避险与降息预期共同驱动，黄金持续上行，黄金ETF基金(159937)早盘小幅回调

Core Viewpoint - The gold ETF fund has shown a slight decline recently, but overall, it has experienced a weekly increase, reflecting heightened market demand for gold as a safe-haven asset amid economic uncertainties and geopolitical tensions [1][3]. Market Performance - As of September 24, 2025, the gold ETF fund (159937) decreased by 0.11%, with a latest price of 8.12 yuan. However, it has risen by 1.44% over the past week [1]. - The liquidity of the gold ETF fund is notable, with an intraday turnover of 0.57% and a transaction volume of 169 million yuan. The average daily transaction over the past week was 1.174 billion yuan, ranking it among the top two comparable funds [1]. Economic Indicators - Gold prices reached a historical high for the third consecutive day, with spot gold touching $3,791.10 per ounce, driven by increasing market risk aversion [1]. - Federal Reserve Chairman Jerome Powell indicated a slowdown in U.S. economic growth and a slight rise in unemployment, with inflation remaining above the 2% target. The Fed recently lowered the federal funds rate by 25 basis points to a range of 4%-4.25% [1]. Institutional Insights - Short-term catalysts for gold demand include ambiguous Fed policy expectations and ongoing geopolitical and macroeconomic uncertainties, which are expected to sustain the demand for gold as a safe-haven asset [3]. - In the medium to long term, the increase in gold reserves by central banks globally, the potential restructuring of the U.S. dollar credit system, and the downward trend in real interest rates are expected to provide solid support for gold prices [3]. Related Products - The gold ETF fund (159937) and its associated products, such as the BoShi Gold ETF Connect funds, closely track the Shanghai Gold Exchange spot contracts (Au9999), offering convenient trading options and low fees suitable for both short-term trading and long-term asset allocation [4]. - Recent data indicates a continued influx of leveraged funds into the gold ETF, with a net financing amount of 10.6586 million yuan on the previous trading day and a latest financing balance of 3.569 billion yuan [4].