Moneta Markets外汇:央行购金升温 黄金资产配置再受关注

Core Insights - Central banks experienced their strongest monthly gold purchases in October, with many long-term buyers returning to the market and an increased willingness from more countries to accumulate gold [1][3] Group 1: Central Bank Gold Purchases - In October, central banks net added 53 tons of gold, a month-on-month increase of 36%, primarily driven by a few large buyers [1][4] - A European central bank resumed purchases after a pause in May, buying 16 tons in October, raising its gold reserves to 531 tons, which constitutes about one-quarter of its total reserves [1][4] - Year-to-date, global central banks have net purchased 254 tons of gold, a growth rate slightly lower than the past three years, reflecting the impact of rising gold prices rather than weak demand [4] Group 2: Trends Among Various Central Banks - Several central banks, including a South American central bank, continued to increase their gold holdings, with the latter adding 16 tons in October, bringing its total reserves to 161 tons [2][4] - Only one central bank recorded a decrease of 3 tons in reserves during October, indicating a broad interest in gold among official sectors despite uneven distribution of purchases [2][4] - The European central bank remains the largest buyer this year, having cumulatively added 83 tons, which is double that of the second-largest buyer [2][4] Group 3: Future Outlook and Strategic Intent - Many central banks have expressed intentions to increase their reserves, such as an Eastern European central bank planning to raise its gold reserves to at least 100 tons by 2030, nearly double its current level [2][4] - Recent international meetings have seen countries from Africa and East Asia considering expanding their gold allocations, aligning with a World Gold Council survey indicating that most central banks expect global official gold reserves to continue increasing [2][4] Group 4: Revaluation of Gold as an Asset - The ongoing trend of central bank gold purchases reflects a revaluation of gold as a no-counterparty risk asset amid inflation, liquidity issues, and geopolitical uncertainties [3][5] - Central bank buying behavior is seen as having long-term implications for investors, warranting close attention [5]