Norway's sovereign wealth fund, the Government Pension Fund Global, received NOK 89 billion of inflows in 1H.

China International Capital Co says the two narratives that had pressured gold are unraveling: global liquidity is not in a sustained tightening cycle and de-dollarization remains active. US disinflation and slower growth support a move toward easier policy, while Fed rhetoric looks hawkish but policy actions are effectively dovish; Fed reform could open space for future rate cuts. Dollar balance-sheet reduction would help restore dollar credibility in principle but faces heavy market and political constraints, and structural erosion of dollar credit from high debt, deficits and policy uncertainty is hard to reverse. Global central bank net gold purchases rebounded to 289 tonnes in Q2, up 62% YoY and a Q2 record, signalling entrenched dollar concerns and continued reserve-diversification demand for gold. With looser global liquidity reducing upward pressure on real rates and the dollar, gold should regain support from both liquidity and reserve diversification. The firm judges the gold bull market is intact, the reallocation window after the recent correction is open, and recommends maintaining an overweight in gold.

恆生科技指數盤初跌幅擴大至1%，恆指現跌0.9%。