无畏金价历史新高！全球央行三季度加速购金

Core Insights - Central banks accelerated gold purchases in Q3, with a 28% increase in buying volume compared to the previous quarter, totaling 220 tons, reversing the earlier slowdown in 2023 [1][4] - Kazakhstan's central bank emerged as the largest single buyer, while Brazil's central bank made its first gold purchase in over four years [1] - Over the past year, central banks collectively increased their gold reserves by 634 tons, which is lower than the average levels seen in the past three years but significantly higher than pre-2022 levels [1] Group 1 - Geopolitical tensions, persistent inflation, and uncertainties in global trade policies have heightened demand for safe-haven assets like gold [4] - Gold prices have surged approximately 50% this year, reaching a record high of over $4,380 per ounce earlier this month, driven partly by central bank purchases [4] - The World Gold Council noted that 66% of the demand in the latest quarter remains unreported, indicating ongoing strategic accumulation by central banks [4] Group 2 - Gold-backed exchange-traded funds (ETFs) saw record inflows of $26 billion in Q3, driven by expectations of further monetary easing and concerns about the health of the U.S. economy [5] - Despite high gold prices leading to the lowest jewelry consumption since 2020, consumer spending on jewelry increased by 13% year-on-year, reaching $41 billion [5] - The World Gold Council has adjusted its annual forecasts due to the impact of high prices on jewelry demand, although the overall trend for gold as a hedge remains strong [5]