Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a holding of 947.66 tons of gold as of July 2, 2025, reflecting a decrease of 0.57 tons from the previous trading day. The gold price rebounded to a six-day high of $3,360.05 per ounce, closing at $3,356.90, up $18.2 or 0.55% [6]. Group 1: Gold ETF Holdings - As of July 2, 2025, SPDR Gold Trust's total holdings stand at 947.66 tons of gold [6]. - The holdings decreased by 0.57 tons compared to the previous trading day [6]. Group 2: Gold Price Movement - On July 2, 2025, spot gold prices reached a high of $3,360.05 per ounce, marking the highest level in six days [6]. - The closing price was $3,356.90 per ounce, reflecting an increase of $18.2 or 0.55% [6]. Group 3: Market Influences - Gold prices remained below $3,350 due to a stronger dollar and concerns over U.S. tariffs and the "Big Beautiful Plan" [6]. - The unexpected decline of 33,000 in the U.S. ADP employment figures for June raised concerns about the labor market, increasing bets on two rate cuts by the Federal Reserve by the end of 2025 [6][7]. Group 4: Future Employment Data - The market is focused on the upcoming U.S. non-farm payroll report, with UBS predicting an increase of only 100,000 jobs and a potential rise in the unemployment rate to a new high since 2021 [7]. - If the employment data is weak, the Federal Reserve may act to cut rates as early as July [7]. Group 5: Technical Analysis - Analysts suggest that gold remains at high levels due to trade uncertainties, geopolitical tensions, a weaker dollar, and increasing central bank purchases, although the upward momentum may be nearing its limit [7]. - The resistance level for gold is at the 23.6% Fibonacci retracement level of $3,377, with the June 23 high of $3,397 as a target for buyers [8]. - Support levels are identified at the 50-day moving average of $3,320, with further support at the 38.2% Fibonacci level of $3,297 and below June lows near $3,250 [8].

Core Insights - The gold ETF fund (159937) has seen a price increase of 0.42% as of July 3, 2025, with a recent price of 7.41 yuan, and a cumulative increase of 4.98% over the past three months [2] - The World Bank's precious metals analysts predict an upward trend in gold prices over the next 18 months due to heightened geopolitical tensions and economic uncertainty, with a nearly 25% increase in gold prices in the first half of 2025 [2] - The gold ETF fund has experienced net inflows in 3 out of the last 5 trading days, totaling 452 million yuan, with an average daily net inflow of 9.03 million yuan [2] Performance Metrics - As of July 2, 2025, the gold ETF fund has appreciated by 89.19% over the past five years, ranking second among comparable funds [3] - The fund's highest single-month return since inception is 10.62%, with a maximum consecutive monthly gain of 16.53% and an average monthly return of 3.27% [3] - The fund's Sharpe ratio for the past year is 2.31, indicating strong risk-adjusted returns [3] Fund Characteristics - The management fee for the gold ETF fund is 0.50%, and the custody fee is 0.10% [3] - The fund has a current financing buy amount of 4.99 million yuan and a financing balance of 3.63 billion yuan [2]

Core Viewpoint - The recent fluctuations in gold prices are influenced by geopolitical risks, monetary policy expectations, and economic data performance, leading to uncertainty in gold's market outlook [3][4]. Group 1: Geopolitical Risks - The ceasefire agreement between Israel and Iran has led to a rapid decline in geopolitical risk premiums, reducing gold's appeal as a safe-haven asset [3]. - Positive signals from tariff negotiations have increased market risk appetite, causing some funds to shift from safe-haven assets to riskier investments, which has pressured gold prices [3]. Group 2: Monetary Policy Expectations - The U.S. dollar index has seen a decline this week, yet gold prices have not benefited from this trend. Market pricing indicates a 20% probability of a Federal Reserve rate cut in July, rising to 75% in September [3]. - Despite high inflation data, the market maintains expectations for a loose monetary policy from the Federal Reserve, but this has not provided effective support for gold prices [3]. Group 3: Economic Data Performance - The unexpected weakness in the U.S. June ADP employment data, with a reduction of 33,000 jobs in the private sector, highlights concerns in the job market and strengthens bets on an early rate cut by the Federal Reserve [3]. - The market is closely watching the upcoming June non-farm payroll data, as its results will significantly impact gold price movements [3]. Group 4: Gold Price Outlook - The recent volatility in gold prices is characterized by a mix of bullish and bearish factors, with geopolitical risk easing, diverging monetary policy expectations, and mixed economic data contributing to uncertainty [4]. - In the short term, gold prices may remain volatile, with a focus on U.S. employment data and Federal Reserve policy direction. In the medium to long term, global economic uncertainty and central bank gold purchases may support gold's value as a safe-haven asset [4].

Regulatory Changes - The People's Bank of China has issued new regulations requiring reporting of cash transactions exceeding 100,000 RMB or equivalent foreign currency in the precious metals and gemstones sector, effective from August 1, 2025 [3][4][8] - The regulations aim to establish a systematic regulatory framework to prevent money laundering and terrorist financing risks in the precious metals and gemstones trading sector [5][6] Compliance Requirements - Institutions must conduct customer due diligence based on the risk status of the customer before or after transactions, especially for cash transactions of 100,000 RMB or more [5][6] - A full-process management system is mandated, requiring institutions to establish internal controls for anti-money laundering, designate responsible personnel, and conduct regular risk assessments [6][8] Record Keeping and Reporting - Transaction records must be retained for at least 10 years, and any suspicious transactions, regardless of amount, must be reported promptly [7][8] - Institutions are required to submit large transaction reports within five working days of the transaction occurring [8] Market Trends - International gold prices have risen over 25% in the first half of 2025, driven by safe-haven demand and central bank purchases [9][10] - Experts predict that gold prices will continue to experience upward momentum due to ongoing geopolitical tensions and a weakening dollar [9][11]

Core Viewpoint - The market shows a clear divide regarding the future trajectory of gold prices, which are currently at historical highs around $3,300 per ounce, with expectations of a potential decline due to improved global economic outlook and reduced geopolitical tensions in the Middle East [1][4][10]. Price Trends - As of July 2, 2025, spot gold prices have slightly increased to $3,347.4 per ounce, while COMEX gold prices are around $3,350 per ounce [1][4]. - Since reaching a peak of $3,500 per ounce on April 22, 2025, gold prices have stabilized around $3,300 per ounce [4][11]. ETF Flows - In May 2025, global physical gold ETFs experienced a net outflow of approximately $1.8 billion, marking the first monthly outflow since November 2024 [4][9]. - North America faced the most significant impact, with ETF outflows of about $1.5 billion, while Asia saw outflows of approximately $489 million, primarily due to reduced demand in China [6][7]. Regional Analysis - Europe recorded a modest inflow of about $225 million, driven by the French market, which offset outflows from Germany and the UK [7]. - The "other regions" category experienced a small outflow of about $27 million, ending a five-month inflow streak, mainly from Australia and South Africa [8]. Future Price Predictions - Citigroup forecasts that gold prices may decline to between $2,500 and $2,700 per ounce by the second half of 2026, citing reduced investment demand and improved economic conditions [10][11]. - Other institutions, such as Morgan Stanley and Goldman Sachs, maintain a more optimistic outlook, predicting prices could reach $6,000 and $3,700 per ounce, respectively, by the end of 2025 [12]. Market Sentiment - Despite the recent outflows, the World Gold Council notes that global gold ETFs have seen a net inflow of about $30 billion since the beginning of 2025, with total holdings increasing by 322 tons [9][13].

香港万得通讯社报道，7月2日，惠誉旗下BMI的分析师表示，黄金的涨势似乎已经走到了尽头，尽管金价会维持 在高位，但需要极端事件才会突破4月份的记录。 BMI的分析师写道，鉴于贸易不确定性、地缘政治紧张局势加剧、美元走软以及央行购买量不断增加，黄金仍处 于高位。然而，要想金价突破4月份创下的3500美元每盎司的历史新高，要么是中东地区爆发战争，要么是美联 储大幅降息。该机构维持其对2025年黄金年平均价格的预测为3100美元每盎司。 在2025年4月，现货黄金达到历史高点3500美元每盎司。随后即使中东局势扰动，金价再也没有突破这一记录。 在BMI发布报告看空黄金之前，花旗是首家看空金价走势的机构。 6月中旬，花旗报告称，黄金的需求将下降，金价预计在未来几个季度将跌破3000美元每盎司，在花旗集团的基 本预测中（概率为60%），金价预计将在下一季度巩固在每盎司3000美元上方，然后走低。该行表示，"到2026 年下半年，黄金将回到每盎司约2500-2700美元水平"。 BMI预计，2025年第二季度和第三季度，黄金价格将在3000-3400美元每盎司之间震荡。 7月1日，花旗重申看空黄金未来走势的观点，称随着中 ...

金十数据7月2日讯，惠誉旗下BMI的分析师表示，黄金的涨势似乎已经走到了尽头。他们写道，鉴于贸 易不确定性、地缘政治紧张局势加剧、美元走软以及央行购买量不断增加，黄金仍处于高位。 然而， 要想金价突破4月份创下的3500美元/盎司的历史新高，要么是中东地区爆发战争，要么是美联储大幅降 息。BMI维持其对2025年黄金年平均价格的预测为每盎司3100美元。 惠誉旗下BMI：黄金的涨势似乎已经走到了尽头 ...

Core Insights - Domestic gold price (99.95%) is reported at 777.1 CNY per gram, up by 0.84% [1] - International gold price stands at 3351.0 USD per ounce, increasing by 0.04% [2] Geopolitical Factors - Ongoing geopolitical tensions, particularly the Russia-Ukraine conflict and Middle Eastern dynamics, are supporting gold prices as a safe-haven asset [2] - Emerging markets like China, Vietnam, and India are increasing their gold reserves, which is crucial for stabilizing gold prices [2] Currency Dynamics - A weakening dollar and sustained demand for safe-haven assets are driving gold futures prices higher for the second consecutive day [2] - The dollar is currently in a severely oversold condition, and any rebound could increase the purchasing cost of dollar-denominated commodities, potentially making the dollar a competing safe-haven option against gold [2] Market Supply and Demand - The gold market is experiencing a split; the U.S. market has an oversupply of gold bars and coins, leading to investor sell-offs, while the Asia-Pacific region shows strong demand, with China experiencing a 12% year-on-year increase [2] - Over 90% of surveyed central banks express intent to continue increasing their gold reserves in the next 12 months [2] Price Trends and Forecasts - Short-term gold price fluctuations are influenced by dollar movements, geopolitical factors, and market supply-demand dynamics [3] - Long-term support for gold prices is expected from ongoing geopolitical conflicts, complex economic conditions, and central banks' continued gold purchases [3] - Institutions like Galaxy Securities predict that COMEX gold prices may steadily break through 3300 USD per ounce, with extreme scenarios potentially reaching 3500 USD per ounce [3]

Group 1 - The international gold price is currently at $3340.27 per ounce, with a daily increase of 1.14%, reflecting a rise of $37 [1] - Market participants are awaiting new clues from Federal Reserve Chairman Jerome Powell regarding potential interest rate cuts [1] - The European Central Bank's central bank forum is taking place from June 30 to July 2, attracting attention from investors regarding speeches from major central bank leaders [1] Group 2 - The market currently estimates a 20% probability of a rate cut by the Federal Reserve this month, and a 77% probability for September [1] - If Powell indicates a weaker-than-expected inflation outlook, it could increase bets on Fed easing and lead to a further decline in the dollar, potentially boosting gold prices [1] - Conversely, any hawkish or cautious remarks from Powell could exacerbate the recent downward trend in gold prices [1] Group 3 - Attention is also focused on U.S. trade negotiations as the July 9 deadline approaches [2] - The JOLTS job openings report, which is closely monitored by the Federal Reserve, is set to be released, with economists expecting 7.3 million job openings for May, down from 7.391 million in April [2] - If gold closes above the 50-day moving average of $3320 per ounce, it may gain momentum towards the 21-day moving average of $3350 per ounce, with the next Fibonacci level at $3377 per ounce [3]

Group 1 - International gold prices experienced a sudden increase, with London spot gold rising over 1% to nearly $3340 per ounce and COMEX gold futures up 1.3% to above $3350 per ounce as of July 1 [1][2] - In the first half of 2025, gold prices surged significantly, with London spot gold increasing by 25.84%, marking the best half-year performance in nearly 18 years [4] - The highest recorded price for spot gold was over $3500 per ounce on April 22, 2025, with a year-to-date increase exceeding 30% [4] Group 2 - The A-share and Hong Kong stock markets saw a boom in the gold and jewelry sector, with all 14 commodity gold ETFs in the A-share market rising over 23% [6] - Notable stock performances included companies like潮宏基 and 莱绅通灵, which saw their stock prices double, while others like 老铺黄金 experienced a staggering increase of 321.53% [6] Group 3 - A case study of a 75-year-old woman from Hangzhou illustrates the risks of gold investment, as she purchased gold bars at a high price only to face a decline in value shortly after [7][9] - Despite recent fluctuations, experts believe the long-term upward trend for gold prices remains intact, with potential targets reaching $3700 per ounce [10] - Factors influencing gold prices include trade negotiations, geopolitical tensions, and economic data affecting Federal Reserve interest rate expectations [10][11]