黄金涨不停，相关ETF吸睛又吸金，新高后的金价还会涨吗？

Core Viewpoint - Recent surge in gold prices, with international spot gold exceeding $2530 per ounce, reflects a significant increase of over 20% year-to-date, attracting more investments into gold ETFs [1][4][5] Gold Price Movement - International spot gold prices recently crossed the $2500 per ounce mark, driven by a decline in U.S. Treasury yields and the dollar, alongside rising demand for safe-haven assets [4][5] - The U.S. Consumer Price Index (CPI) for July showed a year-on-year increase of 2.9%, leading to expectations of an imminent interest rate cut by the Federal Reserve [4][5] Gold ETF Performance - As of August 22, multiple gold ETFs have shown net growth in shares since May, with 10 out of 14 ETFs experiencing over 10% growth in shares [1][5] - Notably, the GF Shanghai Gold ETF and ICBC Gold ETF saw share increases exceeding 50% during this period [1][5] Investment Trends - The Chinese market saw a record inflow of approximately 7.83 billion yuan into gold ETFs in July, marking the eighth consecutive month of inflows, with total inflows reaching about 18 billion yuan year-to-date [5] - The total asset management scale of gold ETFs in China surged by 80% to 53 billion yuan, with total holdings increasing by 52% to 94 tons [5] Central Bank Actions - Global central banks are increasingly adding gold to their reserves, with a notable trend of expanding the range of countries increasing their gold holdings [6][7] - The People's Bank of China has maintained its gold reserves at approximately 22.64 million ounces (about 2264.33 tons) as of the end of July 2024, remaining stable from the previous month [7] Future Outlook - Analysts predict that gold prices are likely to benefit from the upcoming interest rate cut cycle, with historical data showing an average increase of 11.2% in gold prices during past Fed rate cut cycles [7][8] - The next few years are viewed as a favorable period for gold investment, driven by expectations of continued monetary easing by the Federal Reserve [7][8]