黄金涨势动能续上？德银：除了央行“淘金热”，ETF需求强势回归

Group 1 - Gold prices have been strong in recent months, reaching a high of $3,800 per ounce due to strong demand from ETFs and global central banks [1] - ETFs have made a strong comeback, ranking among the top three in gold reserves this year, with their impact on gold prices being 50% higher compared to the period from 2021 to 2024 [1] - Central banks have been increasing their gold holdings by approximately 400 to 500 tons annually since 2021 [1] Group 2 - Jewelry demand is elastic, meaning it decreases when prices rise, and an increase in jewelry demand could negatively impact gold prices as it may require lower prices as an incentive [2] - If the increase in ETF holdings is a significant factor in gold price appreciation, a halt or reversal of these inflows could pose a downside risk [2] - Typically, when U.S. Treasury yields decline, investors are more inclined to increase their gold holdings in ETFs [2]