央行连续12个月增持黄金，全球央行购金热潮持续

Group 1 - As of the end of October, China's gold reserves reached 74.09 million ounces (approximately 2304.457 tons), marking a month-on-month increase of 30,000 ounces (about 0.93 tons) and continuing a 12-month streak of accumulation [1] - The People's Bank of China is adopting a "low and frequent" strategy for gold purchases, which helps to smooth market volatility, manage costs, and mitigate the impact of large-scale purchases on gold prices, while also serving as a hedge against global macro risks [1] - In October, gold prices hit a historical high of $4,294 per ounce, marking the 50th new high of the year, and despite a subsequent pullback to around $4,000 per ounce by the end of the month, the price still rose by 4.9% for the month, marking the fifth consecutive month of gains [1] Group 2 - The World Gold Council reported that global central banks accelerated gold purchases in the third quarter, with a net purchase of 220 tons, a 28% increase from the second quarter and a 10% year-on-year increase [2] - The total net gold purchases by global central banks for the first three quarters reached 634 tons, which, while lower than the exceptionally high levels of the past three years, remains significantly above the average levels prior to 2022 [2] - Factors such as escalating geopolitical tensions, persistent inflation pressures, and uncertainties in global trade policies are driving investors to seek safe-haven assets, thereby increasing demand for gold [2]