On October 7, according to data released by China's State Administration of Foreign Exchange, as of the end of September 2023, the size of China's foreign exchange reserves was $3115.1 billion, down $45 billion from the end of August, or 1.42%。Meanwhile, data from the People's Bank of China's official website showed that gold reserves stood at 70.46 million ounces at the end of September, up 840,000 ounces from the previous month, the 11th consecutive month of increased gold reserves.。

Recently, large-scale clashes broke out between Israel and Palestinian armed groups。On 7 October, the Palestinian Islamic Resistance Movement (Hamas) suddenly fired thousands of rockets at Israel, while Israel responded by launching several rounds of air strikes in Gaza, and the two sides are now at loggerheads.。After the sudden escalation of the Israeli-Palestinian situation, the major stock markets in the Middle East all saw a sharp fall on October 8.。The Israeli stock market was directly hit hard, with the Israeli blue-chip TA-35 index plunging nearly 6 percent on the day..5%, the benchmark TA-125 index fell nearly 6.7%, the trading floor is wailing。In addition, the stock markets of major Middle Eastern countries such as Saudi Arabia and Egypt have not been spared, which can be described as a fire at the gates of the city.。As with previous geopolitical events, the attractiveness of global safe-haven assets has been boosted by a wave since the start of the conflict.。Among them, the most sought after assets by analysts are gold and the dollar, spot gold jumped nearly 1% at the opening on October 9, the dollar index also stopped the decline, against the market upward。So why do people go to war and think about buying gold?？There are two reasons。First, when a risk event comes, the volatility of the stock market will intensify, the probability of people losing assets in their hands will be amplified, and they may lose money on anything they buy.。Second, wars often lead to massive increases in state spending, causing sharp inflation, so that the currency in the hands of the people will be drastically devalued, the money in their hands is worthless and they can't afford anything.。But gold is different, as a hard currency, gold is usually considered an asset independent of the currency of a particular country, except for the United States, the value of gold is not much affected by the policies of other countries.。

U.S. Eastern time on September 18, the U.S. Treasury Department released the International Capital Flows Report (TIC) shows that in July this year, the total overseas holdings of U.S. Treasury bonds increased by $92 billion from June to 7..$65 trillion, the highest since February。This may be related to the pursuit of high-interest assets by global funds, and the market expects the Fed to raise interest rates to come to an end or one of the reasons.。In July, the largest creditor, Japan's U.S. debt positions increased by $6.9 billion from June, but the second largest creditor, China, continued to sell, holding a total of $821.8 billion in July, down $13.6 billion from June, positions have fallen for four consecutive months, hitting a new low since June 2009 for two consecutive months。At the same time, in July, China continued to increase its gold holdings, and central banks around the world showed a similar trend in gold purchases.。

On August 7, the latest data released on the official website of the People's Bank of China showed that as of the end of July this year, China's central bank gold reserves were 68.69 million ounces, an increase of 740,000 ounces over the previous month.。Since November last year, China's central bank has increased its gold holdings for nine consecutive months, and the size of China's gold reserves has increased from 62.64 million ounces to 68.69 million ounces, with a cumulative increase of 6.05 million ounces.。If calculated at the average interval price, the total cumulative increase in holdings exceeds 80 billion yuan.。