央行一季度少买了45吨黄金

Core Viewpoint - The article highlights the resilience of gold in the current financial market downturn, showcasing its role as a safe-haven asset amid geopolitical tensions and trade disputes [1][8]. Summary by Sections Gold Price Trends - As of early April, international gold prices briefly fell below $3000 per ounce but quickly recovered, with a current decline of approximately 3% since the beginning of April [1]. - In the first quarter of the year, gold prices surged by 19%, with nearly 10% of that increase occurring in March alone [1]. Central Bank Gold Purchases - In March, China's central bank increased its gold reserves by 2.8 tons, bringing the total to 2292.33 tons, marking five consecutive months of gold accumulation [2][3]. - The first quarter saw a total increase of 12.75 tons, significantly lower than the 57.85 tons added in the same period last year [3]. Factors Influencing Central Bank Purchases - The central bank's gold purchasing strategy is influenced by the low proportion of gold in its international reserves and the need to enhance the credibility of the sovereign currency [2][7]. - The recent slowdown in gold purchases is attributed to the need to balance investment returns and the overall growth of official reserves [5]. Global Central Bank Trends - Globally, central banks have maintained a trend of increasing gold reserves, with a net purchase of 42 tons in the first two months of the year [7]. - China's gold reserves account for only 6.5% of its total official reserves, which is below the global average of around 15% [7]. Market Volatility and Future Outlook - The announcement of "reciprocal tariffs" by the Trump administration has led to significant volatility in various asset classes, but gold has shown relative stability [8]. - Despite recent price corrections, many institutions predict that gold prices will continue to rise in the medium to long term due to ongoing geopolitical uncertainties and inflation concerns [9]. Investment Demand for Gold - The first quarter of the year saw a significant increase in trading volume for gold derivatives in China, with a 91.2% increase in trading volume compared to the same period last year [9]. - Global gold ETF demand surged in February, with inflows reaching $9.4 billion, marking the highest demand since March 2022 [11].