黄金ETF持仓报告解读（2026-2-6）黄金再遭抛售 大幅跳水

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 1,077.95 tons of gold, reflecting a decrease of 4 tons from the previous trading day and over 9 tons for the week, amid significant selling pressure in the gold market [5]. Group 1: Gold ETF Holdings - As of February 5, the SPDR Gold Trust's holdings were 1,077.95 tons, down 4 tons from the previous day [5]. - The total reduction in holdings for the week exceeded 9 tons [5]. - The global gold ETF attracted a record inflow of $18.7 billion in January, with total assets under management reaching a historical high of $669 billion [7]. Group 2: Market Dynamics - On February 5, spot gold experienced a sharp decline, hitting a low of $4,760.28 per ounce and closing at $4,775.28, a drop of $190.46 or 3.84% [5]. - Silver prices fell nearly 20%, approaching the $70 mark [5]. - The decline in gold prices was influenced by a broader sell-off in the market, particularly in U.S. software stocks, and a strengthening U.S. dollar [5]. Group 3: Volatility and Future Outlook - Gold's volatility is currently at its highest level since the 2008 financial crisis, indicating a potential for continued price fluctuations [6]. - Analysts suggest that unless a speculative bubble re-emerges, volatility may not reach the extremes seen recently [6]. - The Federal Reserve's interest rate outlook remains uncertain, with expectations of two more rate cuts this year [6]. Group 4: Demand and Consumption - The China Gold Association reported a 3.57% year-on-year decline in gold consumption for 2025, totaling 950.096 tons [6]. - Domestic gold ETF holdings in China increased by 149.91% year-on-year to 247.852 tons by the end of December [6]. - JPMorgan forecasts that central bank net gold purchases will reach 800 tons this year, 70% higher than pre-2022 levels, potentially pushing gold prices to $6,300 per ounce by the end of 2026 [7].