Group 1: Gold Consumption in China - In the first half of 2025, China's gold consumption reached 505.205 tons, a year-on-year decrease of 3.54% [1] - Gold jewelry consumption dropped significantly to 199.826 tons, down 26.00% year-on-year, while gold bars and coins increased to 264.242 tons, up 23.69% [1] - Industrial and other gold usage rose slightly to 41.137 tons, a year-on-year increase of 2.59% [1] Group 2: International Gold Prices - International gold prices surged due to escalating global conflicts, with the London spot gold price at $3287.45 per ounce at the end of June, a 24.31% increase since the beginning of the year [2] - The average gold price for the first half of the year was $3066.59 per ounce, reflecting a 39.21% year-on-year increase [2] - In China, the Shanghai Gold Exchange's Au9999 gold closed at 764.43 yuan per gram at the end of June, up 24.50% year-to-date [2] Group 3: Central Bank Gold Reserves - Central banks globally are increasing their gold reserves, with 95% of surveyed central banks indicating they will continue to do so in the next 12 months, the highest percentage since 2019 [2] - China's gold reserves increased by 18.97 tons in the first half of the year, totaling 2298.55 tons by the end of June [2] Group 4: Sovereign Wealth Funds and Market Trends - Sovereign wealth funds are also purchasing gold, with Azerbaijan's state oil fund acquiring 35 tons in the first half of the year, raising its total holdings to 181 tons [3] - Long-term trends supporting gold prices remain unchanged, but short-term fluctuations may be influenced by U.S. macroeconomic data [3] - As of the latest report, COMEX gold futures were priced at $3382.6 per ounce, showing a slight decline [3]

Core Viewpoint - The article highlights the significant rise in gold prices driven by geopolitical tensions and central bank purchases, leading to substantial profit increases for gold mining companies in 2025 [4][10]. Gold Price Trends - Gold opened at $2,623 per ounce in 2025 and has seen a continuous upward trend, reaching a peak of $3,499.45 per ounce on April 22, with a maximum increase of over 30% [4]. - In 2023, gold prices rose by 13.12%, ending the year at $2,062 per ounce, while in 2024, it increased by 27.3%, closing at $2,624.92 per ounce [4]. Mining Companies' Performance - Eight gold mining companies that have disclosed earnings forecasts all reported significant profit increases, with net profit growth of 50% being just the starting point, and doubling profits becoming the norm [5]. - Zhongrun Resources is projected to achieve a net profit of 34 to 50 million yuan in the first half of 2025, marking a growth of 161.90% to 191.02% [6]. - Western Gold and Shandong Gold also reported net profit growth exceeding 100%, with Shandong Gold expecting a net profit of 2.55 to 3.05 billion yuan, an increase of 84.3% to 120.5% [7]. Central Bank Gold Purchases - Global central banks have been actively purchasing gold, with China's gold reserves reaching 7.39 million ounces (approximately 2,298.55 tons) as of June, marking an increase for eight consecutive months [10]. - In the past three years, global central bank gold purchases totaled 1,000 tons, significantly higher than the average of 500 tons from 2008 to 2022 [11]. - A recent survey indicated that 95% of central banks plan to continue increasing their gold holdings in the next 12 months, the highest percentage since the survey began in 2019 [11].

Domestic News - The State Administration of Foreign Exchange reported that in May, foreign investment in domestic stocks increased further compared to the previous month, with a net inflow of $33 billion in cross-border funds from non-bank sectors [1] - The National Development and Reform Commission announced an increase in domestic gasoline and diesel prices by 260 yuan/ton and 255 yuan/ton respectively, which will raise the cost of driving and logistics [2] - The cross-border e-commerce import and export volume in China is projected to reach approximately 2.71 trillion yuan in 2024, a year-on-year increase of 14%, with exports accounting for about 2.15 trillion yuan, up 16.9% [2] - Shanghai's fixed asset investment from January to May increased by 6.2% year-on-year, with infrastructure investment growing by 19.1% [3] International News - The Iranian government reported nearly 1,500 casualties due to Israeli attacks, which they claim have crossed all red lines [5] - The Bank of Japan decided to maintain its benchmark interest rate at 0.5%, marking the third consecutive time it has kept rates stable, while continuing its bond reduction plan until March 2026 [5] - The World Gold Council's survey indicated that over 95% of central banks expect to continue increasing their gold reserves in the next 12 months [5]

Core Insights - Over 95% of surveyed central banks believe that global central banks will continue to increase their gold reserves in the next 12 months, marking the highest percentage since the survey began in 2019, and an increase of 17 percentage points from the 2024 survey [1] - The 2025 Central Bank Gold Reserve Survey (CBGR) collected responses from a record 73 central banks worldwide, indicating a growing interest in gold [1] - Nearly 43% of central banks plan to increase their gold reserves in the coming year, demonstrating sustained demand for gold despite rising prices and 15 consecutive years of net purchases by global central banks [1]

Core Viewpoint - International gold prices have initiated a new upward trend, driven by increased market risk aversion and global central bank purchases [1][4][6] Group 1: Gold Price Performance - During the week of June 9 to June 13, international gold prices rose for four consecutive trading days, with COMEX gold futures and London gold spot prices both increasing over 3% [1][3] - As of June 13, COMEX gold futures closed at $3,452.6 per ounce, up 1.47% for the day and 3.18% for the week, while London gold spot prices closed at $3,433.35 per ounce, up 1.40% for the day and 3.74% for the week [3] - Since 2025, COMEX gold futures have increased by 30.73%, and London gold has risen by 30.84% [3] Group 2: Factors Influencing Gold Prices - The rise in gold prices is attributed to ongoing geopolitical tensions in the Middle East and the escalation of the Russia-Ukraine conflict, which have heightened market risk aversion [3][4] - Recent weak economic data from the U.S., including declines in the ISM manufacturing and services PMIs and lower-than-expected CPI data, have contributed to concerns about the U.S. economy, benefiting gold prices [4] Group 3: Central Bank Actions - Global central banks have been increasing their gold reserves, with gold now accounting for approximately 20% of global official reserves, surpassing the euro's 16% [5] - The People's Bank of China reported an increase in gold reserves to 7.383 million ounces as of May 2025, marking a continuous increase over the past seven months [5] Group 4: Future Outlook - Short-term gold prices are expected to remain in a high-level fluctuation pattern, driven by persistent market risk aversion [6][7] - The geopolitical risks and uncertainties surrounding U.S. trade policies are likely to support gold prices, with central bank purchases providing a solid foundation for future price increases [7]

Core Insights - The global gold market experienced a historic moment on March 31, with London spot gold prices breaking through the key psychological level of $3100 per ounce, reaching a peak of $3101.51 per ounce, marking a new all-time high [1] - The rise in gold prices is attributed to geopolitical instability, escalating trade tensions, and expectations of a potential interest rate cut by the Federal Reserve, prompting investors to shift funds towards gold as a safe-haven asset [1] - Since the beginning of 2025, gold prices have cumulatively increased by over 18%, reinforcing gold's position in the global financial market [1] Market Dynamics - The continuous rise in gold prices is supported by its unique attributes as a safe-haven asset and is closely linked to expectations of loose global monetary policies [1] - The potential for a weakening U.S. dollar due to anticipated interest rate cuts by the Federal Reserve is expected to further enhance gold's attractiveness [1] - Central banks globally are predicted to increase their gold purchases to approximately 1300 tons per year, providing strong support for the gold market [1] Future Outlook - The market sentiment towards future gold price trends is generally optimistic, with many institutions and analysts believing that gold prices will continue to rise due to sustained risk aversion and expectations of loose monetary policies [1] - Some institutions even predict that the central price of gold could surpass $3800 per ounce [1]