广发基金姚曦：金价中长期表现仍值得关注

Core Viewpoint - Recent fluctuations in international gold prices have increased, with short-term pressures expected, but the long-term investment logic remains unchanged [1] Group 1: Market Trends - As of October 21, the Shanghai Gold ETF has seen a net inflow of over 900 million yuan in the past eight trading days, bringing its total scale to over 3.8 billion yuan, with an average daily trading volume exceeding 300 million yuan in October [1] - The volatility of gold prices has significantly increased due to various unexpected events, leading to a potential cooling of market enthusiasm in the short term [1] Group 2: Expert Insights - According to Guangfa Fund manager Yao Xi, while international gold prices have reached new highs, the underlying fundamentals for gold prices have not changed in the long term [1] - Factors such as excessive debt issuance and the trend of de-globalization are contributing to a decline in the credibility of the US dollar, making gold a crucial asset for hedging against dollar credit risk [1] - The ongoing trend of global central banks purchasing gold suggests that the long-term performance of gold prices may be worth monitoring [1]