连续第11个月增持，中国央行9月增持4万盎司黄金

Core Insights - The People's Bank of China has increased its gold reserves for the 11th consecutive month, although the pace of accumulation has slowed compared to the previous month [1] - As of September 2025, China's foreign exchange reserves rose to $333.87 billion, an increase of $1.65 billion or 0.50% from the end of August [1] - Gold prices have surged significantly, with New York futures reaching $4,000 per ounce for the first time, marking a year-to-date increase of over 50% [1] Group 1 - In September, gold recorded a cumulative increase of over 10%, marking the largest monthly gain in 14 years [2] - Goldman Sachs noted that recent inflows into gold ETFs have exceeded model expectations, indicating a trend of Western individual investors shifting funds from traditional assets to gold [2] - Goldman Sachs estimated that if just 1% of privately held U.S. Treasury funds were redirected to gold, prices could theoretically rise to nearly $5,000 per ounce [2] Group 2 - The bank reiterated that gold remains its "highest conviction" recommendation for commodity investments [3]