Core Insights - The global gold market is experiencing significant growth in participation, with increased trading volumes and a rise in the number of market participants, particularly driven by ETF investments and strong demand from Asian investors [1][2] - Central bank gold purchases remain a key driver, with annual purchases exceeding 1,000 tons over the past three years, and notable buying activity from countries like Poland and Kazakhstan [1][2] - The recent fluctuations in gold prices are attributed to profit-taking rather than a long-term trend, with major institutions predicting a potential rise to $5,000 per ounce [2] Market Dynamics - The London Bullion Market Association (LBMA) has observed a significant increase in ETF inflows, with 170 tons in the second quarter of the year, 70 tons of which came from Asia [1] - Demand for gold coins and bars has increased by 11% year-on-year, with Chinese investors showing a remarkable 44% growth, totaling 150 tons [1] - Concerns over global supply chain disruptions have led to increased physical gold shipments to the U.S., but these concerns have been deemed unfounded, with gold holdings in London actually rising by 3.6% since the beginning of the year [2] Transparency and Standards - The GBI database, launched last year, is enhancing the transparency and security of data collection in the gold supply chain, with 98% of refiners already connected to the system [3] - The LBMA is accelerating its transparency initiatives, requiring refiners to disclose their global sourcing of minerals to comply with OECD guidelines, aiming for implementation ahead of the original 2027 timeline [4] Collaboration with China - The LBMA has a long-standing partnership with Chinese institutions, including the Shanghai Gold Exchange, and supports the internationalization of the Chinese gold market [5][6] - Ongoing projects include coordination on responsible gold guidelines and training for refiners, as well as efforts to standardize kilogram bar specifications in collaboration with other global standard setters [6] Future Outlook - The LBMA is focused on the long-term development of the "Responsible Gold Standard" and is exploring the integration of digital gold and tokenized products into the market [6][7] - There is a growing interest in gold from mainstream investors, with continued physical demand from China and India, indicating that gold will remain a significant asset class in diversified investment portfolios [6]

北京时间10月22日，现货黄金在亚欧交易时段上演"高台跳水"，价格从4150美元高位急速下挫，接连失守4130、4110 关口，最终跌破4100美元关键心理防线。截至发稿前，金价暂报4092美元/盎司，日内跌幅达0.8%. 三股力量绞杀黄金，空头是否正式进攻？ 技术性抛压成为首张倒下的多米诺骨牌。金价在突破4150美元历史高位后，部分多头选择获利了结，加剧了市场波 动。 美元流动性预期收紧同步施压。尽管美国政府停摆已持续三周，但最新消息显示两党正重启接触。参议院多数党领袖 图恩表示"共和党将继续推动众议院通过的拨款法案"，而民主党方面也释放信号，要求"通过谈判解决"。市场预期政 府停摆僵局或将迎来转机，削弱了黄金的避险吸引力。 地缘风险降温加速资金流出。乌克兰停火协议谈判取得进展，中东局势暂未出现新的冲突爆发点，进一步削弱了黄金 的避险需求。 波动市中的生存法则，稳定优惠才能把握盈机 面对金价的剧烈波动，巨象金业(香港金银业贸易场AA类117号行员)分析师团队指出：平台稳定性及交易速度才是制 胜关键。 巨象金业靠先进的云端技术，让99.8%的订单都能秒速交易，真正把握盈利时机，也因此成为全球超400万客户的共 ...

Core Viewpoint - Shanghai's GDP growth for the first three quarters of 2025 reached 5.5%, indicating a positive economic trend and industrial growth, particularly in key sectors like manufacturing and emerging industries [4][5]. Economic Performance - Shanghai's GDP for the first three quarters was 40,721.17 billion, with a year-on-year growth of 5.5%, an increase of 0.4 percentage points from the first half of the year [4]. - Industrial production showed a growth of 5.2% year-on-year, with leading manufacturing sectors such as artificial intelligence, integrated circuits, and biomedicine growing by 12.8%, 11.3%, and 3.6% respectively [4]. - The total retail sales of consumer goods reached 12,302.77 billion, growing by 4.3% year-on-year, with a significant increase in the sales of trade-in products [4]. Financial Market Activity - The financial sector's added value was 6,965.27 billion, growing by 9.8%. Major financial markets in Shanghai saw a year-on-year increase in trading volume, with the Shanghai Stock Exchange's securities trading volume up by 38.4% [5]. - The overall trading volume in the two markets was approximately 16,679 billion, a decrease of over 2,000 billion compared to the previous day [10]. Stock Market Insights - Goldman Sachs predicts a 30% upside potential for the MSCI China Index over the next two years, suggesting a shift in investor strategy from "selling high" to "buying low" as a bull market develops [6]. - The market experienced a notable decline in trading volume, with a drop from 25,000 billion to 20,000 billion since the National Day holiday, indicating caution among investors at the current index level of 3,900 [16][17]. Sector Performance - In the stock market, sectors such as oil and petrochemicals, banking, and household appliances showed positive performance, while sectors like non-ferrous metals, electric power equipment, and agriculture faced declines [13]. - The overall market sentiment reflects a rotation of funds, with a focus on low-position stocks and technology stocks that are due for a rebound [17][18].

Core Insights - Shanghai's GDP for the first three quarters of 2023 reached 40,721.17 billion yuan, reflecting a year-on-year growth of 5.5% at constant prices [1] - The financial sector in Shanghai has shown rapid growth, with key financial metrics indicating a robust expansion and solidifying its status as an international financial center [1][3] Financial Market Performance - The total transaction volume in Shanghai's major financial markets increased by 12.7% year-on-year [1] - The Shanghai Stock Exchange saw a significant increase in transaction volume, with a growth of 38.4% [1] - The Shanghai Futures Exchange and the Shanghai Gold Exchange also reported transaction volume increases of 11.5% and 40.2%, respectively [1] Financial Sector Contribution - The financial sector's value added reached 6,965.27 billion yuan, marking a year-on-year growth of 9.8% [4] - The financial sector accounted for 17.1% of Shanghai's GDP, indicating its critical role in economic growth [4] - The growth rate of the financial sector outpaced the overall GDP growth by 4.3 percentage points, highlighting its importance as a driver of economic expansion [4] Banking Sector Dynamics - By the end of Q3, the total deposits of financial institutions in Shanghai reached 23.84 trillion yuan, with an 8.4% year-on-year increase [5] - The loan balance stood at 12.89 trillion yuan, reflecting a 7.1% year-on-year growth, which is 0.6 percentage points higher than the national average [5] - The demand for credit in Shanghai's real economy remains strong, particularly in long-term loans for enterprises and households [5] Real Estate Market Trends - Recent policy adjustments have positively impacted the real estate market, with new home sales maintaining momentum and second-hand home transactions exceeding 15,000 units for 11 consecutive months [6] - The introduction of the "Shanghai Six" policies has notably increased activity in the outer ring new housing market [6] Securities and Insurance Sector Growth - The securities sector's value added is primarily driven by the growth in transaction volumes, with a remarkable 95.2% increase in trading volume in Q3 [6] - The insurance sector reported a 10.1% growth in original premium income, which is an improvement of 3.9 percentage points compared to the first half of the year [7] - Innovations in financial products and increased openness in the financial market are contributing to the sector's growth [7]

Core Insights - The growth potential of the gold market is increasingly evident, with global gold demand expected to rise by 45% year-on-year by Q2 2025, reaching $132 billion [1] - Central banks continue to view gold as a cornerstone of stable assets, increasing their official gold reserves by 166 tons [1] - Hong Kong is positioning itself as an international gold trading center, aligning with its status as a global financial hub [1] Group 1: Government Initiatives - The Hong Kong government has established a "Task Force on Promoting the Development of the Gold Market" to explore feasible development strategies in collaboration with regulatory bodies, exchanges, and industry representatives [1] - The Hong Kong International Airport Authority has increased its precious metal storage capacity by one-third to 200 tons, with plans to expand to 1,000 tons to support the growing demand for gold trading and logistics [1] Group 2: Collaboration with Mainland China - The Shanghai Gold Exchange has launched its international board designated warehouse in Hong Kong, providing international investors with RMB-denominated trading options and reinforcing Hong Kong's position in the offshore RMB market [2] - The 2025 Policy Address outlines plans to accelerate the development of the gold trading market, aiming to establish Hong Kong as a regional gold reserve hub with a storage capacity exceeding 2,000 tons within three years [2] - Initiatives include encouraging gold suppliers to establish or expand refineries in Hong Kong and collaborating with mainland China for processing and refining gold for trading and delivery [2] Group 3: Infrastructure and Services Development - Plans to establish a central clearing system for gold in Hong Kong to provide efficient and reliable clearing services for international standard gold transactions, with participation from the Shanghai Gold Exchange [2] - The government aims to diversify gold investment tools, support the issuance of gold funds, and encourage the development of new products such as tokenized gold investment products [2] - Support for the establishment of a gold industry association to enhance communication with the government and regulatory bodies, promote the industry, and attract clients from the "Belt and Road" initiative [2]

过去几十年，全球金融体系有一个不成文的共识：各国把黄金储存在纽约和伦敦，这样既安全，又方便交易。特别是纽约联储地下金库，存储着全球60多个 国家和组织的超过6000吨黄金，成为了所谓的"世界最大保险箱"。 然而，这一规则正在悄然发生变化——越来越多的国家开始将黄金搬离美国，或者将其转移回自己的国家，甚至开始寻找其他更加安全的储存地。这不仅仅 是简单的资产搬迁，更是一场全球金融信任体系的"静默重组"。 这一转变，源于2022年俄乌冲突的爆发。当时，美国和西方国家对俄罗斯实施了大规模的金融制裁，冻结了俄罗斯约3000亿美元的外汇和黄金储备。表面上 这是经济制裁，但却给全球各国央行敲响了警钟：原来，如果你把钱存在西方的银行里，说冻结就冻结，这显然不符合金融规则。金融体系中的信任，似乎 随时可能被打破。这让许多国家开始意识到，今天能冻结俄罗斯的资产，明天可能也会冻结我的。 与此同时，中国在这一波"黄金东移"潮中稳步推进，做着三件事：第一，增加自己的黄金储备。自2023年下半年以来，中国央行持续增持黄金，储备量从大 约2000吨增加到接近2300吨。中国并非为了炒作黄金价格，而是将黄金视为应对外部不确定性的"压舱石"。 ...

Core Viewpoint - The article discusses the shift in global gold storage dynamics, highlighting China's initiative to offer a gold custody service that promises security and efficiency, contrasting with Western systems that are perceived as politically influenced [1][3]. Group 1: Gold Custody Breakthrough - China has developed a gold custody platform that allows for "free storage and withdrawal, no political attachments, and real-time traceability," positioning it as a more attractive option compared to Western alternatives [3]. - The platform features advanced security measures, including biometric access, quantum encryption, and AI monitoring, with a commitment to rapid withdrawal processes [3]. Group 2: Butterfly Effect of Gold Migration - There is a notable increase in gold shipments from Switzerland to China, with a 280% year-on-year growth in the first quarter of 2024, while shipments to New York have decreased by 40% [4]. - The UAE's decision to transfer 100 tons of gold reserves to China reflects a significant shift in trust and strategy among nations, with officials citing a desire to avoid becoming vulnerable like Venezuela [4]. Group 3: Financial Power Struggle Behind Gold - China's gold custody initiative is part of a broader strategy to establish a "de-dollarized" financial infrastructure, with the aim of making the renminbi a primary currency for gold transactions [6]. - The increasing use of the renminbi in gold trade, particularly in Southeast Asia, indicates a market-driven shift away from the dollar, with reports showing a rise in renminbi settlements from 30% to 65% in Thai gold trade [6]. Group 4: China's Strategic Chessboard in the Gold Era - China's long-term strategy, initiated with the "Belt and Road" initiative and the introduction of digital currency, aims to reshape international financial rules and attract global gold reserves [7]. - The approach of providing a "safe harbor" for gold storage, rather than competing militarily for dominance, is seen as a way to subtly shift the balance of power in the global financial landscape [7]. Conclusion - The article concludes that the gold custody revolution led by China is not about eliminating the dollar but rather about creating a more equitable financial system, potentially marking the end of the dollar's dominance in global finance [9].

不过，有细心的消费者去金店买首饰时会发现，国内黄金是按"克"来计价的，而国际市场上的黄金价格 则是按"盎司"来计价。这是为什么呢？ 国际金价为何按"盎司"称？ 近期，国际金价一路走高，不断刷新历史纪录，在全球范围内掀起一股"购金潮"。不少人纷纷通过购买 金饰或金条进行消费和投资。 为何不换成更普及的"克"？ 那么，在"克"这个更普及的国际单位诞生以后，为何全球黄金交易仍统一用"盎司"呢？ 那是因为改变单位是一件牵一发而动全身的事，现实成本可能高到无法想象。 一方面，从金矿开采到金链铸造，从实物交易到期货合约，整个黄金产业链已经围绕"盎司"运转了上百 年。所有的合同、系统、报价都深深烙着"盎司"的印记。如果强行更换单位，无异于给全球金融体系做 一次"心脏移植"，引发的混乱和成本将是天文数字。 另一方面，市场对"1盎司黄金值多少钱"已经形成了稳固的心理锚定，如果突然换成以"克"计价，虽然 只是简单的数学换算，但会在短期内造成投资者和机构的认知混乱，甚至可能给市场带来不必要的投机 风险。 国际金价用盎司来计价，并非随意的规定，而是隐藏着一段跨越一百多年的金融权力变迁史。 盎司在英语中写作"ounce"，是一种英制单 ...

Core Viewpoint - The article discusses a significant shift in the global gold market, where countries are moving their gold reserves from Western financial centers to China, reflecting a reassessment of trust in the international financial system [2][4][19]. Group 1: Gold Movement and Trust Reassessment - Countries like Germany, India, Poland, Hungary, and Nigeria are relocating their gold from London and New York to China, indicating a loss of confidence in Western financial institutions [2][4]. - The freezing of nearly $300 billion in Russian assets by the U.S. and EU has prompted nations to reconsider the safety of their gold stored in the West, leading to a "gold repatriation" trend [4][6]. - Germany has requested an audit of its 1,200 tons of gold held by the Federal Reserve, while India plans to repatriate 100 tons of gold from the UK, marking the largest return since 1991 [4][6]. Group 2: China's Role in the Gold Market - China has become a preferred destination for gold due to its stable political environment and lack of frequent sanctions, attracting a significant portion of the repatriated gold [6][8]. - The People's Bank of China reported that national gold reserves reached 2,298.55 tons by June 2025, nearly doubling from 1,054 tons in 2009, reflecting a strategic shift towards gold accumulation [6][12]. - The Shanghai Gold Exchange, in collaboration with Hong Kong, is enhancing its infrastructure to become the largest gold trading hub in East Asia, with storage capacity expanded from 200 tons to 2,000 tons [7][8]. Group 3: Global Financial Dynamics - The global central banks have been purchasing over 1,000 tons of gold annually since 2022, the highest level since the end of the Bretton Woods system in 1971, indicating a return of gold to sovereign priorities [6][12]. - By 2025, BRICS nations' gold reserves are projected to account for 21.4% of the global total, with China and Russia holding 74% of that share, further diminishing the dollar's dominance [12][14]. - The trading volume of gold priced in RMB has increased by 40% over the past two years, with foreign investor participation in China's gold market increasing tenfold [12][14]. Group 4: Future Outlook and Challenges - Despite the growth, China's gold market faces challenges, including a lack of transparency and a fully open capital account, which are necessary for becoming a global gold safe haven [14][16]. - The price of gold is expected to continue rising, with UBS predicting it could reach $4,200 per ounce, driven by geopolitical tensions and currency credit pressures [14][16]. - The shift in gold flows represents a profound restructuring of global financial trust, as countries seek to avoid Western political risks and maintain financial sovereignty [16][19].

美国银行和法国兴业银行的分析师此前预计，到2026年黄金价格将达到每盎司5000美元，而渣打银行已将其明年 黄金平均价格预期上调至每盎司4488美元，高盛对2026年12月国际金价的预测价格从4300美元/盎司上调至4900美 元/盎司。 10月16日，上海黄金交易所向各会员单位发布《关于做好近期市场风险控制工作的通知》。《通知》指出，近期 影响市场不稳定的因素较多，国际贵金属价格波动剧烈。请各会员提高风险防范意识，继续做好风险应急预案， 维护市场平稳运行。同时，提示投资者做好风险防范工作，合理控制仓位，理性投资。 此前，国内多家银行在上调积存金购买门槛的同时，发布贵金属价格波动风险提示。 文/北京青年报记者 张鑫 编辑/刘忠禹 受美元走强、特朗普就贸易协议发表最新表态等因素影响，国际金价当天先涨后跌，一度创下每盎司4392美元的 盘中历史新高，随后回落。截至10月18日午间，COMEX黄金报4267.9美元/盎司，现货黄金报4249.98美元/盎司， 双双失守4300美元关口。 10月17日，现货黄金亚洲交易时段一度逼近4380美元，刷新历史纪录，但随后在欧洲交易时段，转为下跌，并在 美股早盘加速下挫，一度 ...