Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 1,043.72 tons of gold as of November 19, 2025, reflecting an increase of 2.29 tons from the previous trading day. The gold price experienced fluctuations, reaching a high of $4,132.59 per ounce before settling at $4,077.74 per ounce, marking a gain of $10.30 or 0.25% [5]. Group 1: Gold ETF Holdings - As of November 19, 2025, SPDR Gold Trust's total gold holdings stand at 1,043.72 tons, an increase of 2.29 tons from the previous day [5]. - The report indicates a continuous rise in gold prices, with the highest intraday price reaching $4,132.59 per ounce [5]. Group 2: Market Dynamics - Gold prices initially retreated in the Asian market but remained above the $4,050 per ounce mark, followed by a significant rise during European trading hours due to heightened market risk aversion and increased expectations for a Federal Reserve rate cut in December [5]. - The subsequent decline in gold prices was attributed to a strong rebound in the U.S. dollar index, which peaked at 100.23, the highest level in two weeks, thereby suppressing gold price movements [5]. Group 3: Federal Reserve Insights - The latest Federal Reserve meeting minutes revealed significant internal disagreements regarding the appropriateness of a rate cut in December, with some members suggesting that a 25 basis point cut may not be suitable [6]. - The delay in the release of key economic data due to a government shutdown has led to increased uncertainty among policymakers regarding labor market and inflation trends [6]. Group 4: Technical Analysis - The upward trend in gold prices remains intact, although buyer interest appears cautious, as indicated by technical indicators showing a neutral to slightly bullish bias [7]. - Key support levels for gold prices are identified at $4,050, with further support at $4,000 and the November 4 low of $3,930 [7].

国际黄金周三（11月19日）震荡收涨，开盘价4052.91美元/盎司，最高价4132.76美元/盎司，最低价4040.29美 元/盎司，收盘价4096.60美元/盎司。 消息面： 美联储10月政策会议纪要显示，美联储决策层在上月降息时存在严重分歧。尽管政策制定者警告降息可能影响 抑制通胀的努力——过去四年半来美国通胀率持续高于2%的控制目标，但最终仍决定下调利率。会议纪要显 示："许多与会者支持降低联邦基金利率目标区间"，但同时也指出部分支持降息的成员对维持利率不变同样可 接受。另有数名官员直接反对降息，"他们对委员会实现2%通胀目标的进程陷入停滞表示担忧，并指出若通胀 未能及时回归2%，长期通胀预期可能升温"。会议纪要补充道："多数与会者指出，进一步降低政策利率可能 加剧通胀居高不下的风险，或被市场误读为决策者未坚定致力于实现2%通胀目标。"这份纪要反映出官员们在 数据缺失背景下努力寻求共识：既要权衡通胀升温与就业市场疲软的双重风险，又警示若市场对人工智能投资 进行"急剧重估"可能导致"股市无序下跌"。 美联储10月会议纪要显示，相较于9月会议的预测，10月的预测显示截至2028年的实际GDP增长总体小幅增 ...

Core Viewpoint - As of November 18, the world's largest gold ETF, SPDR Gold Trust, maintained its holdings at 1,041.43 tons, showing no change from the previous trading day [1] Group 1 - The SPDR Gold Trust is recognized as the largest gold ETF globally [1] - The current holding of 1,041.43 tons indicates stability in the ETF's assets [1] - The unchanged position from the previous trading day suggests a steady interest in gold investments [1]

Central Bank Gold Purchases - Goldman Sachs anticipates a significant increase in central-bank gold purchases for November, driven by a shift in reserve management as policymakers hedge against geopolitical and financial risks [1] - Goldman's estimates indicate central banks purchased 64 tons of gold in September, a notable rise from the 21 tons projected for August, suggesting strong buying momentum through year-end [1] Reporting and Transparency Issues - A large portion of central bank gold purchases remains unreported, with the World Gold Council estimating that only one-third of global central bank buying is reported to the IMF, down from approximately 90% four years ago [2] - China's official monthly disclosures show minimal purchases, with only 1.9 tons reported in August and July, and 2.2 tons in June, leading analysts to believe these figures do not reflect actual buying [3] China's Accumulation Strategy - Société Générale estimates that China could accumulate up to 250 tons of gold this year through trade flows, accounting for over one-third of global central-bank demand [4] - China's strategy involves minimal disclosure of gold purchases to avoid potential repercussions from the U.S. administration, as gold is viewed as a hedge against the U.S. [6] Market Dynamics and Price Outlook - The reluctance to report gold purchases is linked to a desire to prevent front-running in an increasingly illiquid market, with delivery timelines in the London Bullion Market Association extending up to eight weeks [6] - Despite a strong performance in gold prices, institutions are optimistic about continued outperformance, with Goldman projecting a target price of $4,900 for gold by 2026 [7]

美联储副主席称就业市场下行风险升高，理事Waller支持下月降息。 美联储副主席Jefferson表示，就业市场面临的下行风险增加，但决策者在利率接近中性水平时应谨慎行 事。美联储理事Waller支持再次降。 截至11月17日，全球最大黄金上市交易基金(ETF)SPDRGoldTrust黄金持仓量为1041.43吨，较前一交易 日减少2.57吨，幅度为0.25%. 【黄金期货行情表现】 11月18日，沪金主力暂报918.52元/克，跌幅达1.33%，今日沪金主力开盘价932.26元/克，截至目前最高 935.52元/克，最低917.58元/克。 【宏观消息】 印尼财政部:印尼计划对黄金制品出口征收7.5%至15%的出口税。 【机构观点】 金银供应趋紧但买盘仍存，美联储官员态度分歧及美国经济数据公布或加剧波动，中长期供需支撑牛市 预期。数据：美盘黄金收盘报 50.16 美元 / 盎司，跌 0.77%；下方支撑 4000 美元（925 元）附近。观 点：中长期有望重现 1970 年代牛市，短期建议逢低买入。 ...

Core Insights - The current total holdings of the SPDR Gold Trust, the world's largest gold ETF, stand at 1,041.43 tons, reflecting a decrease of 2.57 tons from the previous trading day [5] - Gold prices have continued to decline, influenced by a stronger US dollar and reduced expectations for interest rate cuts by the Federal Reserve [5] - The market is experiencing a shift in demand for gold as a safe-haven asset due to easing global trade tensions and the end of government shutdowns [5] Gold ETF Holdings - As of November 17, the SPDR Gold Trust's holdings were reported at 1,041.43 tons, down from previous levels [5] - The decline in holdings correlates with a drop in gold prices, which fell to around $4,000 per ounce before recovering slightly to close at $4,045.50 [5] Market Dynamics - Gold prices have been under pressure due to a strong US dollar and diminishing expectations for a December interest rate cut, with the probability dropping from 94% to 44% [5] - The Federal Reserve's stance on interest rates is becoming more hawkish, which may continue to impact gold prices negatively in the short term [6] Technical Analysis - The gold market is currently showing a range-bound pattern, with key support around $4,043 and resistance at $4,100 [7] - If gold prices break below the $4,040-$4,050 range, they may revisit the previous range of $3,900-$4,050 [7] - The Relative Strength Index (RSI) indicates that sellers are currently dominant, while the MACD shows signs of losing bearish momentum [7]

（文章来源：新华财经） 截至11月17日，全球最大黄金ETF——SPDR Gold Trust持仓较前一日减少2.57吨，当前持仓量为1041.43 吨。 ...

截至11月14日，全球最大黄金ETF——SPDR Gold Trust持仓较前一日减少4.93吨，当前持仓量为1044.00 吨。 （文章来源：新华财经） ...

Economic Data Release - The Bureau of Labor Statistics (BLS) will release September's nonfarm payrolls data on Thursday at 8:30 a.m. Eastern Time, following the 42-day government shutdown [1] - The shutdown was the longest in U.S. history, beginning on October 1 and ending with a bipartisan Senate deal that approved funding through January 30 [1] Labor Market Indicators - The Labor Department did not release its weekly unemployment benefits report for seven weeks, complicating the understanding of the labor market [2] - The jobless claims report is considered an early indicator of labor market trends [2] Inflation Data - September's Consumer Price Index (CPI) showed a headline inflation rate of 3.0%, slightly below the forecast of 3.1%, and core inflation also at 3.0%, down from 3.1% [4] - Monthly core inflation was reported at 0.2%, which was below expectations [4] Job Market Concerns - Major employers like Amazon, UPS, and Intel announced significant job cuts, contributing to concerns about the job market [4] - Carlyle Group data indicated only 17,000 jobs were created in September, significantly below the forecast of 54,000, marking the weakest hiring since the 2020 recession [5] Political Reactions - Senator Elizabeth Warren criticized the Federal Reserve for lacking data and accused the Trump administration of withholding September jobs data [5] - The absence of official BLS figures has led to increased political pressure regarding the delayed economic data [5]

According to the latest 13F filing, Harvard University held 6,813,612 shares of IBIT valued at approximately $443 million and 661,391 shares of GLD valued at about $235 million as of September 30. These positions represent increases of 257% and 99%, respectively, from the 1,906,000 IBIT shares and 333,000 GLD shares reported at the end of June. https://t.co/bf4dE87z8B ...