Group 1 - The core viewpoint of the articles indicates that the recent geopolitical tensions and social unrest in the U.S. are likely to drive investors towards gold as a safe-haven asset, potentially increasing gold prices [2][3]. - As of June 9, 2025, the gold ETF holdings increased to 936.22 tons, reflecting a rise of 2.01 tons from the previous trading day, indicating a bullish sentiment in the market [2][3]. - The price of spot gold on June 9, 2025, closed at $3324.75 per ounce, down by $15.92 or 0.48%, with a daily high of $3337.96 and a low of $3293.49 [1][3]. Group 2 - The ongoing protests in Los Angeles, triggered by the Trump administration's immigration policies, highlight the social divisions in the U.S., which may continue to escalate and support higher gold prices [2][3]. - The market's reaction to geopolitical instability often enhances gold's appeal as a safe-haven asset, suggesting that the current unrest could lead to increased demand for gold [2][3]. - The trading analysis indicates that if gold prices retreat, potential buying opportunities may arise around $3303, with targets set at $3324, $3330, and $3339, while resistance is noted at $3343-$3345 [3].

Core Viewpoint - The article discusses the recent fluctuations in international gold prices due to geopolitical tensions, tariff negotiations, and monetary policy changes, highlighting the Chinese central bank's continued gold purchases as a stabilizing factor in the market [1][3]. Group 1: Central Bank Actions - The People's Bank of China has increased its gold holdings for six consecutive months since November last year, purchasing 2.18 tons in April despite a monthly price increase of over 5% [1]. - The central bank's consistent gold purchases reflect a strategic response to changing global political and economic conditions, with gold's unique safe-haven function being a significant factor [3]. Group 2: Global Gold Demand - According to the World Gold Council, global gold demand reached 1206 tons in Q1 2025, a 1% increase from the same period in 2024, marking the highest level for Q1 since 2016 [3]. - Central banks bought 243.7 tons of gold, a 21% year-on-year decrease, while investment demand surged to 551.9 tons, a 170% increase [3]. Group 3: Market Analysis - The recent volatility in gold prices is attributed to market reactions to U.S. tariff policies and profit-taking after previous price increases, leading to a short-term focus on price fluctuations [4]. - Technical analysis indicates that while gold is in a weekly adjustment phase, the monthly outlook remains strong, with key support levels identified at $3200 and $3150 per ounce [4].

文/曹萌 五一假期临近，资本市场似乎进入了提前放假的行情。就连今年大热的黄金，也已围绕着3300美 元/盎司一线震荡了多日。 过去的一周里，伦敦现货金经历了一轮过山车行情。从大幅上涨到大幅回撤，再到如今"不疼不 痒"的小幅震荡。虽然现在处于冷静期的金价有些无趣，但也让人对后市行情"浮想联翩"。 4月22日，在全球萦绕着对贸易战升级担忧的气氛中，伦敦现货金触摸到了3500美元/盎司的又一历 史新高。但随后便一路下行，不仅当日收跌1.3%，更丢掉了刚刚到手的3400美元/盎司关口。尽管 这波下跌来势汹汹，但国际金价今年以来仍以26%以上的涨幅，坐稳全球大类资产表现最佳的宝 座。 可能按照国际单位计算金价上涨幅度，对于 大众 来说并不直观。 因此，换个角度来看，2024年年 初，北京菜百人头攒动，那时千足金金饰价格不过600元/克左右，而现在已迈入克金千元时代。 伴随金价不留喘息的上涨，你应该会听到身边的朋友这样说："我当时就是买少了。"而无论是真的 投资，还是对金饰情有独钟，涨了，赚了，知足常乐。 金银因其稀缺、可分割等特性自然而然成为了货币的首选材料。但在上世纪70年代，布雷顿森林货 币体系崩塌后，由于美元与黄 ...

Core Viewpoint - The article highlights the resilience of gold in the current financial market downturn, showcasing its role as a safe-haven asset amid geopolitical tensions and trade disputes [1][8]. Summary by Sections Gold Price Trends - As of early April, international gold prices briefly fell below $3000 per ounce but quickly recovered, with a current decline of approximately 3% since the beginning of April [1]. - In the first quarter of the year, gold prices surged by 19%, with nearly 10% of that increase occurring in March alone [1]. Central Bank Gold Purchases - In March, China's central bank increased its gold reserves by 2.8 tons, bringing the total to 2292.33 tons, marking five consecutive months of gold accumulation [2][3]. - The first quarter saw a total increase of 12.75 tons, significantly lower than the 57.85 tons added in the same period last year [3]. Factors Influencing Central Bank Purchases - The central bank's gold purchasing strategy is influenced by the low proportion of gold in its international reserves and the need to enhance the credibility of the sovereign currency [2][7]. - The recent slowdown in gold purchases is attributed to the need to balance investment returns and the overall growth of official reserves [5]. Global Central Bank Trends - Globally, central banks have maintained a trend of increasing gold reserves, with a net purchase of 42 tons in the first two months of the year [7]. - China's gold reserves account for only 6.5% of its total official reserves, which is below the global average of around 15% [7]. Market Volatility and Future Outlook - The announcement of "reciprocal tariffs" by the Trump administration has led to significant volatility in various asset classes, but gold has shown relative stability [8]. - Despite recent price corrections, many institutions predict that gold prices will continue to rise in the medium to long term due to ongoing geopolitical uncertainties and inflation concerns [9]. Investment Demand for Gold - The first quarter of the year saw a significant increase in trading volume for gold derivatives in China, with a 91.2% increase in trading volume compared to the same period last year [9]. - Global gold ETF demand surged in February, with inflows reaching $9.4 billion, marking the highest demand since March 2022 [11].