The central bank's continued gold purchase logic remains unchanged, with Guotai Gold ETF (518800) falling over 3%, funds continue to allocate, and it has experienced net capital inflows exceeding 1 billion yuan for five consecutive days.

The central bank’s logic of continuous gold purchases remains unchanged. On April 2nd, the Gold ETF Guotai (518800) retraced over 3%, with funds continuing to flow in, marking five consecutive days of net inflows exceeding 1 billion yuan.

Everbright Securities pointed out that looking ahead, after the escalation and resolution of geopolitical conflicts, a long-term allocation opportunity in the metal sector may emerge. Currently favored metal varieties include gold and silver amid major power struggles. Regarding gold, in the short term, it is mainly constrained by liquidity suppression from geopolitical conflicts and the rising expectation of oil prices further increasing the likelihood of Federal Reserve rate hikes; after the negative impact of further escalation of geopolitical conflicts subsides, a buying opportunity for gold may appear; in the long term, as the US dollar’s credit weakens, the central bank’s continued gold purchases remain logical, and the outlook for gold prices remains optimistic.

Against the backdrop of excessive currency issuance and monetization of fiscal deficits, the US dollar credit system faces challenges; coupled with frequent global geopolitical turmoil driving asset reserve diversification, demand for gold as a safe asset continues to rise. The global trend of “de-dollarization” may position gold as a new pricing anchor. Pay attention to related products:

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