CoinMeta Data: Despite a 3.8% decline in gold prices this year, Morgan Stanley remains optimistic about the gold market over the next 12 months. Amy Gaal, head of the bank's Metals and Mining Strategy department, pointed out that there are three factors supporting gold prices: the physical demand from central banks, global gold reserves at their highest level in nearly nine months, and changes in bond yields. According to data from the World Gold Council, central banks added a net 23 metric tons of gold in July, with China increasing its holdings by 20 metric tons and Poland by 8 metric tons during the same month. Gaal stated that strong demand for gold from China is expected to drive up gold prices.