黄金基金ETF（518800）盘中飘红，多重逻辑继续支撑金价

Group 1 - The short-term market faces significant uncertainty due to unclear tariff and monetary policies, while the medium-term outlook suggests a continued weakening of the US economy and a clear direction towards interest rate cuts [1] - Recent high short-term price increases may be digested, with renewed recession concerns arising from tariff policy normalization and weaker-than-expected non-farm data, leading to heightened expectations for interest rate cuts and increased market risk aversion [1] - The long-term outlook remains bullish for gold, supported by multiple factors including geopolitical conflicts, a weakening dollar, expectations of interest rate cuts, and ongoing gold purchases by non-US central banks [1] Group 2 - The Gold ETF (518800) tracks the spot price of gold (Au99.99 contract) and is designed to reflect real-time price changes of high-purity gold, providing a convenient tool for investors to hedge against inflation risks [1] - Investors without stock accounts can consider the Guotai Gold ETF Link A (000218) and Guotai Gold ETF Link C (004253) as alternative investment options [1]