金价迭创新高 外资机构也青睐黄金ETF

Core Viewpoint - The recent surge in international gold prices has led to a strong performance in gold stocks and a significant increase in the scale of gold ETFs, driven by heightened global macroeconomic uncertainties and a growing strategic importance of gold as a safe-haven asset [1][2][9]. Gold Price Movement - Gold prices reached new highs, with London spot gold closing at $3,586 per ounce on September 5, marking a weekly increase of 4.04%. In the domestic market, Shanghai Gold Exchange AU9999 rose to 819 yuan per gram, with a weekly increase of 3.81% [2]. Growth of Gold ETFs - As of September 5, major gold ETFs such as those from Huazhang Fund, Bosera Fund, E Fund, and Guotai Fund have seen significant growth, with Huazhang Gold ETF nearing 60 billion yuan in scale. This year, the overall scale of gold ETFs has rapidly expanded, with Huazhang Gold ETF alone increasing by over 30 billion yuan [3][4]. Investment Diversification - The holder structure of gold ETFs has diversified, with foreign institutions like Barclays Bank becoming significant investors. Institutional investors remain the primary holders, with Huazhang Gold ETF having an institutional holding ratio of approximately 65% [5][7]. Future Outlook - The demand for gold ETFs is expected to remain strong due to ongoing risk aversion, with the potential for continued growth driven by both institutional and foreign investments [8]. Structural Support for Gold - The trend of de-dollarization and ongoing central bank purchases of gold provide structural support for gold as a reserve asset. Countries are increasingly diversifying their foreign exchange reserves by increasing gold holdings [9].