黄金ETF持仓量报告解读（2025-11-4）中黄金税收影响金价走势

Core Viewpoint - As of November 3, 2025, the SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 1,041.78 tons of gold, reflecting an increase of 2.58 tons from the previous trading day, amidst fluctuating gold prices around the $4,000 per ounce mark [5]. Group 1: Gold ETF Holdings - The current total holding of SPDR Gold Trust is 1,041.78 tons of gold [5]. - The holdings increased by 2.58 tons compared to the previous trading day [5]. Group 2: Gold Price Movements - On November 3, spot gold prices fluctuated, reaching a high of $4,029.39 per ounce and a low of $3,962.97 per ounce, with a trading range exceeding $60 [5]. - The closing price was $4,001.16 per ounce, down by $1.78 or 0.04% [5]. Group 3: Market Influences - The strengthening of the US dollar is pressuring gold prices, with the Federal Reserve's policy stance being a key driver for the dollar's strength [5]. - Recent adjustments in China's gold tax policy, reducing the VAT exemption from 13% to 6%, may also impact gold prices negatively [6]. - The ongoing US government shutdown, now in its 33rd day, raises concerns about economic data releases and broader economic impacts, which could support gold prices in the long term [6]. Group 4: Technical Analysis - Technical indicators show a lack of clear directional momentum for gold, with the RSI at 51 indicating a balance between bullish and bearish forces [7]. - Key resistance levels are identified between $4,030 and $4,045, while support is seen around $3,900 [7]. - A break below the 38.2% Fibonacci retracement level at $3,973 could lead to testing the 50% retracement level at $3,850 [7].