黄金ETF持仓量报告解读（2025-8-13）多因素影响 金价走势如何

Core Viewpoint - The SPDR Gold Trust's holdings remain stable at 964.22 tons of gold as of August 12, 2025, amidst fluctuating gold prices influenced by U.S. inflation data [5]. Group 1: Gold ETF Holdings - As of August 12, 2025, the SPDR Gold Trust holds 964.22 tons of gold, unchanged from the previous trading day [5]. - The report indicates that the gold ETF's total holdings have not experienced any significant changes recently [5]. Group 2: Gold Price Movements - On August 12, 2025, spot gold prices fluctuated within a range of approximately $30, peaking at $3,358.29 per ounce and dipping to $3,330.81 per ounce, closing at $3,348.07 per ounce, reflecting a slight increase of $5.48 or 0.16% [5]. - Following a significant drop in the previous trading day, gold prices stabilized around $3,350 per ounce during Asian and European market hours [5]. Group 3: U.S. Inflation Data Impact - The U.S. Consumer Price Index (CPI) for July showed a year-over-year increase below expectations, with core CPI rising by 3.1%, marking the highest level since February [5]. - The core CPI's month-over-month increase of 0.3% is the largest since January, leading to increased speculation about a potential interest rate cut by the Federal Reserve in September [5][6]. - Analysts caution that the higher-than-expected core CPI may complicate the Fed's decision-making regarding rate cuts, with further insights expected from the upcoming Jackson Hole symposium [5][6]. Group 4: Market Sentiment and Technical Analysis - Market sentiment is leaning towards a consensus for a September rate cut, but upcoming CPI and non-farm payroll reports will be closely monitored [6]. - Technical analysis indicates a lack of clear direction for gold prices, with the 14-day RSI hovering around 50, suggesting potential downward movement [6]. - If gold prices decline further, short-term targets include the 100-day simple moving average around $3,297, with subsequent support levels at $3,268 and $3,250 [6].