Core Insights - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 976.81 tons of gold as of September 15, 2025, marking an increase of 2.01 tons from the previous trading day [4] - Gold prices surged, reaching a record high of 3685.62 USD/ounce during the trading session, closing at 3678.66 USD/ounce, up 35.71 USD or 0.98% [4] - The increase in gold ETF holdings coincided with a decline in the US dollar index and a significant drop in US Treasury yields, driven by heightened expectations for interest rate cuts by the Federal Reserve [4] Market Dynamics - The market anticipates a 100% probability of the Federal Reserve cutting interest rates during its upcoming meeting on September 16-17, which would be the first cut in nine months [4] - Deutsche Bank forecasts that the Federal Reserve will reduce rates by 25 basis points in each of its remaining meetings this year, bringing the federal funds rate to a range of 3.50%-3.75% [4] - Economic uncertainty and geopolitical tensions are providing additional support for gold, leading to increased investment in gold ETFs, which have accumulated 279 tons of gold in the US market alone in 2025 [5] Technical Analysis - The Relative Strength Index (RSI) indicates overbought conditions for gold, suggesting limited further upside in the short term [5] - If gold prices continue to rise, the next resistance levels are projected at 3700 USD and then 3750 USD [5] - Conversely, if gold prices decline and fall below the September 9 high of 3674 USD, the next support levels are at 3650 USD and then 3613 USD [5]
黄金ETF持仓量报告解读（2025-9-16）美指和美债下挫 推升金价
Sou Hu Cai Jing·2025-09-16 04:25