黄金ETF持仓量报告解读（2025-8-5）不确定性因素聚集推金价走势

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 954.8 tons of gold as of August 4, 2025, marking an increase of 1.72 tons from the previous trading day, indicating a reversal from prior reductions in holdings as gold prices have been rising [4]. Group 1: Gold ETF Holdings - As of August 4, 2025, SPDR Gold Trust's holdings reached 954.8 tons, up by 1.72 tons from the previous day [4]. - The increase in gold ETF holdings coincided with a rise in spot gold prices, which reached a high of $3,385.5 per ounce and closed at $3,373.47 per ounce, reflecting a gain of $10.43 or 0.31% [4]. Group 2: Market Reactions and Economic Indicators - Recent economic data showed a non-farm payroll increase of 73,000 in July, with downward revisions of 258,000 for May and June, leading to market volatility and a shift in expectations regarding Federal Reserve policy towards a more dovish stance [4]. - Concerns over the independence and credibility of economic data have been heightened following the dismissal of the U.S. Bureau of Labor Statistics chief by Trump and the resignation of Federal Reserve Governor Kaskel, which may influence market sentiment and gold prices [4][5]. Group 3: Future Price Predictions and Technical Analysis - Citigroup has revised its three-month gold price forecast from $3,300 to $3,500, citing deteriorating short-term economic growth and inflation outlooks in the U.S. [5]. - Technical analysis indicates a bullish outlook for gold, with the price having broken above the 21-day and 50-day moving averages, and the Relative Strength Index (RSI) suggesting potential for continued upward movement [5].