China National Gold (SH:600916) Jin Tou Wang·2025-08-07 09:45Core Insights - The People's Bank of China reported an increase in gold reserves to 73.96 million ounces (approximately 2300.41 tons) as of the end of July, marking the ninth consecutive month of gold accumulation [1][4][5] - Global central banks net purchased 166 tons of gold in the second quarter of 2025, indicating a continued optimistic outlook for central bank gold demand despite a slowdown in purchasing pace [1][7] - The total value of China's gold reserves reached approximately $2439.9 billion, reflecting an increase from June [4][5] Group 1: Gold Reserves and Purchases - As of the end of July, China's gold reserves increased by 60,000 ounces (approximately 1.86 tons) from the previous month [1][4] - The World Gold Council's report indicated a significant year-on-year increase of 45% in global gold demand, reaching a record $132 billion in the second quarter [8] - Analysts have raised their gold price forecasts for the year, with a median estimate reaching $3220 per ounce, reflecting a positive long-term sentiment towards gold [7] Group 2: Economic Context and Trends - The increase in gold reserves is viewed as a strategic policy decision amid geopolitical tensions and global uncertainties, enhancing gold's appeal as a safe-haven asset [5][6] - Despite a downward revision in the World Gold Council's estimates for central bank gold purchases this year, the long-term trend suggests a shift of assets from USD to gold [6] - The global gold ETF demand remained strong for two consecutive quarters, contributing significantly to the overall demand growth in the second quarter [8]