又一黄金ETF暂停申购，黄金站上4600美元，白银涨幅领跑

Core Viewpoint - The precious metals market has shown a strong upward trend at the beginning of the year, with gold and silver prices reaching new highs, driven by various factors including geopolitical risks and central bank policies [1][5][8]. Price Performance - As of January 12, spot gold reached a high of $4600.79 per ounce, with a year-to-date increase of over 6%. Spot silver also hit a peak of $84.596 per ounce, with a year-to-date increase exceeding 17% [1][2]. - Current prices include London gold at $4589.320 (up 1.78% YTD) and London silver at $83.961 (up 17.30% YTD) [2]. ETF Activity - Multiple funds have seen significant inflows into gold ETFs, with the largest increases in the China Universal Gold ETF and E Fund Gold ETF, both exceeding 13,000 shares in recent weeks [5][6]. - The E Fund Gold ETF announced a temporary suspension of subscriptions from January 16 to January 19 to adjust its pricing mechanism for gold contracts [3][10]. Market Drivers - The rise in gold and silver prices is attributed to several factors: 1. Ongoing purchases by central banks, particularly in emerging markets, which continue to support gold prices [7][8]. 2. Institutional investment inflows into gold ETFs and increased net long positions by hedge funds [7]. 3. Retail demand for physical gold and silver, driven by high-net-worth individuals and industries like photovoltaics [7][8]. Geopolitical and Economic Factors - Heightened geopolitical risks and concerns over U.S. fiscal sustainability are contributing to increased demand for gold as a safe-haven asset [8][12]. - The market is also influenced by expectations of U.S. monetary policy, with potential easing measures impacting gold prices [11][12]. Investment Risks - High premiums in gold ETFs and potential valuation corrections pose risks for investors, particularly if market sentiment shifts or if significant arbitrage activities occur [6][10]. - Recent adjustments in investment thresholds and risk assessments by major banks indicate a cautious approach to gold investments [10][11].