黄金有望重拾升势，黄金ETF基金(159937)近18个交易日“吸金”超30亿元

Group 1 - The core viewpoint indicates that the short-term easing of tariff sentiment is suppressing gold prices, but this pressure is more about volatility suppression and cleaning up trading positions. In the medium to long term, fiscal deficits, interest rate cut expectations, and concerns about stagflation are expected to gradually drive increased low-level allocations to gold [2] - As of May 19, the gold ETF fund has seen a net inflow of 5400.64 million yuan, with 12 out of the last 18 trading days showing net inflows totaling 31.29 billion yuan, averaging 1.74 billion yuan per day [2] - The gold ETF fund has a recent financing buy amount of 1083.56 million yuan and a financing balance of 37.16 billion yuan, indicating ongoing leverage positioning [2] Group 2 - The gold ETF fund has appreciated by 86.95% over the past five years, ranking second among comparable funds. The highest monthly return since inception was 10.62%, with the longest consecutive monthly gains being six months and a maximum increase of 16.53% [3] - The fund's year-to-date relative drawdown is 0.31% as of May 19, 2025, and it has a Sharpe ratio of 2.21 for the past year [3] - The management fee for the gold ETF fund is 0.50%, and the custody fee is 0.10% [3]