Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 1,043.72 tons of gold as of November 19, 2025, reflecting an increase of 2.29 tons from the previous trading day. The gold price experienced fluctuations, reaching a high of $4,132.59 per ounce before settling at $4,077.74 per ounce, marking a gain of $10.30 or 0.25% [5]. Group 1: Gold ETF Holdings - As of November 19, 2025, SPDR Gold Trust's total gold holdings stand at 1,043.72 tons, an increase of 2.29 tons from the previous day [5]. - The report indicates a continuous rise in gold prices, with the highest intraday price reaching $4,132.59 per ounce [5]. Group 2: Market Dynamics - Gold prices initially retreated in the Asian market but remained above the $4,050 per ounce mark, followed by a significant rise during European trading hours due to heightened market risk aversion and increased expectations for a Federal Reserve rate cut in December [5]. - The subsequent decline in gold prices was attributed to a strong rebound in the U.S. dollar index, which peaked at 100.23, the highest level in two weeks, thereby suppressing gold price movements [5]. Group 3: Federal Reserve Insights - The latest Federal Reserve meeting minutes revealed significant internal disagreements regarding the appropriateness of a rate cut in December, with some members suggesting that a 25 basis point cut may not be suitable [6]. - The delay in the release of key economic data due to a government shutdown has led to increased uncertainty among policymakers regarding labor market and inflation trends [6]. Group 4: Technical Analysis - The upward trend in gold prices remains intact, although buyer interest appears cautious, as indicated by technical indicators showing a neutral to slightly bullish bias [7]. - Key support levels for gold prices are identified at $4,050, with further support at $4,000 and the November 4 low of $3,930 [7].
黄金ETF持仓量报告解读（2025-11-20）美指反弹 金价小幅回落
Sou Hu Cai Jing·2025-11-20 04:20