黄金ETF持仓量报告解读（2025-10-29）金价遭大幅抛售跌破3900

Core Insights - The total holdings of the world's largest gold ETF, SPDR Gold Trust, remain unchanged at 1,038.92 tons as of October 28, 2025, despite fluctuations in gold prices [5] - Gold prices have experienced a downward trend, dropping to a low of $3,886.80 per ounce, the lowest level since October 6, 2025, with a closing price of $3,952.54 per ounce, reflecting a decrease of $28.56 or 0.72% [5] - The signing of a rare earth supply agreement between the U.S. and Japan has injected optimism into the market, reducing gold's appeal as a safe-haven asset [5] Market Trends - The market is closely watching the Federal Reserve's decision, with expectations of a 25 basis point rate cut, marking the second cut since September and the first since December 2024 [6] - The focus will shift to Jerome Powell's speech, where dovish comments could boost gold prices, while hawkish tones may limit upward momentum [6] - Central banks, including the Bank of Korea, are considering increasing gold reserves, which could provide additional support for gold prices [6] Technical Analysis - Gold has seen a correction after a more than 30% increase since late August, with potential for further downside [7] - Key support levels are identified between $3,900 and $3,890, with a decisive break below this range opening up further declines towards $3,800 [7] - Initial resistance is near $4,000, with stronger resistance between $4,050 and $4,150, where multiple moving averages converge [7]