黄金多空博弈加剧，机构：黄金价格中长期牛市趋势仍将延续

Group 1 - The core viewpoint of the articles indicates that gold prices are under pressure due to improved trade outlook and strong economic data, leading to a downward trend in gold ETFs and spot gold prices [1][7][8] - As of July 25, spot gold is priced at $3,363.76 per ounce, reflecting a decline of 0.13%, with a trading range between $3,373.44 and $3,363.21 [2][7] - The gold ETF (159937) experienced a decrease of 0.24%, with a trading volume of 1.52 billion yuan and a turnover rate of 0.53% [1][2] Group 2 - Market expectations suggest that the Federal Reserve will maintain interest rates between 4.25% and 4.50% during the upcoming meeting, but there are still anticipations for rate cuts in September [7][8] - The recent visit of President Trump to the Federal Reserve has raised concerns about potential interference in the Fed's independence, which could support gold prices in the medium to long term due to increased uncertainty in monetary policy [7][8] - The gold ETF has seen a net increase of 116 million shares over the past month, indicating a growing interest in gold investments despite short-term fluctuations [8][9] Group 3 - The gold ETF and related funds are designed to closely track domestic gold prices, offering low-cost and diverse trading options, including T+0 trading [9] - The long-term value of gold assets is supported by their ability to hedge against tail risks in economic downturns, making them a viable investment option during various economic cycles [9]