关注黄金中长期避险价值，黄金基金ETF（518800）涨超0.5%

Core Viewpoint - The article emphasizes the medium to long-term hedging value of gold, highlighting recent geopolitical easing and its impact on gold prices, particularly through the performance of gold ETFs [1]. Group 1: Geopolitical Context - Recent easing of tariffs and geopolitical tensions has been observed, with significant developments such as the U.S.-China-Switzerland Geneva talks resulting in a 90-day suspension of certain reciprocal tariffs [1]. - Russian President Putin's support for a ceasefire proposal with Ukraine signals a positive trend in geopolitical conflict resolution [1]. Group 2: Market Reactions - The global risk appetite has been rising, leading to a recent pullback in gold prices, attributed to a decrease in safe-haven sentiment and a reduction in risk premiums due to trade easing [1]. - The ongoing geopolitical conflict de-escalation may further pressure gold prices in the short term [1]. Group 3: Long-term Outlook - Despite short-term pressures, factors such as the potential for the Federal Reserve to initiate a rate-cutting cycle, increasing macroeconomic policy uncertainties abroad, and a global trend towards de-dollarization are expected to provide support for gold prices in the medium to long term [1]. Group 4: Investment Products - The gold ETF (code: 518800) tracks the spot price of gold (Au99.99 contract) and is closely linked to the trading price of high-purity (99.99%) physical gold in China, making it suitable for investors focused on asset preservation and inflation hedging [1]. - Investors without stock accounts may consider alternative products such as the Guotai Gold ETF Link A (000218) and Guotai Gold ETF Link C (004253) [2].