贸易局势缓和，金价再跌，黄金ETF周一创六个月最大单日减仓

Core Viewpoint - Gold prices have experienced significant volatility, dropping below $3960 per ounce after reaching a historical high of $4380 per ounce, primarily due to easing trade tensions and reduced demand for safe-haven assets [1][2] Group 1: Market Trends - Gold prices fell 3.2% on Monday, continuing a downward trend, with a notable drop in gold ETFs, which reduced holdings by 448,706 ounces (approximately $1.79 billion), marking the largest single-day reduction in six months [1] - Despite the recent decline, gold has still increased by about 50% year-to-date, driven by central bank purchases and currency devaluation trades [1][2] - A survey at the LBMA conference indicated a bullish sentiment among participants, with expectations that gold prices could approach $5000 per ounce in a year [2] Group 2: Institutional Insights - Analysts suggest that the current market conditions may present opportunities for central banks to increase gold holdings, with reports indicating that the Bank of Korea is considering re-entering the gold market after more than a decade [2] - The World Gold Council noted a decrease in central bank demand for gold, which could lead to deeper market adjustments that may be welcomed by professional traders [2] Group 3: Investment Strategies - Analysts recommend a cautious approach to gold investments, suggesting that investors wait for a bottom before buying during a rebound [2] - There is a prevailing view that gold remains underrepresented in global asset allocation, with only about 5% of investments in gold compared to traditional stock and bond portfolios [3] - Market expectations indicate that the Federal Reserve may lower interest rates by 25 basis points, which typically supports non-yielding assets like gold [3]