In today’s turbulent global financial markets, as countries’ central banks have ramped up their purchases of gold, it inevitably brings to mind the 1970s. According to the latest data, the global amount of gold purchased by central banks in 2023 has reached the highest level in 50 years. What considerations and motivations lie behind this trend? On the one hand, slowing global economic growth and persistently rising inflationary pressures have shaken central banks’ confidence in traditional currencies. As a safe-haven asset, gold stands out particularly in market environments marked by greater uncertainty. On the other hand, with shifts in the global political and economic landscape, central banks face bigger challenges in maintaining monetary stability and ensuring financial security. Buying gold has undoubtedly become a way to strengthen national financial resilience. Worth noting is that in recent years, emerging market countries have shown especially strong enthusiasm for gold purchases. These countries generally believe that increasing gold reserves helps boost their standing in the international monetary system and reduces dependence on major currencies such as the US dollar. At the same time, developed economies in Europe and the United States have also, to some extent, increased their gold purchases to mitigate potential economic risks. However, does the surge in gold purchases mean that the global economy is about to enter a new round of

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