现货黄金一度突破3340美元/盎司，上海金ETF（159830）小幅走低，机构看好黄金承接部分美债减配带来的避险需求

Group 1 - The core viewpoint of the articles indicates a bullish outlook on gold prices in the medium to long term, driven by factors such as rising U.S. debt, potential Federal Reserve rate cuts, and increasing global geopolitical risks [2][3][4] - As of May 22, spot gold prices reached a new high of $3,340 per ounce, with fluctuations around $3,303 per ounce reported on May 23 [1] - The U.S. national debt has surged to $36.2 trillion, prompting concerns about the sustainability of U.S. fiscal policy and leading to a downgrade of the U.S. sovereign credit rating by Moody's from Aaa to Aa1 [2] Group 2 - The Shanghai Gold ETF (159830) experienced a decline of 0.71% on May 23, with management and custody fees lower than the average for similar products, and it supports T+0 trading [2] - UBS forecasts that gold prices could reach $3,500 per ounce by the end of the year, with a potential peak of $3,800 per ounce in a risk-off scenario [2] - Short-term fluctuations in gold prices may occur due to profit-taking by investors, but the long-term trend remains upward due to declining dollar credit and increased central bank gold purchases [3][4]