黄金ETF持仓量报告解读（2026-1-16）金银盘中调整 避险情绪持续

Core Insights - The total holdings of the world's largest gold ETF, SPDR Gold Trust, reached 1,074.8 tons as of January 15, 2026, reflecting an increase of 0.57 tons from the previous trading day [5] - The spot gold price experienced fluctuations, dropping to a low of $4,581.26 per ounce before closing at $4,615.73, down $10.68 or 0.23% [5] - The significant drop in gold and silver prices was attributed to profit-taking after previous record highs, alongside a temporary halt by the U.S. on new tariffs for key mineral imports [5] Group 1: Market Dynamics - Geopolitical tensions easing contributed to the adjustment in gold and silver prices, reducing the demand for safe-haven assets [5] - Despite the recent price drop, the long-term outlook for gold remains positive due to ongoing geopolitical uncertainties [5] - Concerns regarding the independence of the Federal Reserve may continue to support gold's safe-haven demand [6] Group 2: Investment Trends - In 2025, gold prices set a record 53 times, leading to unprecedented inflows into gold ETFs, totaling $89 billion, with assets under management (AUM) reaching $559 billion and total holdings climbing to a historic peak of 4,025 tons [6] - The record performance was driven by three main factors: increased demand for safe-haven assets due to global trade disputes and geopolitical tensions, trend-following buying due to rising gold prices, and reduced opportunity costs from declining U.S. Treasury yields and a weaker dollar [6] Group 3: Technical Analysis - The strong market momentum continued into the end of the year, with global gold ETFs seeing inflows for seven consecutive months, amounting to approximately $10 billion, primarily driven by North America [7] - The technical outlook for gold remains bullish, with the 50-day moving average trending upwards and the relative strength index (RSI) indicating positive momentum without reaching overbought levels [7] - Key resistance levels for gold are identified at $4,643 and $4,660, while initial support is at $4,535 and further at $4,490 [7]