In March, global central banks net purchased 14.7 tons of gold, continuing the gold-buying spree. Gold ETFs, Bosera, hit a bottom and then rebounded into positive territory.

Ask AI · March’s global central bank gold-buying surge continues—why has the Eurozone become the biggest driving force?

As of 11:08 on April 7, 2026, the Bosera gold ETF (159937) is up 0.07%, with the latest price at 9.81 yuan. Looking over a longer period, as of April 3, 2026, the Bosera gold ETF over the past week has gained 1.68% cumulatively.

In terms of liquidity, during the trading session the Bosera gold ETF had a turnover rate of 1.19%, with trading volume of 577 million yuan. Looking over a longer period, as of April 3, the Bosera gold ETF’s average daily trading volume over the past week was 1.871 billion yuan.

On the news front, the geopolitical situation continues to escalate. The Strait of Hormuz blockade pushes up oil prices. The U.S. March services PMI slowed, but the input prices index soared to a 13-year high, with inflation pressure jumping sharply. Gold prices are currently fluctuating in the 4,600–4,700 dollar range. With Trump’s final ultimatum nearing, and the Fed’s rate-cut expectations falling sharply, the fierce battle between safe-haven demand and interest-rate suppression leaves gold’s short-term outlook unclear.

Regarding central bank gold buying, in March the world’s central banks are still “net buyers” of gold, and some central banks reducing holdings does not change the main theme of “central bank gold buying.” The Eurozone increased holdings by 43.1 tons in a single month, far leading all other economies, making it the core driving force behind global gold purchases in March. China’s central bank increased its gold holdings by 1.3 tons in March, continuing the streak of consecutive increases since November 2024 (as of March, it has increased holdings for 17 consecutive months). The incremental amount fully matches the consistent style of “slightly higher frequency, stable pacing,” with no major fluctuations, reflecting the continuity of strategic allocation.

Shenwan Hongyuan Securities Futures Co., Ltd. believes that, from a medium- to long-term perspective, the price center of gravity for precious metals will continue to move higher. On the one hand, the global geopolitical risk center of gravity is being systematically raised; combined with heightened concerns about U.S. fiscal sustainability and Trump’s frequent interference with the Federal Reserve’s independence, it is accelerating the pace of de-dollarization. On the other hand, the structural motives for global central banks to add to their gold reserves have not changed—since 2022, the pace of gold buying has accelerated, reflecting a fundamental shift in the macro order rather than short-term volatility.

Bosera gold ETF (159937), OTC fund connection (Bosera Gold ETF Connection A: 002610; Bosera Gold ETF Connection C: 002611; Bosera Gold ETF Connection E: 021499), and related index funds (Bosera Gold ETF OTC Class D: 000929; Bosera Gold ETF OTC Class I: 000930).

The above products’ risk level is: Medium (this is the manager’s rating; the specific sales rating shall be subject to the ratings of each distributing institution). Risk warning: Funds are financial instruments with different risk-return profiles from fixed-income instruments such as bank savings and bonds. Depending on the type of fund, the risk-return characteristics differ. Investors may both share the gains generated by fund investment and may also bear losses arising from fund investment. A fund’s past performance does not indicate its future performance. Investors should understand a fund’s risk-return profile, make a prudent decision based on their own investment objectives, time horizon, investment experience, and risk tolerance, and bear the risks themselves. They should not trust sales activities and non-compliant promotional materials that do not meet the requirements of laws and regulations.