高盛：近期金价剧烈波动 各国央行或暂时减缓购金需求

Group 1 - The core viewpoint of the articles highlights that central banks are significant buyers of gold, driving up prices, but recent volatility may lead to a temporary slowdown in demand [1][2] - Goldman Sachs analysts noted that central bank reserve managers are willing to buy gold to hedge geopolitical and financial risks but prefer to delay purchases until prices stabilize [1] - According to the World Gold Council, central banks are expected to net purchase approximately 1,000 tons of gold in 2023 and 2024, with a decrease to about 900 tons in 2025, although at higher prices compared to the past two years [1] Group 2 - Goldman Sachs believes that the structural backdrop remains unchanged, with central banks reassessing the risks of holding dollar assets since the onset of the Russia-Ukraine conflict [2] - The firm predicts that if diversification demand does not accelerate, market volatility will ease, and central bank buying will pick up again, aligning with growth expectations for 2025 [2] - If diversification demand accelerates, particularly due to concerns over fiscal risks in Western economies, market volatility may remain high, potentially suppressing short-term demand from central banks [2]