Core Viewpoint - International gold prices continue to rise, with spot gold surpassing $4,140, reflecting a weekly increase of over 3% [1] Group 1: Gold Price Movements - On November 11, spot gold surged by 2.85%, closing around $4,115, marking the highest closing price since October 23 [3] - COMEX gold futures rose by 2.76%, reaching $4,120.60 per ounce [3] - Domestic gold jewelry prices have increased, with Chow Sang Sang's price rising to ¥1,308 per gram from ¥1,276, an increase of ¥32 per gram [3] - Lao Feng Xiang's gold jewelry price increased to ¥1,310 per gram from ¥1,273, a rise of ¥37 per gram [3] Group 2: Central Bank Gold Reserves - As of the end of October, China's gold reserves reached 74.09 million ounces, an increase of 30,000 ounces from the end of September, marking the 12th consecutive month of gold accumulation [10] - The World Gold Council reported that global central banks accelerated gold purchases in Q3, with a net purchase of 220 tons, a 28% increase from Q2 and a 10% year-on-year increase [10] - In the first three quarters, global central banks' net gold purchases totaled 634 tons, significantly above the average levels prior to 2022 [10] Group 3: Market Sentiment and Future Outlook - Amid deteriorating U.S. fiscal conditions and rising global tensions, central banks are increasingly accumulating gold, enhancing its perception as a safe-haven asset [11] - Analysts suggest that gold prices may maintain high volatility in the short term, but the underlying support for mid-term price increases remains intact due to rising uncertainties and global "de-dollarization" trends [11] - Predictions indicate that gold may continue its upward trend next year, with structural and cyclical opportunities likely to resonate [11]

◎记者 陈佳怡 与韩国央行表露出的增持意愿不同，菲律宾央行则释放了抛售黄金的信号。菲律宾央行货币委员会成员 本杰明·迪奥克诺（Benjamin Diokno）近期在接受采访时表示，鉴于避险需求"退烧"，是时候对央行"过 剩的"黄金持仓获利了结了。目前，黄金约占菲律宾央行国际储备总额的13%，高于亚洲多数国家和地 区。迪奥克诺认为，理想的黄金储备比例应维持在8%至12%区间。 值得一提的是，菲律宾央行当初是以约2000美元/盎司的价格买入黄金的，目前，金价已接近翻倍。 近年来，各国央行大规模购金的行动，成为推动国际金价持续上涨的重要力量。如今，黄金价格仍在 4000美元/盎司关口反复拉锯，而各国央行的购金态度却已悄然分化——韩国央行时隔多年释放增持黄 金储备的信号，菲律宾央行官员则认为应该考虑抛售过量的黄金。 中国人民银行最新公布的数据显示，截至10月末，我国黄金储备为7409万盎司，环比增加3万盎司，已 是连续第12个月增持黄金。 分析人士称，这种"补仓"和"止盈"的鲜明反差，看似对立实则同源：都是基于储备资产动态优化的理性 选择，深层逻辑是全球储备资产多元化的发展趋势。 各国央行购金态度悄然分化 纵观国际金 ...

上个月，柬埔寨国家银行行长曾表示，正在考虑"几个地点"存储国家黄金，但未明确是否包括中国。据 世界黄金协会最新评估，柬埔寨央行持有约54吨黄金，占其260亿美元外汇储备的四分之一。 11月5日，彭博社援引消息称，柬埔寨将成为首批在中国储存黄金的国家之一，并指出这标志着中国推 动自身成为全球黄金中心的努力已取得早期进展。 有消息人士表示，柬埔寨计划将其部分储备存放在位于深圳保税区的金库中。 据透露，中方与柬埔寨的相关协议涉及存储新购黄金，而非转移现有库存。 消息人士还提到，除柬埔寨之外，还有其他几个国家也表达了在中国储备黄金的兴趣，正在权衡从伦敦 等传统中心分散黄金储备的好处。 各国央行负责管理储备资产。柬埔寨国家银行未立即置评。 "黄金强势的本质是美元信用弱化，"央视财经9月份曾指出，专家表示，推进储备资产多元化，已成为 全球央行的大势所趋。为应对美联储释放的降息信号，多国央行可能延续增持黄金的势头。 中国民生银行首席经济学家温彬当时表示，近期，黄金已超越欧元成为全球第二大储备资产。各国央行 加速去美元化以分散风险，黄金价格则持续突破高位。 世界黄金协会《2025年全球央行黄金储备调查》还显示，95%的受访央 ...

【文/观察者网 齐倩】 英格兰银行的地下金库资料图 彭博社称，中国和柬埔寨有着悠久的传统友谊，两国关系素来紧密。据外交部网站数据，2024年，中柬 双边贸易额178.34亿美元、同比增长20.3%。其中，中国对柬出口153.36亿美元、同比增长20.2%，自柬 进口24.98亿美元、同比增长20.7%。 报道还指出，全球各国央行一直在增加黄金储备以应对日益增长的地缘政治风险，推动黄金价格上月创 历史新高。目前，各国持有黄金大多储备在英国、瑞士和美国等传统中心。中国希望加入这一行列，成 为他国黄金的托管方，以建立一个较少依赖美元和西方中心的全球金融体系。 11月5日，彭博社援引消息称，柬埔寨将成为首批在中国储存黄金的国家之一，并指出这标志着中国推 动自身成为全球黄金中心的努力已取得早期进展。 有消息人士表示，柬埔寨计划将其部分储备存放在位于深圳保税区的金库中。 据透露，中方与柬埔寨的相关协议涉及存储新购黄金，而非转移现有库存。 消息人士还提到，除柬埔寨之外，还有其他几个国家也表达了在中国储备黄金的兴趣，正在权衡从伦敦 等传统中心分散黄金储备的好处。 各国央行负责管理储备资产。柬埔寨国家银行未立即置评。 上个月， ...

Core Viewpoint - JPMorgan analysts maintain a bullish stance on gold, predicting an average price of $5,055 per ounce by Q4 2026, based on an assumption of average quarterly investor demand and central bank purchases of 566 tons [1][2]. Group 1: Market Dynamics - The expectation of a Federal Reserve rate cut cycle is seen as a factor that will support gold prices [1][3]. - Concerns about stagflation, the independence of the Federal Reserve, and currency devaluation risks create a favorable environment for gold [1][3]. - Recent price consolidation in gold is viewed as a healthy phenomenon, reflecting market digestion of rapid gains since August [1][5]. Group 2: Long-term Demand Drivers - A trend of "de-dollarization" is prompting some overseas investors to shift from dollar assets to gold, with potential price increases if the allocation to gold rises [2][3]. - Central banks are expected to maintain strong gold purchasing rates, averaging 566 tons quarterly over the next two years [2][3]. Group 3: Institutional Outlook - JPMorgan's price target is among the most optimistic, with other institutions like HSBC, Bank of America, and Goldman Sachs forecasting lower targets for gold prices by the end of 2026 [4]. - The consensus among institutions highlights that rate cut expectations and central bank buying will be key drivers in the next two years [4][5]. Group 4: Price Performance - Gold has risen over 50% this year, and while short-term volatility is expected, it is considered part of a bull market's phase of consolidation [5][6]. - Investor risk appetite, dollar performance, and U.S. bond yield changes are identified as primary variables influencing future gold prices [5][6].

Core Viewpoint - The gold market is experiencing a bullish trend driven by global demand, geopolitical risks, and central bank strategies, with potential for prices to rise significantly by year-end [2][3][4]. Group 1: Market Dynamics - Gold is currently trading around $3,690 per ounce, showing a slight increase of 0.13% [1]. - In India, gold premiums have reached a 10-month high, indicating strong demand despite record prices [2]. - In contrast, China's gold prices are at a five-year discount, highlighting a divergence in market demand [2]. Group 2: Geopolitical Influences - Geopolitical tensions in regions such as Ukraine, Poland, and the Middle East are providing strong support for the gold market [3]. - The ongoing U.S.-China trade tensions may further escalate, adding to market uncertainty and driving gold prices higher [3]. Group 3: Central Bank Actions - Central banks globally are increasing their gold reserves as part of a de-dollarization strategy, contributing to a 43% surge in ETF holdings [2]. - This trend is expected to continue, reinforcing the bullish outlook for gold prices [2]. Group 4: Price Trends and Projections - Recent market movements show a reversal pattern, with gold prices recovering after a dip influenced by interest rate announcements [4]. - The price has risen approximately 200 points since breaking the $3,500 level, with a key resistance level around $3,705 [4]. - If uncertainties persist, gold prices could potentially reach $3,960 or even surpass $4,000 by year-end [3].

推动金价持续上涨的直接因素，包括市场对美联储即将降息的普遍预期，持续的地缘政治紧张局势，投 资者对美联储独立性的担忧，吸引大量资金涌入黄金这一传统避险资产。同时，新兴市场央行积极推动 储备资产多元化，全球各国央行的购金需求持续增长，自2022年以来全球央行购金速度增长近5倍。 自8月29日以来，国际金价开启上行走势，持续攀升，突破持续数的3200至3450美元的盘整区间，接连 刷新3500美元、3600美元历史记录，并连续多日维持在历史高位。今年以来，黄金价格已累计上涨约 40%，超过2024年27%的强劲涨幅。 受国际金价上行影响，国内首饰金价也大幅上涨，16日，主流黄金品牌金饰价格已突破1080元。各品牌 官网信息显示，周生生足金饰品价格为1091元/克，周大福、六福珠宝足金饰品价格为1087元/克，老凤 祥足金饰品价格为1086元/克，均较半月前上涨50元。 多位行业分析师提醒，在经历创纪录的飙升之后，黄金目前处于超买区间，强劲涨势短期内面临回调风 险。不过从长期来看，黄金的牛市根基依然稳固。 已连续多日保持历史高位的国际金价再次大幅飙升。9月16日，伦敦现货黄金价格突破3690美元/盎司关 口，截至发 ...

Core Insights - The People's Bank of China has increased its gold holdings for the 10th consecutive month, continuing its strategy to diversify its dollar-dominated reserve assets [1] - In August, China's gold reserves rose by 60,000 troy ounces to 74.02 million troy ounces, with a total increase of 1.22 million troy ounces since November of the previous year [1] - Gold prices have recently reached new highs, breaking a months-long stability, driven by bets on U.S. interest rate cuts and criticism of the Federal Reserve from the White House [1] - Year-to-date, gold prices have surged over 30%, exceeding $3,500 per ounce, with Goldman Sachs suggesting that any damage to the Federal Reserve's independence could push gold prices close to $5,000 [1] - Globally, while the pace of gold accumulation by central banks has slowed, geopolitical risks are expected to continue supporting official sector demand according to a recent report by the World Gold Council [1]

金十数据5月7日讯，央行连续六个月增持黄金。仲量联行大中华区首席经济学家兼研究部总监庞溟告诉 记者，目前黄金储备在中国储备资产中的占比仍然较低，黄金储备总量与中国经济体量和外汇储备总量 仍不匹配，再考虑到金融安全、储备资产多元化等方面的需求，未来还有继续增持黄金的空间。 （21 财经） 央行连续六个月增持黄金，仲量联行：未来还有继续增持空间 ...

Group 1 - Goldman Sachs indicates that as central banks seek to diversify their reserve assets and reduce reliance on the US dollar, the Korean won, Singapore dollar, and Chinese yuan are likely to be the biggest beneficiaries in Asia [1] - The report highlights that despite the US dollar and euro remaining primary reserve assets, central banks are expected to increase their allocation to Asian currencies [1] - The Korean won is expected to gain traction as South Korea is likely to be included in the FTSE World Government Bond Index (WGBI) next year, leading to increased global central bank holdings of Korean bonds and thus more demand for the won [1] - The Singapore dollar is favored due to Singapore's AAA rating, stable financial markets, and transparent trading environment, making it attractive for central bank investments [1] - The Chinese yuan benefits from China's position as one of the largest trading nations, providing it with a natural liquidity advantage and making it a "logical candidate" for increased use [1] Group 2 - The trend of "de-dollarization" began in 2022 following the US freezing of Russian dollar reserves amid the Russia-Ukraine conflict, raising concerns among global central banks about the safety of holding US dollars [2] - Uncertainties surrounding potential Trump re-election and fluctuating US fiscal and trade policies have eroded foreign confidence in US assets, contributing to a shift in market sentiment [2] - The Bloomberg Dollar Index has declined over 7% since its peak in February, while gold purchases have reached record highs, indicating a movement towards diversifying reserve currencies [2] - Goldman Sachs estimates that the US dollar is overvalued by approximately 17%, predicting a rotation of global assets towards alternatives, including Asian assets [2]