有的欲“补仓” 有的想“止盈” 全球央行购金态度分化

Core Viewpoint - The recent divergence in central banks' attitudes towards gold purchases is a significant factor influencing international gold prices, which are currently fluctuating around $4,000 per ounce. This reflects a broader trend of diversifying reserve assets globally [1][2]. Group 1: Central Bank Actions - The Bank of Korea has signaled plans to increase its gold reserves for the first time in 12 years, indicating a shift in its long-term strategy towards gold accumulation [2][3]. - In contrast, the Bangko Sentral ng Pilipinas (Philippine central bank) is considering selling excess gold reserves, as the demand for gold as a safe haven has decreased. Currently, gold constitutes 13% of its international reserves, which is higher than most Asian countries [2][3]. Group 2: Market Dynamics - The Philippines initially purchased gold at approximately $2,000 per ounce, and with current prices nearing double that, the central bank sees an opportunity to realize profits [3]. - Different central banks are making varied decisions based on their assessments of gold price trends and their own reserve situations, reflecting a broader market behavior where both buying and selling occur simultaneously [3]. Group 3: Reserve Asset Diversification - The trend of diversifying reserve assets is accelerating, particularly as the dominance of the US dollar as a reserve currency is waning. Central banks are increasingly looking to gold as a stable reserve asset [4]. - Data from the International Monetary Fund (IMF) shows a decline in the dollar's share of global foreign exchange reserves from 57.79% to 56.32%, indicating a shift towards a more multipolar reserve currency system [4]. - Despite a slowdown in the pace of gold purchases this year, central banks continue to acquire gold, with a net purchase of 220 tons in the third quarter, up 28% from the previous quarter [4].