金价，大涨！年内黄金ETF规模大幅攀升

Core Viewpoint - The article highlights the recent rise in gold prices and the significant expansion of gold ETFs, indicating a renewed interest in gold as a long-term investment amid changing monetary policies and liquidity conditions [1][2][3]. Group 1: Gold Price Movement - On December 15, spot gold prices rose, with London gold prices briefly surpassing $4,350 per ounce [1]. - The overall trend for international gold prices has been a steady increase, supported by safe-haven and allocation demand, with last week's London spot gold closing at $4,299 per ounce, a 2.4% increase week-on-week [3]. Group 2: Gold ETF Expansion - The expansion of gold ETFs has been notable, with five gold ETFs surpassing a management scale of 10 billion yuan as of December 12 [2][3]. - Major products like Huaan Gold ETF and Bosera Gold ETF have shown significant growth, with Huaan's scale increasing from 28.676 billion yuan at the beginning of the year to 90.629 billion yuan by December 12 [3]. Group 3: Market Trends and Monetary Policy - There is a clear trend of funds concentrating on core gold indices, with the total management scale of ETFs linked to the SGE Gold 9999 index reaching 214.496 billion yuan, including 147.587 billion yuan added this year [4]. - The Federal Reserve's recent decision to restart balance sheet expansion is expected to lead to a more accommodative liquidity environment, which could benefit gold prices [5]. Group 4: Future Outlook - The market anticipates that the Fed's dovish stance may lead to more aggressive rate cuts, further supporting gold prices in the long term [5]. - However, concerns about inflation and limited rate cuts indicated by the Fed's dot plot may create volatility in gold prices, suggesting a potential for price corrections driven by news and technical factors [6].