黄金ETF持仓量报告解读（2025-10-30）美联储决议后金价跌势加剧

Core Viewpoint - As of October 29, 2025, the SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 1,036.05 tons of gold, reflecting a decrease of 2.87 tons from the previous trading day, amidst a backdrop of declining gold prices and recent Federal Reserve interest rate cuts [6][7]. Group 1: Gold ETF Holdings - The current total holding of the SPDR Gold Trust is 1,036.05 tons of gold [6]. - The holdings decreased by 2.87 tons compared to the previous trading day [6]. Group 2: Gold Price Movements - On October 29, spot gold prices experienced fluctuations, peaking at $4,029.46 per ounce before falling to a low of $3,917.25 per ounce, ultimately closing at $3,930.10 per ounce, a decline of $22.44 or 0.57% [6]. - Gold prices have been on a downward trend for four consecutive trading days [6]. Group 3: Federal Reserve Actions - The Federal Reserve lowered the target range for the federal funds rate from 4.00%-4.25% to 3.75%-4.00%, marking the first back-to-back rate cuts in a year [6][7]. - The rate cut was in line with market expectations, with the market having largely priced in three rate cuts for the year [7]. Group 4: Market Reactions and Analysis - Fed Chair Jerome Powell indicated that the market's expectation for another rate cut in December is "far from a done deal," suggesting a potential slowdown in the pace of rate cuts if economic conditions remain stable [7]. - Analysts believe that while gold may face short-term pressure if market rate expectations turn hawkish, its long-term upward trend remains intact due to ongoing monetary easing [7]. - Some analysts noted that the recent drop in gold prices of over 10% has made it attractive for bottom-fishing buyers, with central banks potentially increasing their gold holdings during this dip [7]. Group 5: Technical Analysis - Technical indicators suggest that gold may experience further consolidation, with a key support level at $3,900; a breach could lead to testing lower levels [8]. - The daily chart shows a decisive reversal in momentum indicators, indicating strong bearish pressure in the short term [8].