Central banks bought 19 tons of gold in February, while China extended its buying streak and Poland led purchases.

BRICS gold reserves have crossed a major milestone, with the bloc now holding over 6,000...

A recent report from UBS's precious metals team indicates that discussions with Chinese market participants almost unanimously point to a medium- to long-term bullish outlook for gold. Adjustments to tax rules, the expansion of bank accumulation plans, and the accelerated entry of insurance companies into the market through pilot programs are driving a structural release of institutional demand—approximately half of the pilot insurance companies have already begun actively deploying their resources, and trading volume on the Shanghai Gold Exchange has increased significantly in recent weeks.

Zheshang Securities points out that the recent sharp decline in gold prices was mainly due to short-term liquidity disruptions, which are now nearing their end. Turkey's gold sales have a highly unique background: gold accounts for nearly half of its reserves, while its holdings of US Treasury bonds are minimal, forcing it to sell gold to pay for energy imports; Europe has substantial gold reserves, but because gold is backed by the euro's credit, it lacks the motivation to sell. Gold benefits in two directions: geopolitical tensions → high oil prices triggering recession trade → strengthened expectations of interest rate cuts; geopolitical tensions de-escalation → falling oil prices → opening up room for interest rate cuts. Both paths are favorable for gold.