美联储降息预期带动金价收复4000元关口！上海金ETF(518600)获资金逢低布局，近10个交易日“吸金”超9亿

Group 1 - The core viewpoint is that gold prices have recovered above $4000 per ounce due to a weaker dollar and expectations of further interest rate cuts by the Federal Reserve, despite a previous drop of over 3% [1] - Short-term factors affecting gold prices include potential easing of international trade tensions, ongoing uncertainty from the U.S. government shutdown, and profit-taking by long positions ahead of key CPI data [1] - The long-term upward trend in gold prices is likely to continue due to ongoing dollar credit risks and the reshaping of global regional dynamics, with gold remaining a preferred asset for hedging against dollar credit risk [1] Group 2 - The Shanghai Gold ETF (518600) has seen a cumulative increase of over 46% in 2025, with an average daily trading volume of 2.59 billion yuan over the past month, indicating sustained market activity [2] - Over the past five years, the net asset value of the Shanghai Gold ETF has increased by 117.70%, showcasing strong profitability with a maximum monthly return of 11.46% since inception [2] - Despite fluctuations in gold prices, there has been a strong willingness for capital to enter the market, with net inflows totaling 932 million yuan over the last ten trading days [2]