黄金ETF持仓量报告解读（2025-7-10）美元走强现货黄金持续杀跌

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 947.37 tons of gold as of July 9, 2025, reflecting an increase of 0.86 tons from the previous trading day. The fluctuations in gold prices are influenced by various factors including the strength of the US dollar, rising US Treasury yields, and investor sentiment regarding trade agreements [6]. Group 1: Gold ETF Holdings - As of July 9, 2025, SPDR Gold Trust holds 947.37 tons of gold, an increase of 0.86 tons from the previous day [6]. - The report indicates a significant change in gold ETF holdings, which is crucial for understanding market trends [1][3]. Group 2: Gold Price Movements - On July 9, gold prices experienced a drop to a low of $3282.91 per ounce before rebounding to close at $3313.5 per ounce, marking an increase of $11.94 or 0.36% [6]. - The price fluctuations were primarily driven by a strong US dollar and rising Treasury yields, alongside optimistic investor sentiment regarding trade agreements [6]. Group 3: Market Influences - The recent strength in employment data has dampened expectations for a Federal Reserve rate cut in July, leading to a significant unwinding of long positions in Treasury futures [6]. - The Federal Reserve's meeting minutes revealed a division among officials regarding the timing and necessity of future rate cuts, with most expecting a potential cut later in the year [6]. Group 4: Technical Analysis - The technical outlook for gold has weakened, with the price breaking the upward channel formed since mid-February [6]. - Key support levels are identified at $3297 (38.2% Fibonacci retracement) and $3200, while resistance is noted at $3345 (21-day moving average) and $3375 (23.6% Fibonacci level) [6].