上周五，美国联邦巡回上诉法院以7比4的裁决结果，认定特朗普无权根据《国际紧急经济权力法》 (IEEPA)征收大部分关税。该裁决暂缓至10月14日生效，以给予政府时间向最高法院提出上诉。 特朗普周二在白宫对记者表示："如果取消关税，美国可能会沦为第三世界国家。我们将立即向最高法 院申请提前受理，并要求快速裁决。"他强调，"国家的金融结构正处于危险之中。" 特朗普还声称，周二美国股市下跌与裁决直接相关。"股市下跌是因为裁决，股市需要关税，他们想要 关税。" 智通财经APP获悉，周二，美国总统特朗普表示，将请求最高法院加快裁决，以推翻联邦上诉法院认定 其大部分进口关税非法的判决。这一消息引发市场震荡，避险需求激增，黄金价格突破纪录水平。 然而，法院在裁决中明确指出："征收关税属于核心的国会权力。"若最高法院维持判决，美国进口关税 覆盖率将从近70%骤降至约16%。 在关税不确定性及美联储政策前景摇摆下，避险需求推升黄金再创新高。现货金周二一度上涨1.1%， 触及每盎司3,516美元，超过今年4月创下的纪录高位。今年以来黄金累计上涨逾30%，成为表现最好的 大宗商品之一。 这些关税措施于今年实施，税率最高达50%，涵 ...

来源：21世纪经济报道 在连续数月窄幅震荡之后，国际金价再度破纪录。 9月2日，现货黄金价格突破3500美元/盎司，创下历史新高，年初至今，金价累计涨幅超30%。现货白 银价格亦大涨，自2011年以来首次突破40美元/盎司大关，今年以来现货白银价格已攀升逾40%。 过去三年，黄金和白银价格均上涨了一倍多。摩根士丹利将2025年第四季度黄金目标价设定为3800美 元/盎司，白银的目标价定为40.9美元/盎司，而且存在超预期上行的可能性。 沉寂已久的市场为何再度爆发？ 金价缘何再创新高 金价再破纪录背后，一系列因素都在起作用。 在富达国际基金经理Ian Samson看来，黄金的牛市行情仍有望持续。当债券无法承担分散风险的作用 时，黄金依旧可作为多元化投资的选择，保持其终极"避险资产"地位，以抵御通胀和宽松经济政策带来 的影响，并受益于结构性趋势。 从近期美国的经济数据来看，非农就业数据低于预期，失业率有所升高，核心通胀数据显示通胀压力仍 存。目前市场对于美联储9月降息的预期较高，根据CME美联储观察工具，市场对美联储9月降息25个 基点的概率已超过85%。再加上各国央行增加黄金储备的大趋势未改，以及美元指数下降、 ...

亚洲交易时段周二（9月2日），现货黄金突破3500美元关口，最高触及3504.5美元/盎司，日内涨幅约 0.8%，再度刷新历史纪录。 金价延续上周2.3%的涨势，分析师认为，市场对美联储独立性及政策稳定性的担忧叠加降息预期，推 动投资者加码避险资产。 上周五，美国联邦法院就总统特朗普解雇美联储理事丽莎·库克（Lisa Cook）一案举行紧急听证，但未 作出即时裁决，法官表示至少要推迟至本周二再做决定。这一案件被视为美联储独立性的历史性考验。 市场人士普遍认为，如果美联储决策受制于政治压力，政策框架稳定性将被削弱，美元与美债的吸引力 受损，间接利好黄金。 "金价上涨反映出市场对制度稳定的忧虑。"盛宝银行大宗商品策略主管奥勒·汉森（Ole Hansen）表 示，"黄金延续上周五的强劲涨势，主要受到美国通胀持续走高、消费者情绪疲软、降息预期以及对美 联储独立性的担忧等因素支撑。" 与此同时，美国上诉法院在另一案件中裁定大多数特朗普关税非法，政策不确定性进一步加剧。分析人 士认为，贸易规则的摇摆放大了市场的不安情绪，投资者寻求避险资产作为对冲。 美国经济数据同样为金价提供支持。上周五公布的数据显示，美国7月个人消费支 ...

Core Insights - International gold prices have reached new historical highs, with London gold hitting $3508.69 per ounce and COMEX gold reaching $3578.4 per ounce on September 2, marking over a 30% increase year-to-date [1][2] - The performance of gold-themed funds has also been impressive, with some yielding over 60% this year, indicating strong investor interest in gold assets [1][4] - Analysts believe that gold prices have further upward potential, with predictions that prices could eventually exceed $5000 or even $10,000 per ounce [1][5] Market Performance - Gold prices have shown a steady increase throughout the year, with a notable rise following the Jackson Hole global central bank meeting where Fed Chair Powell's dovish remarks increased market expectations for a rate cut [2][3] - As of September 2, London gold was reported at $3486.02 per ounce, up 0.3%, while COMEX gold was at $3556.1 per ounce, up 0.29% [2] Fund Performance - The performance of gold ETFs has been strong, with 14 gold ETFs showing an average increase of over 29% year-to-date, led by Huaxia Gold ETF at 29.72% [4] - Six gold stock ETFs have seen even higher gains, with some increasing over 60%, highlighting the robust interest in gold-related investments [4] Future Outlook - Analysts suggest that the upward trend in gold prices may continue, driven by factors such as inflation resilience and the weakening of the dollar's credibility due to challenges to the Fed's independence [3][4] - Emerging market central banks, particularly in China and India, are expected to increase their gold reserves, further supporting demand for gold [4][5]

Core Viewpoint - Gold prices have reached new highs, with London spot gold hitting $3508.69 per ounce and COMEX futures reaching $3578.4 per ounce, indicating a strong bullish trend in the gold market this year [1][6]. Group 1: Gold Price Performance - As of September 1, 2023, gold-themed funds have shown impressive performance, with the best fund achieving over 65% returns year-to-date [3][6]. - The total net inflow into gold-themed ETFs has exceeded 58 billion yuan this year, with a total scale of over 1645.19 billion yuan, representing a growth of over 126% compared to the end of last year [3][4]. Group 2: Fund Inflows and Performance - The top-performing gold ETF, managed by Huashan Fund, has seen a net inflow of 19.42 billion yuan this year, doubling its scale to 57.40 billion yuan [4]. - Other notable gold ETFs, such as Bosera and Guotai, have also attracted significant inflows ranging from 7 billion to 8.7 billion yuan this year [4]. Group 3: Market Sentiment and Future Outlook - Analysts suggest that high interest rates combined with high debt levels are driving the U.S. government's debt interest costs, contributing to ongoing concerns about U.S. Treasury and dollar credit risks [1][8]. - The expectation of a potential interest rate cut by the Federal Reserve in September is seen as favorable for gold, as gold typically performs well during periods of strong rate cut expectations [8].

【导读】金价迭创新高，黄金主题ETF年内 资金净流 入超580 亿元 中国基金报记者 曹雯璟 金价迭创新高！ 黄金主题ETF年内 " 吸金 " 超580 亿元 Wind数据显示，截至 9 月 1 日，市场上黄金主题基金年内单位净值增长率均为正，平均值为 37.68 %。其中，永赢 、 华夏 、 工银瑞信 、 国泰 、 华安 、 平安基金 旗下黄金股ETF 产品年内单位净值增长率 在60%～66%区间不等，其中，永赢黄金股ETF以65.28%年内业 绩暂列第一。 9月2日盘中，伦敦现货黄金价格最高一度升至3508.69美元/盎司，COMEX黄金期货价格最高涨至3578.4美元/盎司，续刷历史新高。截 至发稿，国际金价略有回调。 今年以来， 黄金主题基金表现亮眼，最牛业绩超65%。此外，黄金主题ETF今年以来 资金净流 入超580 亿元，规模合计超1600亿元，较 去 年 年末 增长 超126%。 业内人士表示，当前高利率叠加高债务导致美国政府债务利息成本极高，美债和美元信用危机仍存，央行购金延续，黄金或仍在新周期的 路上。 | < w | 伦敦金现 | | | | | Q | | --- | --- | --- ...

Group 1 - The dollar has seen its largest one-month increase, with the Bloomberg Dollar Spot Index rising by 0.7%, marking the highest intraday gain since July 30 [1][3] - Concerns over the UK's fiscal situation and potential political instability in Japan have driven traders to seek stability in the dollar, leading to a decline in the British pound and Japanese yen [1][3] - The British pound fell by 1.2% against the dollar, reaching an exchange rate of 1.3379, while the Japanese yen dropped over 1% to 148.79 yen per dollar, the lowest level in a month [3] Group 2 - Rising debt costs in the UK may exacerbate the fiscal challenges faced by the Chancellor of the Exchequer, Rachel Reeves, ahead of the autumn budget announcement [3] - The demand for short-term currency hedging has increased, particularly as traders prepare for the upcoming U.S. non-farm payroll report, which is crucial for assessing the health of the U.S. economy [3] - The non-farm payroll report could directly influence the Federal Reserve's decision on whether to initiate a new round of interest rate cuts in the September meeting [3]

Group 1: Market Performance - Precious metal prices surged significantly on Monday, with gold auction prices reaching a record high of $3,475 per troy ounce, and spot gold briefly surpassing the $3,500 mark, indicating strong upward momentum [1] - Silver prices also rose sharply, reaching a fourteen-year high, highlighting the overall strength in the precious metals market [1] Group 2: Catalysts for Price Increase - The primary catalyst for the recent rise in gold prices is market concerns regarding the independence of the Federal Reserve, triggered by actions from the U.S. government that are perceived as direct interference in monetary policy [2] - This political intervention has led to heightened risk aversion among investors, resulting in significant capital inflows into the gold market as a hedge against increasing political uncertainty [2] Group 3: Monetary Policy Influence - Clear expectations for monetary policy easing have also provided strong support for rising precious metal prices, with recent statements from the Federal Reserve Chairman signaling a more accommodative stance [3] - The market's expectation of a rate cut in the upcoming September policy meeting has risen to over 75%, which is expected to continue supporting precious metal prices [3] Group 4: Year-to-Date Performance - Year-to-date, gold prices have increased by over 30%, while silver has seen a rise of more than 40%, marking a historic bull market for precious metals [4] - Central banks' ongoing purchases of gold to diversify foreign exchange reserves and reduce reliance on the dollar have been a significant factor supporting gold prices [4] - Concerns over geopolitical uncertainty, rising inflation risks, and the potential health of the U.S. economy have further reinforced the safe-haven attributes and inflation-hedging value of precious metals [4]

Core Viewpoint - International gold prices have reached new historical highs, with London gold hitting $3508.69 per ounce and COMEX gold reaching $3578.4 per ounce on September 2, 2023, marking over a 30% increase year-to-date [1][3]. Group 1: Gold Price Trends - Gold prices have been on an upward trend throughout the year, with significant fluctuations. After reaching a peak of $3500.12 per ounce in April, prices corrected before hitting new highs in September [3]. - As of September 2, 2023, London gold was reported at $3486.02 per ounce, up 0.3%, while COMEX gold was at $3556.1 per ounce, up 0.29% [3]. Group 2: Factors Driving Gold Prices - The recent surge in gold prices is attributed to Federal Reserve Chairman Jerome Powell's dovish remarks at the Jackson Hole global central bank conference, which increased market expectations for a rate cut in September from 75% to 90% [3]. - The independence of the Federal Reserve has been questioned following President Trump's announcement to dismiss a Fed governor, further weakening the dollar's credibility and benefiting gold as an alternative asset [3][4]. Group 3: Performance of Gold Investment Funds - Gold-themed funds have performed exceptionally well this year, with 14 gold ETFs showing an average increase of over 29%, and six gold stock ETFs rising over 60%, led by the Yongying CSI Hong Kong-Shanghai Gold Industry Stock ETF at 67.17% [5]. - The outlook for gold prices remains positive, with expectations of continued upward movement due to inflation resilience and a weakening dollar [5][6]. Group 4: Structural Investment Trends - There is a structural narrative supporting gold investment, with central banks and foreign exchange reserve managers increasing their gold holdings to diversify away from the dollar [7]. - Emerging markets like China and India are significantly increasing their gold reserves, which are currently below the global average, indicating a strong motivation to enhance gold asset allocation [5][7].

Group 1 - Domestic futures main contracts showed mixed results, with silver rising over 3% and gold, nickel, and several other commodities increasing by over 1% [2] - On the downside, coking coal and coke fell by over 4%, while iron ore, lithium carbonate, and soda ash dropped by over 3% [2] Group 2 - The geopolitical tensions and uncertain financial environment have led to a strong demand for safe-haven assets, driving up gold and silver prices [3] - Concerns over the independence of the Federal Reserve have been heightened due to President Trump's frequent criticisms, contributing to the significant rise in international gold and silver prices [3]