价格震荡、央行增持、机构看多：黄金ETF迎来布局时点？

Group 1 - The People's Bank of China (PBOC) has increased its gold reserves for the 15th consecutive month, reaching 7.419 million ounces by the end of January 2026, up from 7.415 million ounces at the end of December 2025, indicating strong central bank demand for gold [3][4] - The World Gold Council reported that global gold demand reached a record high of 5,002 tons in 2025, with central banks contributing significantly by purchasing 863 tons, despite overall demand not exceeding the previous three-year average of over 1,000 tons per year [3][4] - Gold prices have shown volatility, with London gold prices rising by 13.01% in January 2026, reaching a peak close to $5,600 per ounce, but experiencing significant fluctuations, including a single-day drop of 9.25% on January 30 [3][4] Group 2 - Investment in gold ETFs remains robust, with global inflows reaching $19 billion in January, pushing total assets under management to a record $669 billion and total holdings to 4,145 tons [4][5] - Despite recent price corrections, gold ETFs in all regions except Europe recorded inflows, indicating that investors are seizing opportunities to buy at lower prices [5][6] - Major financial institutions, including Citic Securities, JPMorgan, Deutsche Bank, and Bank of America, have projected that gold prices could reach $6,000 per ounce or higher in 2026, reflecting a generally positive outlook for gold [5][6]