刚刚，央行再出手！

Core Viewpoint - The article discusses the recent fluctuations in gold prices, highlighting a significant correction after a period of rapid increase, driven by various market factors and policy changes [2][3][10]. Group 1: Gold Price Trends - As of October 20, the New York gold price peaked at $4,398 per ounce but subsequently fell below $3,900, marking a decline of over 10% [3]. - Despite the price drop, market funds continued to flow into gold, allowing prices to stabilize above $4,000, which positively impacted related A-share sectors [3][19]. - From mid-August to mid-October, international gold prices surged over 30% due to heightened global uncertainty and expectations of U.S. Federal Reserve rate cuts [10][21]. Group 2: Policy Impacts - The People's Bank of China reported an increase in gold reserves to 7,409 million ounces (approximately 2,304.457 tons) as of the end of October, marking the 12th consecutive month of gold accumulation [6]. - A new tax policy effective November 1 aims to regulate gold investments and combat tax evasion, impacting the domestic gold market's purchasing enthusiasm [14][15]. - The new tax regulations encourage investment in virtual gold and gold-related ETFs, as transactions through exchanges are exempt from VAT, potentially attracting more investors [18][19]. Group 3: Investment Opportunities - The article emphasizes that ETFs have become a crucial tool for investors in the gold market, with significant inflows into gold ETFs like Huaxia (518850) and gold stock ETFs (159562) [35]. - The Huaxia gold ETF has seen a year-to-date increase of 48.09% with net inflows of 5.745 billion yuan, while the gold stock ETF has risen 77.04% with net inflows of 2.14 billion yuan [35]. - The article suggests that ordinary investors should consider investing in gold-related funds rather than physical gold due to lower costs and risks associated with the latter [33][35]. Group 4: Future Outlook - The article predicts that gold prices are likely to continue rising in the medium to long term, supported by ongoing central bank purchases and geopolitical uncertainties [24][26]. - A survey by the World Gold Council indicates that 95% of central banks plan to increase their gold holdings in the next 12 months, reflecting a strong demand for gold as a hedge against inflation and geopolitical risks [25].