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 ...

高盛指出，随着各国央行寻求将储备资产多元化，减少对美元的依赖，韩元、新加坡元、人民币可能成 为亚洲最大受益者。 虽然美元仍是目前全球最主要的储备货币，但美元的地位也开始"有裂痕"。 这股"去美元化"的风，最早能追溯到2022年。当时俄乌冲突爆发，美国冻结了俄罗斯的美元储备资产， 切断了俄罗斯与国际金融体系的联系。 该举措令全球央行担忧，如果连存美元都能被冻结，那还有什么是真正安全的？于是，各国央行正在加 速寻找美元的替代品。 如今，特朗普再度执政的不确定性，打击了外资对美资产的信心，再加上美国财政政策和贸易政策反复 摇摆，市场的避险情绪正在变向。美国例外论正在减弱，彭博美元指数自2月份峰值以来已下跌逾7%。 而黄金买入量创出新高，而另一边，一场储备货币的"多元化运动"也随之拉开序幕。 高盛指出，根据高盛的指标，美元仍被高估约17%。分析师写道："我们预计全球资产将轮换至其他资 产，其中亚洲资产可能是其中的一部分。" 高盛分析师Danny Suwanapruti和Rina Jio在最新报告中写道，尽管美元和欧元仍然是主要的储备资产， 但随着各国央行寻求将储备资产多元化，减少对美元的依赖，各国央行会增加对亚洲货币 ...

Core Viewpoint - The global demand for gold is projected to reach a record high of 4,974 tons in 2024, driven primarily by central bank purchases and investment demand, despite a slight decrease in central bank purchases compared to previous years [2][5]. Group 1: Central Bank Purchases - Since 2022, central bank gold purchases have significantly increased, primarily led by emerging market central banks, with purchases doubling from around 500 tons to over 1,000 tons, contributing to a rise in gold prices [4][5]. - The increase in gold purchases is not uniform across all central banks; emerging markets like Poland, Turkey, China, Egypt, and India have been the main buyers, while some developed countries have sold gold [7]. - In 2024, central bank purchases are expected to slightly decrease but remain above 1,000 tons, influenced by various factors including market conditions and gold prices [8][16]. Group 2: Investment Demand - Gold investment demand is negatively correlated with U.S. real interest rates; lower real rates typically lead to higher investment in gold [9][10]. - After a peak in 2020, gold investment demand fell significantly due to rising real interest rates, but is expected to see a slight rebound in 2024 as the Federal Reserve signals a shift towards lower rates [13][18]. - Investment demand varies by region, with Asian markets showing net inflows into gold ETFs, while European and North American markets have experienced outflows [14]. Group 3: Future Outlook - Central bank purchases may slow down in the short term but are expected to remain in a long-term net buying cycle, influenced by geopolitical risks and market conditions [16][17]. - Investment demand is unlikely to see a significant rebound due to potential inflationary pressures from U.S. policies and high gold prices, which may suppress demand [18][19]. - Overall, while gold demand may not exceed 2024 levels, it is expected to remain high, with prices experiencing volatility but maintaining a long-term bullish trend [20][21].