降温！金价大幅震荡，多只黄金ETF遭投资者抛售

Core Viewpoint - Since May 12, as global instability factors have eased, gold, traditionally seen as a safe-haven asset, has begun to experience a pullback, with significant declines in prices and net outflows from gold ETFs [1][3][4]. Group 1: Gold Price Trends - As of May 15, the Shanghai gold benchmark price has dropped by 11.31% from a recent high of 830.08 CNY per gram on April 22, closing at 736.17 CNY per gram [1][3]. - The price of domestic jewelry gold has also fallen back to three-digit levels, indicating a significant decline from previous highs [1]. Group 2: Gold ETF Performance - Despite a surge in interest in gold ETFs earlier this year, recent days have seen net outflows from these funds, with major ETFs like the Guotai Gold ETF experiencing significant withdrawals of 573 million CNY and 377 million CNY on May 14 and 15, respectively [4][8]. - The Huazhang Gold ETF has recorded the largest net inflow among ETFs this year, but the recent drop in gold prices has led many investors to cut losses [4][9]. Group 3: Investor Behavior and Market Sentiment - The volatility in gold prices has led to a situation where many investors bought at peak prices, resulting in substantial losses within a short period [8]. - Industry professionals express concern over the increased volatility of gold, which has traditionally been characterized by long cycles and low fluctuations, making it challenging for conservative investors and retail businesses [8]. Group 4: Future Outlook - Analysts predict that despite the recent downturn, there is a strong possibility of gold prices rising again by the end of the year due to ongoing geopolitical uncertainties and central bank purchasing [8]. - The current market conditions suggest that while short-term declines may continue, long-term investment strategies involving gradual buying could be beneficial [8].