黄金基金ETF（518800）近10日净流入超15亿元，机构：黄金具备长期上行动力

Core Viewpoint - Central banks' continuous gold purchases are driven by the ongoing trend of de-dollarization, which is expected to support long-term gold price increases [1] Summary by Relevant Sections Central Bank Gold Purchases - According to Cathay Securities, global central banks have net purchased over 1,000 tons of gold for three consecutive years from 2022 to 2024, with net purchases of 1,080 tons, 1,050.8 tons, and 1,089.4 tons respectively, each exceeding 20% of the total global gold demand for those years [1] Long-term Gold Price Outlook - The expectation is that central banks will continue to purchase gold in the context of de-dollarization, which is likely to support the long-term upward trend of gold prices [1] Investment Recommendations - Investors are advised to consider participating in gold investments during subsequent price corrections, with a focus on direct investment in physical gold and tax-exempt gold ETF (518800), as well as gold stock ETFs covering the entire gold industry chain (517400) [1]