黄金ETF持仓量报告解读（2026-2-24）关税风波地缘政治 支撑金价

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a significant increase in holdings, reflecting heightened investor interest in gold as a safe-haven asset amid geopolitical tensions and U.S. trade policy uncertainties [5]. Group 1: Gold ETF Holdings - As of February 22, the total holdings of SPDR Gold Trust reached 1,086.47 tons, an increase of 7.72 tons from the previous trading day [5]. - The gold price surged over $100 in a single day, reaching a peak of $5,237.85 per ounce, marking the highest level in three weeks [5]. Group 2: Market Dynamics - The recent U.S. Supreme Court ruling regarding the International Emergency Economic Powers Act (IEEPA) has led to increased uncertainty in U.S. trade policy, prompting investors to reassess their asset allocations [5]. - Geopolitical tensions continue to support gold prices, with gold recording weekly gains for three consecutive weeks [5]. Group 3: Structural Support for Gold - Analysts indicate that structural factors supporting gold prices remain strong, including escalating geopolitical tensions and cautious investor sentiment towards sovereign bonds and major currency assets [6]. - Despite a recent reduction in net long positions in gold futures by hedge funds, gold prices have remained robust, suggesting potential for further accumulation in the market [6]. Group 4: Price Forecasts - UBS analysts suggest that gold prices may rise by approximately $1,000 per ounce by June, as current prices do not fully reflect the geopolitical tensions surrounding Iran and the anticipated Fed rate cuts [6]. - Technical analysis indicates that gold has broken through key resistance levels at $5,100 and $5,200, with potential targets of $5,250 and historical highs near $5,600 [9].