The central bank's ** reserves increased again in January 2024, the 15th consecutive month of holdings, with a cumulative increase of 9.55 million ounces, or about 271 tons. This growth trend reached 19.4 billion US dollars, or about 140 billion yuan, when the international spot price was 2034 US dollars. Despite this, the share of China's foreign exchange reserves is still relatively low and disproportionate to the size of China's economy and the total amount of foreign exchange reserves. Expert analysis believes that for the sake of financial security and diversification of reserve assets, the People's Bank of China is likely to continue to increase reserves in the future.
In 2023, **driven by investment demand, it will continue**, with an average of 1940$54 oz, an all-time high. Heading into 2024, gold prices continue to rise in 2024, with UBS Group AG, with the Fed's possible rate cuts, and the price is expected to continue to climb in 2024, which is expected to reach $2,200 an ounce. UBS's *** strategist Jonny Tewes pointed out that the Fed's monetary policy easing will push *** while also potentially leading to a depreciation of the dollar, which will make ** more attractive to international buyers. In addition, with macro uncertainty and geopolitical risks on the rise, investors are likely to increase their allocations to **. **Also expected to outperform against the backdrop of the Fed's easing of monetary policy.