央行连续第9个月增持黄金，年内超600亿资金涌入黄金ETF，总规模飙涨超1倍

Group 1 - Central banks have increased gold reserves for nine consecutive months, with July's reserves reaching 73.96 million ounces (approximately 2300.41 tons), a month-on-month increase of 60,000 ounces (about 1.86 tons) [1] - In Q2 2025, global central banks net purchased 166 tons of gold, indicating a continued optimistic outlook for central bank gold demand despite a slowdown in purchasing pace [2] Group 2 - Global gold demand surged by 45% year-on-year in Q2 2025, reaching a record $132 billion, driven by geopolitical tensions and a weakening trust in fiat currencies [2] - The average increase in gold prices during Federal Reserve rate-cutting cycles is 28%, with historical examples showing significant price rises during previous cycles [3] Group 3 - The current environment of low or negative interest rates from major central banks, including the European Central Bank and the Bank of Japan, encourages investment in gold as a hedge against low-yield asset risks [4] - Year-to-date, spot gold prices have risen over 26%, with a peak of $3,500 per ounce in April 2025, reflecting heightened demand for safe-haven assets [5] Group 4 - The total net inflow into gold ETFs in the A-share market this year has reached 60.7 billion yuan, with the average annual increase of these products at 26%, leading to a total scale growth to 152.25 billion yuan [5][7] - The largest gold ETF by market capitalization is the Huaan Fund Gold ETF, with a latest market value of 58.646 billion yuan, followed by the Bosera Fund Gold ETF and the E Fund Gold ETF [7]