黄金多头净仓位降至近4个季度低位

Group 1: Gold Price Trends - International gold prices faced slight pressure on July 2, ending a two-day rebound, with COMEX gold futures net long positions dropping to 605.91 long tons, the lowest in nearly four quarters [1] - Gold prices fluctuated, with London spot gold briefly dipping below $3,330 per ounce before rebounding, and COMEX gold futures reported at $3,344.8 per ounce [1] - The price of gold had previously reached a one-month low of $3,255 per ounce, but rebounded to $3,350 per ounce during the week [1] Group 2: Investment Trends in Gold Coins and ETFs - Sales of American Eagle gold coins have declined significantly, with cumulative sales of 102,000 ounces by the end of April, down from 185,000 ounces in the same period last year [2] - The official price for the 2025 one-ounce American Eagle gold coin is set at $4,220, while online platforms like APMEX offer it at $3,468.29, approximately 82% of the official price [2] - There has been a net outflow of funds from gold ETFs, with Asian investors selling 4.8 tons in May and experiencing two weeks of net outflows in June [2] Group 3: Market Sentiment and Federal Reserve Policies - Recent fluctuations in gold prices are attributed to easing geopolitical risks and changing expectations regarding Federal Reserve policies, with a 21.3% probability of a rate cut in September [3] - The market sentiment is cautious, as speculative net long positions in gold have decreased by 4.5%, and inventory levels are declining [3] - The long-term logic supporting gold remains robust, driven by the downward trend in U.S. dollar and Treasury credit, which enhances gold's appeal as a safe-haven asset [3] Group 4: Central Bank Gold Reserves - A report indicates that one in three central banks plans to increase gold holdings in the next one to two years, the highest proportion in five years [4] - As of May 2025, China's central bank's gold reserves stood at 73.83 million ounces, reflecting an increase of 60,000 ounces, marking the seventh consecutive month of gold accumulation [4]