避险情绪持续升温，上海金ETF（159830）高开1%，机构：金价或突破3500美元

Group 1 - The core viewpoint is that rising risk aversion is driving gold prices higher, with the Shanghai Gold ETF (159830) seeing significant inflows and a current scale of 1.427 billion yuan, making it the top product in the Shenzhen market [1] - The Shanghai Gold ETF closely tracks Shanghai gold (SHAU.SGE) and has lower management and custody fees compared to similar products, with a management fee of 0.25% and a custody fee of 0.05% [1] - Global markets are experiencing heightened risk aversion, with gold prices reaching a new high of 3,436 USD/ounce, reflecting a 1% increase [1] Group 2 - Recent volatility in gold prices is seen as a reflection of the restructuring of the global monetary system, with driving factors shifting from inflation expectations to sovereign credit risk and global system stability [2] - The U.S. trade policy and geopolitical tensions, particularly in the Middle East, are expected to influence gold price fluctuations, with potential for prices to exceed 3,500 USD if risks escalate [2] - The U.S. administration's approach to tariffs and ongoing tensions in the Middle East, including potential military actions against Iran, are contributing to the uncertainty in the market [2]