黄金ETF持仓量报告解读（2025-6-25）中东缓和避险降温黄金回落

Core Viewpoint - The report highlights a significant decrease in gold ETF holdings and a notable drop in spot gold prices, driven by easing geopolitical tensions in the Middle East and shifting market focus towards U.S. Federal Reserve monetary policy decisions [5][6]. Group 1: Gold ETF Holdings - As of June 24, 2025, the SPDR Gold Trust, the world's largest gold ETF, reported total holdings of 955.68 tons, a decrease of 1.72 tons from the previous trading day [5]. - The report indicates a downward trend in gold ETF holdings, reflecting changing market dynamics and investor sentiment [2][5]. Group 2: Spot Gold Prices - On June 24, spot gold prices experienced a significant decline, dropping to a low of $3,295.35 per ounce, the lowest level since June 9, before recovering slightly to close at $3,323 per ounce, marking a decrease of $46.02 or 1.37% [5]. - The decline in gold prices is attributed to reduced safe-haven demand following a reported ceasefire agreement between Israel and Iran, which has led the market to perceive the geopolitical conflict as resolved [5]. Group 3: U.S. Federal Reserve Policy - Market attention is shifting towards Federal Reserve Chairman Jerome Powell's upcoming congressional testimony, with expectations that he may signal potential interest rate cuts [5][6]. - Powell indicated that the Fed is in a favorable position to wait for clearer economic signals before adjusting monetary policy, with upcoming data expected to reveal the impact of tariffs on inflation [5][6]. - There are mixed signals within the Fed regarding interest rate cuts, with some members supporting a potential cut in July, while others suggest caution due to inflation concerns [6].