金价回调获买盘支撑，一季度国内黄金ETF持仓增长超3倍，黄金ETF华夏（518850）获资金关注丨黄金早参

Core Insights - Gold prices experienced a rebound after a dip to $3,278, supported by a decline in the US dollar and Treasury yields, with COMEX gold futures rising by 1.71% to $3,354.80 per ounce [1] - China's gold reserves increased by 12.75 tons in Q1, totaling 2,292.33 tons by the end of March, while domestic gold production rose by 1.49% to 87.243 tons [1] - Despite a 5.96% year-on-year decline in gold consumption to 290.492 tons, domestic gold ETF holdings surged by 23.47 tons, marking a 327.73% increase [1] Market Analysis - Current market sentiment towards gold is overly optimistic, suggesting a potential need for correction after rapid price increases [1] - The softening of Trump's stance on tariffs towards China has led to a rebound in US stocks, which may influence gold prices as the market transitions [1] - Key support levels for gold are identified between $3,200 and $3,250 per ounce, with future market dynamics likely to favor gold amid rising stagflation risks in the US [1]