经济日报：全球央行“购金热”持续

Core Insights - The People's Bank of China reported that as of June 2025, China's gold reserves reached 73.9 million ounces (approximately 2,298.55 tons), marking a net increase of 70,000 ounces for the eighth consecutive month [2] - The ongoing enthusiasm for gold purchases by central banks globally reflects concerns over economic uncertainty, weakening dollar credibility, and geopolitical risks, which will have lasting impacts on foreign exchange reserve structures, gold price trends, and investor decisions [2] Summary by Sections Gold Reserve Increase - Since resuming gold purchases in November last year, China's central bank has shown a "high then stable" monthly gold buying pattern, with an average monthly increase of 60,000 to 160,000 ounces from January to June 2025 [3] - In 2024, global central banks' net gold purchases reached 1,136 tons, the second-highest on record, with China, Poland, and Turkey accounting for over 50% of the total in Q1 2025 [3] Strategic Implications - The central bank's gold purchases align with the internationalization of the renminbi, as it has become the second-largest trade financing currency and the third-largest payment currency globally [4] - The trend of increasing gold reserves is expected to continue, as China's gold reserves still lag behind those of developed economies, indicating a strategic need for asset allocation and security [4][5] Market Dynamics - While the central bank's gold purchases may support gold prices, it does not guarantee price increases, as historical instances show that increased central bank purchases can coincide with declining gold prices [6] - The pace and intensity of gold purchases by central banks vary, leading to different short-term impacts on domestic and international gold prices [6] Investment Considerations - The central bank's actions signal the enduring safe-haven appeal of gold, prompting investors to consider various investment vehicles such as gold-themed financial products, physical gold, and gold ETFs [8] - Investors are advised to avoid blindly chasing high prices, as the current high levels of gold prices may already reflect existing uncertainties, and new investors should prioritize long-term value preservation over short-term gains [9]