尽管市场对美联储降息的预期调整导致金价短期承压。近日高盛预计，从2025年第四季度到2026年，各 国央行每月平均将购买80吨黄金。分析师观察到全球央行的黄金购买量仍在持续增加，并将持续强劲态 势直至明年。央行购金量的增加，加上自2022年年中以来最大的单月黄金西方ETF资金流入量（112 吨），标志着在本轮周期中，已经出现了强劲的央行和散户买入需求。高盛维持对金价的乐观预期，预 计到2026年底有望涨至4900美元。 消息面上，稳定币发行商泰达公司（Tether）截至9月30日，为支撑其稳定币USDT的储备，持有价值 129亿美元的黄金，折合约104吨。目前黄金在USDT储备中所占比例约为7%。2025年预计凭借150亿美 元盈利继续增持，成为金价重要支撑。 11月26日，COMEX黄金期货金价冲高回落。截至14:50，黄金ETF华夏（518850）盘中转跌0.01%，黄 金股ETF（159562）跌0.29%，有色金属ETF基金（516650）跌0.24%。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint highlights the strong performance of gold and cash flow ETFs, with gold surpassing $4160 and the China Gold ETF increasing by 0.33%, leading to a year-to-date gain of 53% [1] - The Free Cash Flow ETF has seen continuous net inflows since October 14, totaling 2.6 billion yuan, with a recent streak of 13 consecutive days of net subscriptions [1] - The China Gold ETF has also experienced significant inflows, with a total of 3.248 billion yuan and 19 consecutive days of net subscriptions [1] Group 2 - The strong demand for these ETFs is driven by year-end capital seeking stability and locking in annual returns, with the Free Cash Flow ETF tracking a low-crowding value index that benefits from policy catalysts [2] - Despite uncertainties regarding a potential Fed rate cut in December, geopolitical tensions, the onset of a rate cut cycle, de-dollarization, and central bank gold purchases continue to support gold prices [2] - Recent dovish signals from Fed officials have increased the likelihood of a December rate cut to 80% [2] Group 3 - The Free Cash Flow ETF (159201) is noted for having the lowest fee structure, with a recent increase of 0.26% and a total size of 7.026 billion yuan, ranking first among similar products [3] - Key holdings in the Free Cash Flow ETF include China National Offshore Oil Corporation, SAIC Motor, Shaanxi Coal and Chemical Industry, and Gree Electric Appliances [3] - The China Gold ETF (518850) is recognized for its low fees and direct reflection of gold price fluctuations, supporting T+0 trading [3]

黄金多头爆发，一路狂飙后，昨天进入50美金跌幅调整，震荡整理后，不改多头强势，今天再度上破， 继续看涨延续，挑战4200的关口。 下方可回踩4132的位置，关注此位置反弹。 看上方调整，以及反弹延续。 今天的走势 昨天震荡整理，多空反复激烈争夺后。 今天多头再起，涨破4160。 震荡上破，看涨不停。 上方又面临4170的区域，强势延续，上穿，看向4200-4210的区域。 当然了，4170附近，再遇阻调整。 今天消息面 数据洪流今天又来了，美失业金，美政府重启后的首个失业金指标。以及重点，美9月耐用品订单，和 房屋销售数据，或继续冲击美债美股市场，以及影响到美联储政策预期。 以及重点，今晚美联储褐皮书，美联储报告中的经济形势如何，这层迷雾或再度揭开，以及对于12月的 降息的态度，或影响市场动荡。 对于现货黄金的投资，方向和趋势的判断尤其重要。更重要的是入场点和出场点的把握能力，说白了就 是准确率，这个是能够实现稳健获利的必要的前提条件。这个不是一两本书，或者一两年功夫实操就可 以锻炼出来的。而是需要长时间实操和结果和经验。 同时对于仓位风险的把控能力，做到足够的低的风险，实现最大化的盈利的机会，这个是每个投资 ...

朋友圈里有个老板前阵子晒了张照片，几根金条整整齐齐摆在桌上，配文说是2023年花100万买入的投资 金条，如今价值已经涨到150万了。本想着趁机套现，没想到跑了一圈下来，银行说包装破了不收，金店 压价太狠，只肯出90万。这位老板现在头疼得很，好好的投资怎么变成了烫手山芋？ 其实这种情况并不少见。我们身边不少人都遇到过类似的麻烦。黄金涨了想卖，结果发现卖金比买金难 多了。这里面到底有什么门道？ 银行为何对金条如此挑剔 银行回购金条的要求确实严格，必须是从本行网点购买的实物金条，包装要完好无损，还需要有购买时 的实物回单或电子凭证。这两个条件缺一不可。 我有个朋友在工商银行买了金条，当时业务员特意嘱咐："千万别撕开塑封膜，一旦破损银行就不回收 了。"这话听着有点夸张，但确实是事实。银行对包装的要求近乎苛刻，哪怕是一点小划痕都可能被拒 收。 银行会对黄金进行实物质检和复秤，确保其成色和重量与标识相符，回购价格通常是在当日上海黄金交 易所的基准金价基础上扣除一定价差后进行结算。整个流程下来，不仅时间长，要求还特别多。 更要命的是，如果你的购买凭证丢了，那基本就没戏了。即便能去当时购买的网点补单，但手续繁琐， 很多人根 ...

Core Insights - The long-term allocation value of gold is considered "relatively certain" due to multiple positive factors in the current gold cycle [1] - The "gold+" asset combination of simple bonds and gold may face pressure in a moderately recovering economy with gradually rising interest rates, suggesting the need for diversified asset allocation [1] Market Performance - The overall performance of the gold market in 2025 has been characterized by unexpected price increases, drawing global investor attention [2] - The price movements in 2025 show similarities to 2024, with both years exhibiting clear phase characteristics and significant price increases [2] - The first wave of price increases typically starts at the beginning of the year and lasts until mid-April, followed by a correction phase, while the second wave often begins around September, driven by macro policies or unexpected international relations [2] Product Innovation - 招银理财 has proactively integrated gold into its multi-asset allocation system and launched innovative "gold+" product categories [2] - The "稳金" and "衡金" series of products highlight the strategic role of gold in asset allocation, moving beyond a simple bond and gold combination [3] - The "稳金" series includes alternative assets like commodity CTA and quantitative neutral strategies to enhance stability and diversity of returns, while the "衡金" series incorporates an "all-weather" allocation concept with stocks for comprehensive long-term market risk exposure [3] Future Considerations - The potential impact of AI-driven industrial revolutions on gold assets should be monitored, as it may challenge the pricing logic of gold [4] - A balanced allocation strategy focusing on both gold and equity assets is recommended for the current stage [4] - Historical data indicates that the annualized return rate of gold driven by monetary cycles since the 21st century ranges from 15% to 25% [4] Overall Outlook - The 2025 gold market not only exceeded expectations in terms of price increases but also provided richer allocation tools and participation methods for investors [5]

11月25日，国内商品期货早盘开盘，主力合约多数上涨。其中，沪银涨超2%，玻璃、乙二醇、沪金、沥青、甲醇等涨超1%。 在国际市场上，现货黄金价格短线冲高至4140美元/盎司后回调，截至发稿，报4132美元/盎司；COMEX黄金期货涨0.89%，报4130.7美元/盎司。 伦敦金现(SPTAUUSDOZ) 交易中 11-25 09:06:59 4132.5 均 0.00 昨结 4134.23 持仓 0 昨收 4134.23 日增 0.00 -1.72 -0.04% 量 0 分时 五日 目K 月K 周K 更多。 ◎ 4143.680 0.23% 盘口 卖1 4132.770 0 买1 4132.680 0 09:06 4132.39 0 230 0.00% 09:06 4132.315 0 09:06 4132.481 0 09:06 4132.67 0 09:06 4132.471 0 09:06 4132.68 0 4124.780 -0.23% 06:00 00:00 12:00 18:00 Ur:50 00-06 / 122 520 C | | | COMEX黄金(GC) | | | | | --- | ...

流动性方面，黄金ETF基金盘中换手1.45%，成交5.76亿元。拉长时间看，截至11月25日，黄金ETF基金近1月日均成交15.01亿元。 周二（11月25日）纽约尾盘，现货黄金跌0.14%，报4130.59美元/盎司，日内交投于4159.30-4109.68美元区间。COMEX黄金期货涨0.81%，报4127.20美元/盎 司。 公布数据显示，美国9月PPI环比上涨0.3%，核心PPI环比上涨0.1%，均较前值明显加速，显示美国通胀在9月重新升温。同时，美国9月零售销售环比增长 0.2%，连续四个月正增长但显著放缓，且低于市场预期，汽车销售四个月来首次下滑，弱消费数据强化市场对12月降息的预期。 中信建投指出，黄金、白银和铜的VIX下降，原油的VIX抬升。经济偏弱、市场波动增加、物价波动增加、地缘政治威胁指数抬升，中长期依然看多黄金。 历史上黄金与美元指数负相关，黄金与美国实际利率负相关；近期美元指数抬升、实际利率抬升。地缘政治威胁指数抬升、黄金总需求抬升，助推黄金价 格。 截至2025年11月26日 11:19，黄金ETF基金(159937)上涨0.37%， 冲击3连涨。最新价报9.03元。拉长时间看，截 ...

Group 1 - The current spot gold price has surpassed $4160, with the Huaxia Gold ETF rising by 0.33%, expanding its year-to-date increase to 53%. The Free Cash Flow ETF also increased by 0.26%, with a net subscription of 18 million units during the trading session [1] - The Free Cash Flow ETF has seen continuous net inflows since October 14, totaling 2.6 billion yuan, and has experienced 13 consecutive days of net subscriptions. The Huaxia Gold ETF has recorded a net inflow of 3.248 billion yuan, with 19 consecutive days of net subscriptions [1][2] Group 2 - The strong demand for these two ETFs is driven by year-end capital seeking stability and locking in annual returns. The Free Cash Flow ETF tracks the National Index of Free Cash Flow, covering sectors such as non-ferrous metals, automotive, petrochemicals, and power equipment, which are low in crowding and can benefit from policy catalysts and improving economic conditions [2] - Despite uncertainties regarding a potential interest rate cut by the Federal Reserve in December, geopolitical tensions, the onset of a rate-cutting cycle, de-dollarization, and ongoing central bank gold purchases continue to support gold prices. Recent dovish signals from Federal Reserve officials have raised the likelihood of a December rate cut to 80% [2] Group 3 - The Free Cash Flow ETF (159201) is highlighted as a low-fee cash cow product, with a recent increase of 0.26% and a total size of 7.026 billion yuan, ranking first among similar products. Key holdings include China National Offshore Oil Corporation, SAIC Motor, Shaanxi Coal and Chemical Industry, and Gree Electric Appliances. The product has a comprehensive fee rate of 0.2%, the lowest in the market [3] - The Huaxia Gold ETF (518850) is noted as a low-fee investment tool for gold, increasing by 0.33%. It is anchored to physical gold, with underlying assets being gold spot contracts from the Shanghai Gold Exchange, directly reflecting gold price fluctuations and supporting T+0 trading [3]

中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投 资实物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金票ETF （517400）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 中信期货表示，近期多位美联储官员支持12月再次降息，推动市场对美联储宽松政策的预期上升。 然而，由于关键经济数据推迟发布，美联储在12月会议前面临数据真空期，导致政策倾向更加温和保 守，市场对降息预期摇摆不定。美元从前期高位进入整理阶段，反映出市场在降息预期、资产估值压力 和流动性边际收紧之间寻求新的平衡。地缘政治风险溢价、央行购金稳定等因素支撑金价。预计短期内 贵金属将继续区间震荡，但随着关键经济数据的公布，市场可能重新评估美联储路径和美元利率水平， 从而引发更明确的方向性波动。 【免责声明】本文仅代表 ...

中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投 资实物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF （517400）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 中信建投指出，黄金、白银和铜的VIX下降，原油的VIX抬升。经济偏弱、市场波动增加、物价波 动增加、地缘政治威胁指数抬升，中长期依然看多黄金。历史上黄金与美元指数负相关，黄金与美国实 际利率负相关；近期美元指数抬升、实际利率抬升。地缘政治威胁指数抬升、黄金总需求抬升，助推黄 金价格。 每日经济新闻 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news ...