Mhmarkets迈汇:全球央行购金需求韧性凸显

Core Viewpoint - The strategic position of gold as a reserve asset remains unshakable despite the complex evolution of the global financial environment, with central banks showing strong resilience in gold purchases throughout the year [1][2]. Group 1: Central Bank Purchases - In December 2025, global central banks added 19 tons of gold through open channels, bringing the total reported net purchases for the year to 328 tons, a slight decrease from 345 tons in 2024, which is considered a reasonable adjustment given the annual price fluctuations [3][4]. - In December, total gold purchases by central banks reached 30 tons, while total sales were only 11 tons, maintaining an average monthly net absorption of 27 tons at a high level [3]. Group 2: Country-Specific Trends - The sovereign buying trend was notably driven by Central Asian and Eastern European countries in December, with Uzbekistan leading by adding 10 tons, followed by Kazakhstan and Poland with 8 tons and 7 tons respectively [2][4]. - Poland emerged as the top buyer for the year with a substantial net purchase of 102 tons, while Kazakhstan, the Azerbaijan State Oil Fund (SOFAZ), Brazil, and Turkey also made significant contributions to gold purchases [4]. Group 3: Future Outlook - Despite some countries like Singapore and Ghana showing a degree of reduction in gold holdings, this does not undermine the overarching logic of global official increases in gold reserves [2][4]. - The demand for gold as a "hard currency" without the need for backing is expected to strengthen its role as a stabilizing asset on central bank balance sheets, with strategic allocations by sovereign institutions anticipated to support the bottom of the gold market in the long term [2][4].