黄金ETF持仓量报告解读（2025-9-30）金价上破3800 看涨动能重现

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 1011.73 tons of gold as of September 29, 2025, marking an increase of 6.01 tons from the previous trading day. The price of spot gold surged past $3800 per ounce, reaching a record high of $3834.03 per ounce, driven by central bank demand and expectations of renewed interest rate cuts by the Federal Reserve [5]. Group 1 - The total holdings of the SPDR Gold Trust reached 1011.73 tons, the highest level since July 2022 [5]. - Gold prices have increased by over 40% this year, influenced by central bank demand and the Federal Reserve's potential rate cuts [5]. - Major banks, including Goldman Sachs and Deutsche Bank, expect the upward trend in gold prices to continue [5]. Group 2 - The surge in gold prices is attributed to expectations of Federal Reserve rate cuts, which have weakened the dollar and U.S. Treasury yields, alongside ongoing geopolitical tensions and uncertainties regarding a potential U.S. government shutdown [5]. - The U.S. Labor Statistics Bureau plans to suspend operations during the government shutdown, which will not release economic data, further increasing market uncertainty and driving investors towards traditional safe-haven assets like gold [6]. Group 3 - The market is focused on the upcoming U.S. non-farm payroll data, as labor market conditions are seen as a major downside risk to the economy and a key factor for the Federal Reserve's monetary policy outlook [7]. - Technically, after breaking the $3800 level, bullish momentum for gold has re-emerged, with potential targets of $3850 and $3880 if the upward trend continues [7].