美国6月“小非农”爆冷转负，黄金ETF（518880）涨超0.51%，年初至今新增份额居同标的产品首位

Group 1 - Spot gold has been rebounding recently, with London gold priced at $3348 per ounce as of July 3 [1] - Gold ETFs have seen a significant increase in new shares, totaling 3.378 billion shares year-to-date, leading among similar products [1] - There has been a notable net inflow of funds into gold ETFs, with nearly 1.3 billion yuan accumulated over the last 10 trading days [1] Group 2 - The U.S. ADP employment numbers for June unexpectedly decreased by 33,000, marking the first negative growth since March 2023, contrary to expectations of a 98,000 increase [1] - China Galaxy indicates that the Federal Reserve is likely to maintain interest rates, with low chances of rate cuts in the short term, amid concerns over stagflation [1] - Global geopolitical conflicts and the trend of de-dollarization are driving central banks to increase gold holdings, suggesting continued purchases by gold ETFs [1] Group 3 - Ping An Securities forecasts a continued divergence in the non-ferrous metals market in the second half of the year, with precious metals benefiting from a weakened U.S. dollar credit system and safe-haven demand [2] - Silver may enter a recovery phase due to supply-demand gaps and a loose monetary cycle, while industrial metals like copper and aluminum are expected to see price elasticity due to tight supply and low inventories [2] - Energy metals are in a clearing cycle but are supported by demand from the electric vehicle and photovoltaic sectors, indicating a potential price rebound [2]