风口智库｜央行连续九个月买黄金，金价还会涨吗？

Group 1 - As of the end of July 2025, China's foreign exchange reserves stood at $32,922.35 billion, a decrease of $25.2 billion from the end of June, representing a decline of 0.76% [1][2][3] - The decline in foreign exchange reserves in July was influenced by the rise in the US dollar index, which increased by 3.39% compared to the end of June, ending a five-month downward trend [3][4] - Despite the decrease in reserves, experts believe that the fundamental conditions supporting the stability of foreign exchange reserves remain intact, with China's economic foundation being strong and resilient [2][3] Group 2 - China's gold reserves increased to 7,396 million ounces at the end of July, up from 7,390 million ounces at the end of June, marking the central bank's continuous increase in gold holdings for nine months [1][6][8] - The demand for gold is expected to rise due to the potential for international gold prices to increase in the long term, reducing the necessity to pause gold purchases from a cost-control perspective [8][9] - The World Gold Council reported a significant increase in global gold demand, with a total of 1,249 tons in the second quarter of 2025, reflecting a 3% year-on-year growth and a 45% increase in value, reaching a record $132 billion [7][9]