Core Viewpoint - As of August 13, the SPDR Gold Trust, the world's largest gold ETF, maintained its gold holdings at 964.22 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 gold holdings of the SPDR Gold Trust remained stable at 964.22 tons [1] - There was no fluctuation in the gold holdings compared to the previous trading day [1]

Market Review - International gold prices experienced a rebound on August 12, with an opening price of $3349.37 per ounce, a high of $3359.25, a low of $3331.08, and a closing price of $3349.80 [1] Economic Indicators - The U.S. July CPI adjusted monthly rate was recorded at 0.2%, matching market expectations, while the previous value was 0.3% [2] - The U.S. July core CPI adjusted monthly rate was recorded at 0.3%, also in line with market expectations, with the previous value at 0.2% [2] - The U.S. July unadjusted core CPI annual rate was recorded at 3.1%, exceeding market expectations of 3.0%, and the previous value was 2.9% [2] - The U.S. July unadjusted CPI annual rate was recorded at 2.7%, below market expectations of 2.8%, with the previous value also at 2.7% [2] - Concerns have arisen regarding the quality of inflation and employment reports due to budget cuts and staff reductions affecting data collection in certain regions [2] Federal Reserve Insights - Following the July employment report, the threshold for interest rate cuts has changed, with the CPI data not being high enough to disrupt the planned rate cut in September [3] - U.S. Treasury Secretary Mnuchin suggested that the Federal Reserve should consider a 50 basis point rate cut in September [4] - Federal Reserve officials indicated that tariffs have a limited impact on inflation, suggesting a patient approach to policy changes [4] - There are indications that middle and low-income consumers are feeling more financially strained, which may suppress their spending and mitigate inflationary pressures from tariffs [4] Geopolitical Developments - President Trump is set to meet with President Putin in Anchorage, Alaska, with no third parties involved in the bilateral summit [5] Gold ETF Holdings - The largest gold ETF, SPDR Gold Trust, maintained its holdings at 964.22 tons, unchanged from the previous trading day [6] Market Expectations - According to CME's FedWatch tool, the probability of the Federal Reserve maintaining interest rates in September is 6.6%, while the probability of a 25 basis point cut is 93.4% [6]

Core Viewpoint - The SPDR Gold Trust's holdings remain stable at 964.22 tons of gold as of August 12, 2025, amidst fluctuating gold prices influenced by U.S. inflation data [5]. Group 1: Gold ETF Holdings - As of August 12, 2025, the SPDR Gold Trust holds 964.22 tons of gold, unchanged from the previous trading day [5]. - The report indicates that the gold ETF's total holdings have not experienced any significant changes recently [5]. Group 2: Gold Price Movements - On August 12, 2025, spot gold prices fluctuated within a range of approximately $30, peaking at $3,358.29 per ounce and dipping to $3,330.81 per ounce, closing at $3,348.07 per ounce, reflecting a slight increase of $5.48 or 0.16% [5]. - Following a significant drop in the previous trading day, gold prices stabilized around $3,350 per ounce during Asian and European market hours [5]. Group 3: U.S. Inflation Data Impact - The U.S. Consumer Price Index (CPI) for July showed a year-over-year increase below expectations, with core CPI rising by 3.1%, marking the highest level since February [5]. - The core CPI's month-over-month increase of 0.3% is the largest since January, leading to increased speculation about a potential interest rate cut by the Federal Reserve in September [5][6]. - Analysts caution that the higher-than-expected core CPI may complicate the Fed's decision-making regarding rate cuts, with further insights expected from the upcoming Jackson Hole symposium [5][6]. Group 4: Market Sentiment and Technical Analysis - Market sentiment is leaning towards a consensus for a September rate cut, but upcoming CPI and non-farm payroll reports will be closely monitored [6]. - Technical analysis indicates a lack of clear direction for gold prices, with the 14-day RSI hovering around 50, suggesting potential downward movement [6]. - If gold prices decline further, short-term targets include the 100-day simple moving average around $3,297, with subsequent support levels at $3,268 and $3,250 [6].

Market Overview - International gold prices experienced a rebound on August 12, with an opening price of $3349.37 per ounce, a high of $3359.25, a low of $3331.08, and a closing price of $3349.80 [1] Economic Data - The U.S. July CPI adjusted month-on-month recorded 0.2%, matching market expectations, while the previous value was 0.3% [2] - The core CPI for July adjusted month-on-month was 0.3%, also in line with expectations, with the previous value at 0.2% [2] - The unadjusted core CPI year-on-year for July was 3.1%, exceeding market expectations of 3.0%, and the previous value was 2.9% [2] - The unadjusted CPI year-on-year for July was 2.7%, below market expectations of 2.8%, with the previous value also at 2.7% [2] - Concerns have arisen regarding the quality of inflation and employment reports due to budget cuts and staff reductions affecting data collection in certain regions [2] Federal Reserve Insights - Following the July employment report, the threshold for interest rate cuts has changed, with the July CPI data not being high enough to disrupt plans for a September rate cut [3] - U.S. Treasury Secretary Mnuchin suggested that the Federal Reserve should consider a 50 basis point rate cut in September if the data is accurate [4] - Fed officials indicated that tariffs have a limited impact on inflation, suggesting a patient approach to policy changes rather than immediate rate cuts [6] - There are signs that middle and low-income consumers are feeling more financially strained than in previous years, which may suppress consumer spending and mitigate inflationary pressures from tariffs [6] Geopolitical Context - President Trump is set to meet with President Putin in Anchorage, Alaska, with potential future plans for a visit to Russia [7] Gold ETF Holdings - The largest gold ETF, SPDR Gold Trust, maintained its holdings at 964.22 tons, unchanged from the previous trading day [8] Market Sentiment - The probability of the Federal Reserve maintaining interest rates in September is 6.6%, while the probability of a 25 basis point cut is 93.4% [8] - The probability of maintaining rates in October is 2.4%, with cumulative probabilities for a 25 basis point cut at 37.7% and a 50 basis point cut at 59.9% [8] Technical Analysis - Gold prices showed a rebound, with fluctuations observed throughout the day, indicating a short-term bottoming pattern [10][11] - The market is currently in a consolidation phase, with key resistance levels being tested [11]

截至8月12日，全球最大黄金ETF——SPDR Gold Trust的黄金持仓量为964.22吨，与前一交易日持平。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 ...

截至8月12日，全球最大黄金ETF——SPDR Gold Trust的黄金持仓量为964.22吨，与前一交易日持平。 | Gold spot price | Total gold in trust | | --- | --- | | Bid | Tonnes | | US$3.350.49 | 964.22 | | Mid | Ounces | | US$3.350.20 | 31,000,602.25 | | Ask | Value US$ | | US$3.349.90 | 103,630,688,817.77 | | Updated every minute | Updated every week day | （文章来源：新华财经） ...

行情回顾： 国际黄金周一（8月11日）大幅收跌，开盘价3397.86美元/盎司，最高价3405.05美元/盎司，最低价3341.49美元/ 盎司，收盘价3349.38美元/盎司。 消息面： 据两名美国政府官员透露，美联储两位副主席鲍曼和杰斐逊以及达拉斯联储主席洛根正在考虑在明年美联储主 席一职空缺时出任该职位。负责遴选的财政部长贝森特说，他将在未来几周内面试更多的候选人。官员说，特 朗普预计将在今年秋天做出最后宣布。知情人士说，其他仍在考虑中的人选包括特朗普经济顾问凯文·哈塞 特、美联储理事沃勒、经济学家马克·萨默林以及前美联储官员凯文·沃什和詹姆斯·布拉德。上周，特朗普提名 白宫经济顾问委员会主席斯蒂芬·米兰填补美联储理事席位，官员们表示，由于米兰的提名已提交参议院确 认，特朗普团队认为没有必要急于寻找新主席。贝森特将面试所有主席候选人，然后向总统推荐一份简短的候 选人名单，以便与总统会面。 美国银行在最新研报指出，美联储应克制在9月政策会议上降息的冲动，近期经济数据并不支持过早启动宽松 周期。该行强调，支持降息的决策者低估了劳动力供应冲击的影响以及通胀的顽固性——当前通胀率仍高于美 联储2%的目标水平。报 ...

资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 截至8月11日，全球最大黄金ETF——SPDR Gold Trust的黄金持仓量为964.22吨，较前一交易日增加4.58 吨。 ...

截至8月8日，全球最大黄金ETF——SPDR Gold Trust持仓较前一日增加0.55吨，当前持仓量为959.64 吨。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 ...

行情回顾： 国际黄金周四（8月7日）震荡收涨，开盘价3377.41美元/盎司，最高价3397.28美元/盎司，最低价3365.25美元/ 盎司，收盘价3390.07美元/盎司。 消息面： 地缘局势： 俄总统助理：俄美正在筹备两国元首会晤，目标是下周举行会晤。 普京：阿联酋是与特朗普会面的合适地点之一，不介意会见泽连斯基。 美国6月批发销售月率录得0.3%，高于市场预期0.1%，前值位-0.3%；美国至8月2日当周初请失业金人数录得 22.6万人，高于市场预期22.1万人，前值位21.8万人。 评论称，美国上周初请失业金人数小幅上升，暗示就业市场基本稳定，尽管就业岗位创造正在减弱，且失业人 员寻找新工作所需时间延长。最新的初请失业金人数数据显示，随着经济失去动力，雇主们尚未转向大规模裁 员，而是在通过自然减员来应对。这有助于在就业增长放缓的情况下将失业率保持在相对较低的水平。7月份 失业率为4.2%。在白宫打击移民的背景下，劳动力供应的下降也有助于避免失业率的上升。 纽约联储最新月度调查显示，消费者对美联储长期通胀管理的信心下降。数据显示，消费者对未来五年通胀率 的预期为2.9%，高于6月份调查的2.6%。短期 ...