机构看好黄金中长期投资机会，上海金ETF嘉实(159831)高效布局黄金投资机遇

Core Viewpoint - The article discusses the recent fluctuations in gold prices and the potential impact of the Federal Reserve's monetary policy decisions on the gold market, highlighting the increasing demand for gold from central banks and the implications of the U.S. credit rating downgrade on gold investments [1]. Group 1: Gold Market Dynamics - As of November 27, 2025, spot gold prices have slightly decreased, falling below $4,150 per ounce [1]. - Federal Reserve Governor Waller indicated that the weak U.S. job market may lead to a 25 basis point rate cut during the December 9-10 meeting, with future decisions dependent on additional data [1]. - Central banks globally have shown a consistent increase in gold reserves from 2009 to 2021, with a slight decline in 2022, followed by a recovery, projected to reach 36,250 tons in 2024 and 36,359 tons by October 2025 [1]. Group 2: Central Bank Demand - In the third quarter of 2025, global central banks purchased 220 tons of gold, marking a 28% increase from the second quarter and a 10% rise year-over-year, which supports the demand for gold in the market [1]. - The downgrade of the U.S. sovereign credit rating by major agencies has weakened U.S. debt credibility, leading to increased investor interest in gold as a safe-haven asset [1]. Group 3: Investment Opportunities - The Shanghai Gold ETF (159831) closely tracks the Shanghai gold benchmark price and directly invests in gold spot contracts on the Shanghai Gold Exchange, providing a transparent and efficient investment tool for investors [1]. - Investors without stock accounts can also access gold investment opportunities through the off-market linked fund (016582) [1].