降息落地！金价高位回调，上海金ETF嘉实(159831)近5日“吸金”超2600万元

Core Viewpoint - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to between 4.00% and 4.25%, which may weaken the dollar's attractiveness and support the precious metals market [1][3] Group 1: Market Reactions - International precious metals futures have generally declined, with COMEX gold futures down 0.82% to $3694.60 per ounce and COMEX silver futures down 2.15% to $41.99 per ounce [1] - As of September 18, 2025, the Shanghai Gold ETF (嘉实, 159831) saw a turnover of 5.78% and a transaction volume of 39.74 million yuan [1] Group 2: Fund Flows and Performance - Over the past five trading days, the Shanghai Gold ETF has experienced net inflows on four days, totaling 26.55 million yuan [3] - The net asset value of the Shanghai Gold ETF has increased by 73.98% over the past two years [3] - The highest monthly return since inception for the Shanghai Gold ETF is 10.00%, with the longest consecutive monthly gain being six months and the maximum gain during that period being 8.28% [3] Group 3: Economic Outlook and Investment Strategy - Industry experts suggest that the current global economic uncertainty, combined with the Fed's shift to a rate-cutting cycle and ongoing gold purchases by central banks, may lead to a sustained upward trend in gold prices [3] - It is recommended for long-term investors to gradually accumulate gold positions to capitalize on the anticipated long-term bullish trend in gold [3] - Dongwu Securities indicates that the Fed's focus on the labor market and mild commodity inflation will not alter its rate-cutting trajectory, suggesting that precious metals may continue to benefit from declining real interest rates [3]