Group 1 - The World Gold Council's report indicates that global gold demand reached 1249 tons in Q2 2025, a 3% increase year-on-year, driven primarily by gold ETF investments which saw inflows of 170 tons in the same period [1] - The total demand for gold ETFs in the first half of 2025 reached 397 tons, marking the highest first-half record since 2020 [1] Group 2 - The U.S. unemployment rate fell to 4.1% in June, which, combined with fluctuating tariff policies, is expected to support gold prices amid stable inflation expectations [3] - Market expectations for a potential interest rate cut by the Federal Reserve in September could further boost gold prices, as the sentiment among Fed officials has shifted towards easing [3] - The gold-silver ratio has increased this year, peaking above 100, but has since adjusted to 86.13 by July 25, 2025, indicating potential upward movement for silver prices as gold prices stabilize [3] - The long-term outlook for gold remains positive due to the weakening global position of the U.S. dollar, which is expected to provide sustained upward pressure on gold prices [3]
谦恒策略:美元信用或持续下降 金价具有上行空间
Sou Hu Cai Jing·2025-08-01 06:10