变，当下是布局良机｜基金佳问第111期

Core Viewpoint - Recent fluctuations in gold prices have drawn significant attention from investors, with a notable "V" shaped recovery observed in the market [2] Group 1: Central Bank Gold Purchases - The central bank's gold reserves increased to 73.9 million ounces (approximately 2,298.55 tons) by the end of June, marking an addition of 70,000 ounces (about 2.18 tons) and representing the eighth consecutive month of gold accumulation [4] - The rationale behind the central bank's gold purchases is not solely based on the absolute price of gold but rather on the necessity for safety and diversification of foreign exchange assets [7] - The trend of central banks increasing gold holdings is expected to continue due to ongoing geopolitical uncertainties [7] Group 2: Gold Price Trends and Investment Strategies - Following a peak of $3,500 per ounce in April, gold prices have experienced a correction of approximately 10%, with potential for limited short-term adjustments remaining [6] - The long-term upward trend in gold prices is anticipated to persist, driven by rising U.S. fiscal deficits and ongoing credit concerns [6][9] - A recommended investment strategy includes purchasing physical gold or gold-themed funds, with a suggested allocation of around 10% of an investment portfolio to gold to balance risk and enhance portfolio resilience [11]