美联储9月降息预期抬升，金价上涨驱动显现，黄金ETF基金(159937)近1月日均成交额超6亿元

Core Viewpoint - The gold ETF fund (159937) is experiencing upward momentum due to expectations of interest rate cuts by the Federal Reserve, which is expected to enhance gold's appeal as a safe-haven asset amid ongoing global uncertainties [2][3]. Group 1: Fund Performance - As of August 29, 2025, the gold ETF fund has increased by 0.20%, with a recent price of 7.47 yuan, and a 1.03% rise over the past week [2]. - The fund has shown significant long-term performance, with a net value increase of 81.31% over the past five years, ranking it among the top two comparable funds [3]. - The fund's highest single-month return since inception was 10.62%, with a maximum consecutive monthly gain of 16.53% [3]. Group 2: Liquidity and Trading Activity - The gold ETF fund recorded a turnover rate of 0.43% with a trading volume of 1.23 billion yuan on August 28, 2025, and an average daily trading volume of 604 million yuan over the past month [2]. - Recent data indicates a net outflow of 67.06 million yuan, but there was a net inflow of 74.81 million yuan over the last five trading days, averaging 14.96 million yuan per day [3]. Group 3: Market Conditions and Outlook - Federal Reserve Governor Waller supports a 25 basis point rate cut in September, with further cuts anticipated in the next 3-6 months, depending on forthcoming data [2]. - The expectation of rate cuts is driving gold prices higher, with ongoing macroeconomic uncertainties enhancing gold's safe-haven status [2]. - The trend of "de-dollarization" globally is expected to increase demand for gold as a secure asset, potentially establishing it as a new pricing anchor [2]. Group 4: Fund Metrics - The fund's management fee is 0.50%, and the custody fee is 0.10% [3]. - The fund has a Sharpe ratio of 2.32 over the past year, indicating strong risk-adjusted returns [3]. - The tracking error for the fund over the past month is 0.002%, demonstrating high tracking precision compared to similar funds [3].