Société Générale: Gold Bulls Take the Lead Across the Board, Central Bank Purchase Data Will Be a Key Indicator for the Bull Market

(1) Société Générale pointed out that, based on positions, capital flows, and derivatives data, all tracking signals indicate a "market-wide bullish sentiment towards gold," with longs occupying an absolute dominant position. (2) The initial geopolitical shock has evolved into an all-encompassing wave of accumulation, covering spot, futures, and options bets, with participants ranging from retail investors to professional fund managers and derivatives traders. (3) The bank is currently awaiting August central bank gold purchase data to confirm whether official sector demand remains robust—this is the key structural pillar of this bull market; any acceleration or slowdown in the pace of gold purchases will help reveal the sustainability of the bull market.