黄金ETF持仓量报告解读（2025-9-2）亚市盘中现货黄金大幅拉升

Core Insights - The total holdings of the world's largest gold ETF, SPDR Gold Trust, remain unchanged at 977.68 tons as of September 1, 2025 [5] - Spot gold prices have reached a new high since April 22, 2025, peaking at $3489.8 per ounce, with a daily increase of $29.05 or 0.84% [5] - The recent surge in gold and silver prices is attributed to a revival in safe-haven demand amid market uncertainties and expectations of a potential interest rate cut by the Federal Reserve [5][6] Gold ETF Holdings - SPDR Gold Trust's current total holdings stand at 977.68 tons of gold, unchanged from the previous trading day [5] - The report indicates a stable position in gold ETF holdings despite fluctuations in market prices [5] Market Performance - On September 1, spot gold recorded five consecutive days of gains, with significant increases in both spot and COMEX gold futures prices [5] - Silver prices have also surged, breaking the $40 per ounce mark, the highest level since 2011, with a year-to-date increase exceeding 40% [5] Market Analysis - Analysts suggest that the recent price increases in gold and silver are driven by heightened risk aversion in the market, particularly following declines in major stock indices [5] - Expectations of a Federal Reserve interest rate cut in September are providing additional support for gold prices [6] Price Forecasts - Major financial institutions have raised their gold price forecasts, with OCBC predicting a year-end target of $3570 and UBS adjusting its target for next year to $3700 [6] - JPMorgan forecasts that central bank gold purchases could reach approximately 850 tons in 2025, with gold prices potentially hitting $4000 [6] Technical Analysis - Technical indicators suggest that gold may have further upward potential, with the Relative Strength Index (RSI) indicating room for growth [6] - Key resistance levels for gold are identified at the record high of $3500, with potential tests of $3550 if surpassed [6]