国际金价大涨重回4100美元，中国人民银行连续11个月增持黄金

Group 1 - International precious metal futures saw a general increase, with COMEX gold futures rising by 2.83% to $4,123.40 per ounce and COMEX silver futures increasing by 4.70% to $50.41 per ounce, driven by heightened geopolitical risks, a weaker dollar, and declining real interest rates [1] - In the first three quarters of this year, China's gold consumption decreased by 7.9% year-on-year to 682.7 tons, with gold jewelry consumption dropping by 32.5% to 270 tons, while the People's Bank of China continued to increase its gold reserves, adding 23.9 tons during the same period, bringing total reserves to 2,303.5 tons by the end of September [1][4] - The China Gold Association noted significant differences in the performance of various gold product categories, with lightweight, high-value jewelry maintaining strong market appeal, while demand for gold bars remained robust due to escalating geopolitical conflicts and economic uncertainties, highlighting gold's role as a safe-haven asset [4] Group 2 - The rapid development of industries such as electronics and new energy has led to a steady recovery in demand for industrial gold [4] - Investors are increasingly viewing gold as a long-term investment, with some purchasing physical gold during price dips, indicating a shift towards a buy-the-dip strategy in gold investment [4] - The Shanghai Gold Exchange announced the waiver of trading fees for certain international board contracts starting November 11, 2025, and reduced the minimum subscription and redemption unit for the "Bosera Gold ETF" from 300,000 to 100,000 units starting November 17 [4]