金价再次接近最高点，巴西央行买入量超过中国

Core Viewpoint - Central banks globally increased gold purchases by 36% in October, reaching 53 tons, the highest level since November 2024, indicating strong demand despite high gold prices [7][4]. Group 1: Central Bank Purchases - Brazil's central bank resumed gold purchases after three years, buying 15 tons in September and an additional 16 tons in October, surpassing China's cumulative purchases from January to October [7][5]. - Poland's central bank aims to increase the gold proportion in its foreign exchange reserves to 30% and resumed buying in October [7]. - The trend of central banks diversifying their reserves from dollar-denominated assets to "non-dollar" assets is growing, influenced by geopolitical tensions and sanctions [7]. Group 2: Market Dynamics - The London spot gold price rose by $45.13 (1%) to $4,348.66 per ounce, following a peak of $4,381.21 in October, driven by expectations of U.S. interest rate cuts [3]. - The Japanese retail price for gold increased to 23,961 yen per gram, reflecting a 1% rise due to the depreciation of the yen against the dollar [3]. Group 3: Investment Strategies - Central banks are increasingly utilizing various methods for gold purchases, including ETFs and financial derivatives, which may obscure actual buying volumes [7][8]. - A survey indicated that 16% of central banks are purchasing ETFs, with 21% planning to continue investments for over five years, highlighting a shift towards more efficient and anonymous buying strategies [8].