World Gold Council: In the second quarter, global central banks and other official institutions collectively saw a net increase of 289 tons in gold reserves, a year-on-year growth of 62%, with gold purchases by central banks in multiple countries showing a rebound. However, due to the sluggish performance in the first quarter, global central bank gold demand in the first half of the year was slightly below the high levels of recent years. According to the World Gold Council's "2026 Global Centr
智通财经2026/07/30 23:26Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Deutsche Bank: After the three major central banks hiked rates simultaneously, the market may once again underestimate the terminal interest rate
Deutsche Bank points out that as central banks in the US, Europe, and Japan are tightening policy simultaneously, the market may still be underpricing the eventual terminal rates. With oil prices remaining high, inflation may spill over into core inflation and wages. Moreover, financial conditions have not tightened in tandem, which could weaken the effect of rate hikes. Citing the experience of 2022, Deutsche Bank notes that the market then expected a total of around 200 basis points of Fed rate hikes in the first year, but the final figure exceeded 400 basis points, illustrating that the market often underestimates the terminal rate.