华安基金：黄金仍在新周期的路上

Core Viewpoint - Under the backdrop of de-dollarization, global central banks are expected to continue their gold purchasing spree, increasing gold holdings while reducing dollar assets to diversify foreign exchange reserves [1] Group 1: Central Bank Actions - Central banks are increasing gold purchases as a strategy to mitigate risks associated with dollar assets [1] - The trend of central banks buying gold is likely to persist in the near future [1] Group 2: Economic Outlook - The expectation is that the Federal Reserve will likely restart interest rate cuts in September, which could be beneficial for gold prices [1] - High interest rates combined with high debt levels are leading to significant interest costs on U.S. government debt, indicating ongoing risks related to U.S. Treasury and dollar credit [1]