黄金连续上涨，关注黄金基金ETF（518800）、黄金股票ETF（517400）

Core Viewpoint - Gold prices have been on the rise, with London gold closing at $3,478.93 per ounce, up nearly 1%, and COMEX gold reaching a historic high of $3,557.10, driven by expectations of an upcoming interest rate cut by the Federal Reserve and geopolitical risks [1][2]. Group 1: Market Performance - Gold has accumulated a 30% increase by the end of August, outperforming other asset classes [1]. - On September 1, gold stock ETFs (517400) surged by 8.41%, leading various sectors [1]. Group 2: Influencing Factors - The market anticipates a 90% probability of a 25 basis point rate cut by the Federal Reserve in September, contributing to the bullish sentiment in gold [1]. - A weak U.S. dollar has positively impacted gold prices, as it enhances gold's appeal as an investment [1]. - Concerns regarding the independence of the Federal Reserve, fueled by Trump's interventions, have led to increased interest in gold as a reserve asset [1]. Group 3: Central Bank Activity - Central banks, particularly in emerging markets, have been increasing their gold reserves for diversification and de-dollarization, with over 5.3 million ounces purchased by Q2 2025, providing crucial support for gold prices [1]. Group 4: Geopolitical Risks - Ongoing geopolitical risks are prompting investors to consider gold as part of their investment portfolios [2]. - The largest gold ETF (SPDR) continued to see net inflows in August, indicating strong demand for physical gold in regions like China and India [2]. Group 5: Future Price Predictions - Investment banks such as Goldman Sachs and JPMorgan expect gold prices to rise to $4,000 by mid-2026 [2]. - Investors are encouraged to consider the value of gold in their portfolios, with options including gold ETFs (518800) or more flexible gold stock ETFs (517400) [2].