金价具备长期支撑，持续关注黄金基金ETF（518800）、黄金股票ETF（517400）

Core Viewpoint - Gold and silver prices have surged to historical highs, with gold reaching a peak of 4584 on COMEX, indicating a strong upward trend in precious metals [1] Group 1: Market Performance - On December 29, the gold ETF (518800) closed down by 0.9% [1] - Last week, precious metals prices, including silver, soared to record highs, continuing a historical upward trend [1] - The London spot gold price broke previous highs and continued to strengthen, consistently setting new historical records [1] Group 2: Economic Indicators - The U.S. GDP growth rate for Q3 2025 is projected to rise from 3.8% in Q2 2023 to 4.3%, significantly above Bloomberg's consensus estimate of 3.3% [1] - Market expectations for interest rate cuts have cooled, but there are concerns that the current high growth in the U.S. economy may not be sustainable [1] Group 3: Geopolitical Developments - Ongoing tensions between Russia and Ukraine persist, with reports of drone attacks on Moscow and unresolved territorial issues between Trump and Zelensky [1] - The situation in Venezuela is escalating, with Trump increasing pressure on President Maduro by blocking oil tankers and announcing the closure of airspace around Venezuela, with potential airstrike options not ruled out [1] Group 4: Market Regulations - CME Group announced a significant increase in margin requirements for metal futures, including gold and silver, effective after market close on December 29 [2] - The Shanghai Futures Exchange has also issued risk warnings and control measures in response to the precious metals market trends [2] Group 5: Investment Opportunities - Short-term, there is an increased risk of profit-taking among investors following the recent highs in gold prices [2] - In the medium to long term, factors such as the Fed's interest rate cut cycle, increasing global uncertainties, and the trend of de-dollarization are expected to provide support for gold prices [2] - Investors are encouraged to monitor investment opportunities in gold ETFs (518800) and gold stock ETFs (517400) [2]