金价巨震一周：短期资金离场 黄金主题ETF规模缩水427亿

Core Viewpoint - The gold market experienced significant volatility, with a historic price drop and subsequent rebound, leading to a substantial reduction in the scale of domestic gold-themed ETFs by approximately 42.7 billion yuan in one week [1][2]. Group 1: Market Performance - On January 29, the international gold price reached a historic high of nearly 5,600 USD/oz, followed by a drop of over 15% [1][2]. - The London gold price fell from 5,413.805 USD/oz to 4,964.83 USD/oz over the week, marking a decline of 8.29% [2]. - Domestic gold prices mirrored international trends, with the Shanghai Gold Exchange's SGE gold price peaking at 1,256 CNY/g, reflecting a year-to-date increase of approximately 29% [2]. Group 2: ETF Market Impact - The total scale of 20 domestic gold-themed ETFs decreased to 348.954 billion yuan, a reduction of about 42.7 billion yuan [1][2]. - Approximately 1.89% of gold-themed ETF funds opted for redemption, resulting in a net outflow of about 6.6 billion yuan, primarily due to a decline in net asset value [1][3]. - The significant drop in ETF scale was largely attributed to passive reductions from falling net values, amounting to approximately 36.1 billion yuan [3]. Group 3: Investor Behavior - Despite the ETF scale reduction, there was no panic selling among domestic investors; the adjustments were seen as short-term emotional responses [3][5]. - On January 30, the day of the gold price crash, 23.38 million yuan was still net subscribed, indicating attempts by some investors to "buy the dip" [3]. - The funds that withdrew were primarily short-term speculative funds, stable short-term allocation funds, and passive following funds [4]. Group 4: Long-term Investment Logic - Analysts believe the recent price fluctuations are a technical adjustment rather than a reversal of long-term trends, with the underlying investment logic for gold remaining intact [5][6]. - Key supporting factors for gold's long-term value include the unchanged Fed rate cut cycle, ongoing central bank gold purchases, and gold's role as a hedge against international order risks [5][7]. - Investment strategies suggest maintaining a long-term perspective on gold, with recommendations to allocate about 20% of investment portfolios to gold assets for risk hedging [6][7].