注:ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 全球最大黄金ETF--SPDR Gold Trust持仓较上日增加0.86吨，当前持仓量为947.13吨。欢迎点击查看数据中心... 2025-04-09 +11.174电 -0.86吨 2025-04-08 -6.02吨 2025-04-07 -3.44吨 2025-04-04 2025-04-03 +4.3吨 0 -10 -5 5 15 10 -15 减仓 增仓 ...

Core Viewpoint - The SPDR Gold Trust's holdings remain stable at 946.27 tons, while gold prices exhibit significant volatility, influenced by easing trade tensions and concerns over the Federal Reserve's independence [5]. Group 1: Current Holdings and Price Movements - As of April 28, the SPDR Gold Trust holds 946.27 tons of gold, unchanged from the previous trading day [5]. - On April 28, spot gold prices fluctuated, reaching a low of $3,267.86 per ounce and recovering to close at $3,344.11 per ounce, marking an increase of $26.39 or 0.80% [5]. Group 2: Market Influences - Easing trade tensions and reduced concerns over the Federal Reserve's independence are primary factors contributing to recent price corrections in gold [5]. - A decrease in long positions among hedge funds has been noted, with the latest CFTC data indicating that long positions in gold futures and options have dropped to a 14-month low [5][6]. Group 3: Technical Analysis - The technical indicators suggest that the gold market is in an overbought condition, with prices exceeding the 200-day moving average by over 25% [6]. - The Relative Strength Index (RSI) has declined but remains above the midpoint, indicating potential buying opportunities near the $3,260 support level [6]. Group 4: Future Outlook - Investors are closely monitoring developments in trade relations and the upcoming U.S. non-farm payroll report, as a significant deterioration in the labor market could prompt the Federal Reserve to act quickly [6]. - Despite short-term challenges, long-term factors supporting gold prices remain strong, including a reported increase of 12.75 tons in gold holdings by China in the first quarter and a 23.47-ton increase in domestic gold ETF holdings, reflecting a year-on-year growth of 327.73% [7].

注:ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 全球最大黄金ETF--SPDR Gold Trust持仓为946.27吨，较前一个交易日维持不变。 2025-04-08 -0.86吨 -6.02吨 2025-04-07 2025-04-04 -3.44吨 +4.3吨 2025-04-03 +0.57吨 2025-04-02 -10 -5 0 5 15 10 -15 增仓 减仓 ...

报告摘要 开年以来黄金的表现位列大类资产前列，近期波动加大。关于黄金定价，目前研究多基于基本面角度，比如供求关系、全球货币体系变化、主要经济体赤字率、实 际利率等，我们这里想要补充的一个视角是交易层面。我们从十个维度——黄金价格形态、期货持仓结构、库存及其衍生指标、交割前瞻、期现基差、黄金租赁成 本、期限结构、期权未平仓合约对比、隐含波动率、ETF持仓变动初步构建了一套实时监测金价位置的指标体系。 指标一 （价格形态）：COMEX黄金期货RSI。RSI是相对强弱指数，对金价变动相对最敏感的是日线级别的6日RSI。常用的判断标准是以20\80分别为超卖、超买 区间。在黄金基本面仍处"顺风"时，RSI在强势行情中可能回调幅度并不会很大，甚至可能长时间维持在50以上。3月28日COMEX黄金期货6日RSI突破80提示黄金 具有"超买风险"，此后"超买状态"维持4个交易日。COMEX黄金收盘价自4月2日的3190.3美元/盎司回调6.0%至8日的2998.3美元/盎司。与此同时，4月2-8日，6日 RSI自87.04快速回落至31.55。4月中下旬以来，随着金价的上扬，RSI（6日）再度接近80阈值（4月21日为82 ...

注:ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 全球最大黄金ETF--SPDR Gold Trust持仓较上日减少11.47吨，当前持仓量为947.70吨。 2025-04-03 +4.3 4 +0.57吨 2025-04-02 2025-04-01 -2.01吨 +1.44吨 2025-03-31 +2.29吨 2025-03-28 -10 -5 0 5 15 10 -15 减仓 增仓 ...

Group 1 - As of March 24, the largest gold ETF, SPDR Gold Trust, held 929.07 tons, a decrease of 1.44 tons from the previous trading day [4] - On March 24, spot gold fell for the second consecutive day, reaching a low of $3002.37 per ounce and closing at $3012.08 per ounce, a decline of 0.37% [4] - The recent softening of Trump's tariff policy has boosted market risk sentiment, putting pressure on gold prices [4] Group 2 - The market is also focused on the core Personal Consumption Expenditures (PCE) price index report, which may provide guidance on the Federal Reserve's monetary policy direction [5] - Last week, the Federal Reserve maintained its stance, raised inflation expectations, and lowered economic growth forecasts, with Powell reiterating the temporary nature of inflation [5] - Technical analysis indicates that the 14-day Relative Strength Index (RSI) is declining, suggesting potential continued adjustment in gold prices [5] Group 3 - If gold prices continue to decline, initial support is at $3000, with further testing of last week's low around $2980 if this level is breached [5] - On the upside, if buyers return, gold prices may retest historical highs of $3058, followed by $3080 [5]