黄金暴涨暴跌，各国有买有卖

Core Viewpoint - Gold prices have surged over 50% this year, reaching nearly $4,400 per ounce, but have recently lost momentum due to various factors including reduced demand for safe-haven assets and mixed responses from central banks regarding gold holdings [1][2]. Group 1: Central Bank Actions - Some central banks, like the Philippines, are considering selling excess gold holdings as demand for safe-haven assets diminishes, with gold constituting about 13% of the Philippines' international reserves [2]. - In contrast, the Bank of Korea is preparing to purchase gold for the first time since 2013, indicating a shift in strategy towards increasing gold reserves [2]. - Global central banks have accumulated over 3,200 tons of gold from 2022 to 2024, with central bank purchases now representing an unprecedented share of available gold supply [2]. Group 2: Market Dynamics - The recent decline in gold prices below $4,000 per ounce is attributed to progress in U.S.-China trade negotiations, which has reduced the demand for gold as a safe-haven asset [1]. - The Indian central bank is not significantly increasing its gold holdings but is repatriating gold stored abroad, having brought back nearly 64 tons in the first half of the fiscal year [3].