Price Movement - Last week, the Shanghai gold futures price rose by 2.76% to 688.40 CNY/g, while COMEX gold futures increased by 0.26% to 2893.70 USD/oz[2] - Gold T+D spot price increased by 2.58% to 685.80 CNY/g, and London gold spot price rose by 0.77% to 2882.09 USD/oz[2] - The international gold price experienced fluctuations, initially rising before a drop, but overall showed an increase[2] Market Dynamics - Arbitrage trading has driven demand for physical gold, leading to a surge in spot gold demand and pushing prices to new highs[2] - Despite higher-than-expected U.S. CPI and PPI data, inflation indicators suggest that the rise in core CPI may not be sustainable, providing some support for gold prices[2] - Recent U.S. tariff policies led to profit-taking among gold bulls, causing a sudden drop in international gold prices[2] Future Outlook - The upcoming week is expected to have some risk of price correction due to profit-taking tendencies in COMEX gold futures[3] - Market sentiment may be pressured by the announcement of lower-than-expected inflation impacts from tariffs and potential easing of geopolitical tensions[3] Trading Volume and Positions - The cumulative trading volume for gold T+D rose significantly by 60.30% to 231,014 kg, attributed to fewer trading days in the previous week[15] - Global SPDR gold ETF holdings decreased by 5.44 tons to 863.06 tons, indicating a slight retreat in physical gold investment[15] Economic Indicators - U.S. January CPI rose by 3.0%, exceeding expectations, while core CPI increased by 3.3%[21] - January PPI also showed a significant increase of 3.5%, marking the highest level in nearly two years[22] - U.S. retail sales unexpectedly fell by 0.9% in January, the largest decline since March 2023, indicating potential economic weakness[23]
黄金周报：套利交易推升需求，上周黄金价格整体上涨
Dong Fang Jin Cheng·2025-02-19 02:04