金价进入新一轮上涨周期，20只黄金ETF年内吸金592亿元

Core Viewpoint - The article discusses the recent surge in gold prices, with COMEX gold futures reaching a historical high of $3640.1 per ounce, and forecasts predicting potential increases to $4000 per ounce, indicating a new upward cycle for gold prices [2][9]. Group 1: Gold Price Performance - Year-to-date, international gold prices have increased by 36%, leading to significant gains in gold ETFs, with an average net asset growth rate of approximately 42% across 20 gold ETFs [3][4]. - Among the gold ETFs, those tracking domestic spot gold prices have shown an average return of 31% over the past year, while ETFs linked to gold stocks have performed even better, with an average net asset growth rate of 66% [3]. Group 2: Fund Inflows and ETF Growth - The total scale of 20 gold ETFs has reached 160.3 billion yuan, with an increase of 87.7 billion yuan this year, indicating a doubling in scale [4][6]. - Specifically, seven gold ETFs targeting SGE gold have seen an increase of 72.6 billion yuan, while those linked to Shanghai gold and gold stocks have grown by approximately 8.8 billion yuan and 6.3 billion yuan, respectively [6]. Group 3: Investor Behavior and Market Sentiment - The influx of funds into gold ETFs is attributed to a combination of heightened risk aversion and market reactions to global economic uncertainties, with significant purchases made by public funds [8][9]. - Major gold ETFs such as Huazhang Gold ETF and Boshi Gold ETF have seen substantial inflows, with net inflows of 20.5 billion yuan and 8.1 billion yuan respectively this year [6][8]. Group 4: Future Price Predictions - Analysts remain bullish on gold prices, with Citibank raising its three-month price forecast from $3300 to $3500 per ounce, while Goldman Sachs maintains a target of $3700 per ounce by the end of 2025 [11][13]. - UBS has reiterated its prediction of gold prices reaching $3700 per ounce by June 2026, with a possibility of hitting $4000 per ounce under adverse geopolitical or economic conditions [13].