2026年新春黄金配置指南：聚焦黄金基金ETF的配置逻辑与操作建议

Core Viewpoint - Gold continues to be recognized as a safe-haven asset and an inflation hedge, with its allocation value gaining market attention as of early 2026 [1] Market Environment - The current market environment is supported by three factors: marginal liquidity easing, ongoing geopolitical uncertainties, and continuous gold purchases by global central banks [1] - Gold prices have shown strong performance, with international spot gold priced at $4,438.00 per ounce as of January 7, 2026, reflecting a 2.0% increase from the beginning of the year [1][2] Domestic Gold Prices - Domestic spot gold (Au99.99) closed at 999.20 yuan per gram on January 7, 2026, while retail prices for physical gold jewelry range between 1,391 and 1,396 yuan per gram, indicating stable demand from the physical consumption sector [1][2] Gold Fund ETF (518800) - The unit net value of the Gold Fund ETF (518800) was 9.43 yuan as of January 8, 2026, closely linked to the physical gold price, with one ETF share corresponding to approximately one gram of gold [1][2] - The ETF's pricing is efficient, with a minimal premium of -0.03%, indicating that the trading price is close to the net value [2] Investment Strategy - The recommendation for investors is to gradually accumulate positions in gold, particularly through the Gold Fund ETF (518800), which should constitute 5% to 15% of their overall assets, especially for those with moderate risk tolerance seeking to hedge against inflation and market volatility [2][3] - For those looking to enhance yield flexibility, the Gold Stock ETF (517400) is suggested, although it carries significantly higher volatility and requires a greater risk tolerance [2] Conclusion - The Gold Fund ETF (518800) is highlighted as an efficient tool for individual investors to allocate gold assets, characterized by transparency, low cost, and high liquidity [3] - The long-term allocation value of gold remains prominent in the context of global monetary credit restructuring, ongoing central bank purchases, and persistent demand for safe-haven assets [3]