The central bank has increased its gold reserves for 24 consecutive months, with October’s increase hitting a record high for the period.

　　On the news front, data from November 7 show that at the end of October, gold reserves stood at 78.3 million ounces, an increase of 830,000 ounces compared to the previous month. This marks the 24th consecutive month of accumulation and the eighth consecutive month of increased gold purchases. In the third quarter, global central banks saw net gold purchases of 321 tons, a year-on-year increase of 42%, setting a new quarterly high since the fourth quarter of 2024. Against the backdrop of gold prices undergoing a deep correction in October (London spot gold fell about 6.8% over the month), central banks' "buying the dip" sentiment has provided the most direct official demand support for gold prices.

　　Guotai Haitong Securities maintains an "overweight" rating for the precious metals sector. The core reasoning is that the long-term trends of central bank gold purchases and de-dollarization remain unchanged, and gold's status as a reserve asset is gradually rising, thus supporting prices in the medium and long term. The gold sector has undergone a full adjustment, and in the context of prices stabilizing at the bottom, there is increased optimism for gold stocks.

Editor: Zhu Henan