景顺：预计各国央行将持续增加黄金储备 金价涨势有望延续

Invesco Asia-Pacific Global Market Strategist Zhao Yaoting believes that a major driver of gold demand is the accumulation of gold by central banks as official reserves. In fact, gold has surpassed the euro to become the second-largest reserve asset for global central banks. Central banks are purchasing gold because they have not yet seen alternatives to fiat currencies other than the US dollar. He believes that the subsequent rise in gold prices may continue to be supported. Although gold has achieved double-digit returns in both 2023 and 2024, investor participation through ETFs remains relatively low. In contrast, the strong performance of gold so far in 2025 has attracted investors back to the market, with ETF inflows turning positive. If this trend continues, the new investment participation may become a significant driving force for pushing gold prices upward