【要闻速递】 近日金价持续走强，带动配置资金加速借道ETF布局黄金，推动黄金ETF规模再度快速扩张，多只产品 单日增量处于年内较高水平。从规模增长结构看，申赎净流入与金价上涨带来的净值抬升贡献较为均 衡，显示资金配置行为与行情变化同步共振。机构分析指出，在全球宏观环境不确定性上升、美债供给 压力加大及央行持续购金等因素推动下，黄金ETF凭借低门槛、高流动性优势，正成为资金参与黄金行 情的重要载体。 摘要今日周四(12月25日)因圣诞节休市。国际金价延续强势，本周涨势连扩三日。12月24日，现货黄金 盘中首破4500美元/盎司，COMEX期货一度超4550美元，刷新阶段高点；23日COMEX已破4500美元， 现货近4490美元。国内跟涨，23日沪金主力合约首破1000元/克，零售端足金饰品报价上调，部分首超 1400元/克。 今日周四(12月25日)因圣诞节休市。国际金价延续强势，本周涨势连扩三日。12月24日，现货黄金盘中 首破4500美元/盎司，COMEX期货一度超4550美元，刷新阶段高点；23日COMEX已破4500美元，现货 近4490美元。国内跟涨，23日沪金主力合约首破1000元/克，零售端足金 ...

文|锐资 编辑|锐资 前言： 家人们，要是给2025年的大类资产画个"情绪温度计"，黄金绝对是最扎眼的那根线，都涨到人人看得见 的高位了，还在没完没了地创历史新高。 就拿12月22日来说，现货黄金直接冲破4400美元关口，刷新纪录的时候，连不少老投资者都看懵了：这 金价都贵成这样了，咋还能接着贵？ 金价疯涨破纪录，持仓数据印证热度 其实答案没那么玄乎，就像搭积木似的，宏观利率、货币走向、地缘风险凑在一起搭了个舞台，再加上 个关键的"推手"，各国央行和ETF的买盘。 路透社也说，现在市场都觉得2026年美联储还可能降两次息。这种"提前算好未来会宽松"的预期，直接 把黄金从"短期避险的工具"变成了"配置里少不了的利率下行资产"。 在本来就有限的现货市场里往同一个方向使劲，硬是把"价格高"从阻力变成了推着涨的燃料。先说说最 核心的推手：利率和美元这对"老搭档"，年底又给黄金吹起了顺风。 法国路透社12月22日两篇报道里都提了，"美联储要进一步降息"和"美元走弱"这俩事儿，是金价涨的关 键逻辑。 道理很简单：一旦大家觉得要降息，持有黄金这种"没利息"资产的机会成本就低了。 美元一弱，其他货币买黄金就更划算，购买力直接 ...

最近逛街的朋友肯定发现了，黄金柜台前挤满了人，不是看热闹，而是真金白银在抢购！12月23日，国内足金首饰价格创下历史新高，周大福、周生生等品 牌克价直接突破1400元，这已经是周大福2025年第三次提价了。有意思的是，老铺黄金趁着优惠活动逆势吸客，门店前排出两小时长队，一边是涨价潮，一 边是抢购潮，黄金市场彻底火出圈了，咱们用大白话把来龙去脉说清楚。 周大福一涨价，其他品牌也跟着动了。老庙黄金已经通知，一口价金饰要上调10?5%；周大生也计划月底涨价，幅度大概15%左右，只有六福珠宝等少数品 牌暂时没接到调价通知。不过就算没明确涨价的品牌，最近价格也悄悄涨了不少，店员都说"每天的报价都可能变，早买早划算"。 一边是各大品牌轮番涨价，另一边老铺黄金却靠优惠活动赚足了人气。从12月19日到2026年1月5日，老铺黄金推出"满1000减100"的活动，部分门店还有无 门槛8.8折，消费满50万元还送5克金币，按现在的金价算，这枚金币价值近万元。这一下吸引了大批消费者，上海恒隆港汇、北京国贸商城、香港国金中心 的老铺黄金门店，中午就有十多人排队，周末更是要排2小时才能进店，周围的奢侈品门店都没这么热闹。 有网友晒出排 ...

国际金价持续强势表现 国际金价延续此前强势表现，本周涨势已连续第三个交易日扩大。12月24日，现货黄金盘中首次站上每盎司4500美元关口，COMEX黄金 期货价格同步走高，一度升至4550美元上方，金价再度刷新阶段性高点。 从近期走势看，黄金价格加速上行。12月23日，COMEX黄金期货盘中突破4500美元/盎司，现货黄金一度升至4490美元/盎司附近。国际 金价走强的同时，国内金价亦明显抬升。23日，沪金期货主力连续合约持续拉升，首次突破1000元/克整数关口；在零售端，多家品牌足金 饰品报价同步上调，部分产品价格首次站上每克1400元。 伴随金价走高，资金通过ETF渠道加快配置节奏，黄金ETF规模显著扩张。以华安黄金ETF为例，数据显示，12月22日该产品单日规模增长 25.98亿元，12月23日再度增加28.54亿元，连续两日放量明显。截至12月23日，该产品最新管理规模已达974.69亿元，逼近千亿元关口。 从规模增长结构看，申赎净流入与金价上涨带来的净值提升贡献较为均衡，显示配置资金与行情共振的特征。 资金加速涌入。 近日，在金价持续走强的带动下，配置资金正在加快通过ETF渠道布局黄金，黄金ETF规 ...

Core Viewpoint - The recent surge in gold prices, reaching over $4,500 per ounce, is primarily driven by the ongoing restructuring of global monetary credit and rising U.S. debt risks, leading to a decline in the attractiveness of dollar assets and a shift towards gold as a safe-haven asset [1][2][3]. Group 1: Gold Price Movement - On December 24, spot gold prices hit a record high of $4,511.504 per ounce, marking a year-to-date increase of over 71% [2]. - The COMEX gold price also reached $4,549.3 per ounce, indicating strong market performance [2]. - Domestic gold jewelry prices have risen, with brands like Chow Sang Sang and Lao Feng Xiang reporting increases of 8 to 44 yuan per gram compared to previous days [2]. Group 2: Underlying Factors - The primary support for gold prices stems from the persistent rise in U.S. debt risks and concerns over the sustainability of U.S. fiscal policy, which diminishes the appeal of dollar-denominated assets [3][4]. - Experts suggest that the ongoing U.S. interest rate cuts will lower the opportunity cost of holding gold, enhancing its attractiveness compared to cash and bonds, especially in a high inflation environment [3][5]. Group 3: Market Sentiment and Future Outlook - Despite some investors exiting the gold market, many institutions remain optimistic about gold's long-term value, citing strong demand from central banks in countries like China and India [4][5]. - The geopolitical landscape and economic uncertainties continue to bolster gold's role as a safe-haven asset, with expectations of further price increases [5][6]. - Analysts predict that the ongoing U.S. rate cuts and macroeconomic shifts will support gold's long-term investment appeal, despite short-term trading risks [6].

Core Viewpoint - The price of gold has historically surpassed $4,500 per ounce, driven by a combination of macroeconomic conditions, policy expectations, and capital allocation dynamics [1] Group 1: Macroeconomic Environment - Weakening U.S. macroeconomic and employment data has strengthened the expectations for risk aversion and interest rate cuts, providing crucial support for gold prices [1] - The market's concerns about further tightening of U.S. monetary policy have diminished, allowing gold to maintain a relatively stable performance despite high prices [1] Group 2: Federal Reserve Policy and Liquidity - Uncertainty surrounding Federal Reserve policy and expectations for liquidity easing are resonating in the market, with the new Fed chair nominee aligning with rate cut expectations [2] - The Fed's recent actions, including a $40 billion monthly liquidity injection, have further supported the upward movement of precious metal prices [2] - Divergent policy adjustments among major global economies, such as the Bank of England's rate cut and the European Central Bank's stable rates, have created a favorable environment for gold prices [2] Group 3: Capital Allocation Demand - There is a rigid growth in capital allocation demand, with private sector funds becoming the dominant force in the gold market [2] - Global gold ETFs have seen six consecutive months of net inflows, with November's inflow reaching $5.2 billion, driven by increased purchases from Asian investors [2] - The perception of U.S. Treasury bonds as "risk-free" has been damaged, leading long-term funds to view gold as an important alternative asset [2] Group 4: Central Bank Purchases - Central bank gold purchases are increasingly recognized as a significant factor supporting gold prices, driven by motives such as asset management and preparation for extreme scenarios [3] - Central banks are adjusting their asset allocations between U.S. Treasuries and gold to optimize returns during price volatility [3] - In the context of a reshaping monetary system, central banks are accumulating gold to mitigate uncertainties, which influences the price stability of gold over time [3] Group 5: Short-term and Long-term Outlook - In the short term, international gold prices are expected to remain in a high volatility range, with liquidity potentially tightening as holiday trading slows [4] - Looking towards 2026, significant investment opportunities in the gold market may arise around February, coinciding with expected increases in U.S. Treasury issuance [4] - The combination of rising debt levels and financing needs may lead to a peak in long-term U.S. Treasury supply, potentially driving gold prices higher [4]

近日，在金价持续走强的带动下，配置资金正在加快通过ETF渠道布局黄金，黄金ETF规模再次快速扩张， 多只产品单日增量处于年内较高水平。 从规模增长结构看，申赎净流入与金价上涨带来的净值抬升贡献较为均衡，显示资金配置行为与行情变化同步 发力。机构人士分析称，在全球宏观环境不确定性上升、美债供给压力加大以及央行持续购金等因素的影响 下，黄金ETF作为低门槛、流动性较好的配置工具，正成为资金参与黄金行情的重要载体。 国际金价持续强势表现 国际金价延续此前强势表现，本周涨势已连续第三个交易日扩大。12月24日，现货黄金盘中首次站上每盎司 4500美元关口，COMEX黄金期货价格同步走高，一度升至4550美元上方，金价再度刷新阶段性高点。 华安基金从宏观政策周期出发，对黄金的中长期逻辑给出判断。其表示，展望后市，美联储仍处于降息大周 期，若鸽派主席当选，美联储降息节奏或更加激进。宽货币之外，美国也处于宽财政阶段，美债偿本付息压力 下的信用风险延续，全球央行持续购买黄金以分散外汇储备。在货币财政双宽松的趋势下，仍看好黄金中长期 配置价值。 在这一宏观判断之上，中邮证券将视角进一步落到具体的财政与市场节奏层面。中邮证券认为 ...

Core Insights - The gold price has surged dramatically, reaching 1403 yuan per gram, reflecting a significant increase in consumer interest and urgency to purchase gold jewelry as the holiday season approaches [1][3][14] Price Variations - On December 24, 2025, major jewelry brands like Chow Tai Fook and Lao Feng Xiang listed their gold prices at around 1403 yuan per gram, while other brands like Cai Bai offered prices between 1342 and 1345 yuan, showing a price difference of nearly 60 yuan per gram for the same gold quality [3][5] - The price of investment gold bars varies significantly, with brand names like Chow Tai Fook pricing their gold bars at 1230 yuan per gram, while banks like ICBC offer prices as low as 990 to 1014 yuan per gram, which is closer to the raw material price [6][8] Market Dynamics - The gold market is experiencing a split, with high retail prices for jewelry supported by brand value, while investment gold prices reflect a more competitive landscape with significant price differences based on the sales channel [8][10] - In the Shenzhen Shui Bei market, the base price for gold is around 1165 yuan per gram, with additional costs for craftsmanship, indicating that consumers can access gold at much lower prices than retail [10] Consumer Behavior - For consumers purchasing gold for personal milestones, brand stores remain the preferred choice due to their reputation and after-sales service, while those focused on investment should consider bank offerings for lower costs [11][13] - Younger consumers interested in unique designs are turning to alternative channels like Shui Bei for lower-priced options, understanding that these purchases are more about personal enjoyment than investment [13][14] Market Sentiment - The current gold price surge is driven by both panic buying and investment strategies, reflecting a broader sentiment of uncertainty and the desire for tangible assets during volatile times [14]

在短暂整理后，黄金市场再度走强，向历史高位发起持续冲击，国际现货黄金盘中首次突破4400美元/盎司关口，刷新历史纪录，随后在亚洲交易时段进一 步攀升至4480美元/盎司附近，单日涨幅显著。 COMEX黄金突破4520美元后回落，国内金饰价格突破1400元/克，白银站上70美元， 机构普遍看多中长期前景但提示风险管理，投资者宜以资产配置视角审慎布局，避免追高短线博弈，关注即将到来的技术性抛压。 一、金价屡创新高，年内表现领跑主要资产 今年年初，金价仍运行在2600美元/盎司上下，至今累计涨幅接近70%，创下上世纪70年代末以来最强年度表现。 国际金价的持续走高迅速传导至国内市场，上海期货交易所黄金期货主力合约收盘突破1000元/克整数关口，创出新高，显示人民币计价黄金价格同样进入 历史高位区间，黄金在大类资产中的相对收益优势进一步凸显。 二、多重因素共振，支撑金价持续上行 本轮金价上涨并非单一因素驱动，多重宏观与市场力量叠加的结果，首先，地缘政治风险反复升温，国际局势不确定性加大，显著抬升避险需求，黄金作为 传统避险资产收益 关税政策不确定性、资金持续流入黄金ETF以及各国央行延续购金行为，共同推升黄金需求，部 ...

近期，金店门口的热闹场面和朋友们关于金价飙升的讨论成为了街头巷尾的热点，昨天我经过水贝市场时，看到柜台前人头攒动，导购员忙得不亦乐乎，一 边擦汗一边宣布，足金的价格已经飙升至每克1166元，这个数字听起来确实有些惊人，自从美联储去年开始降息以来，金价就一直在稳步上升。 各国央行已经开始采取行动，中国、波兰等国家的央行已经连续数月增持黄金，他们的目的并非为了赚取差价，像将资金存入银行保险柜一样，为国家资产 增加一份安全感，你可能没注意到，黄金已经成为规避美元风险的一种手段，毕竟谁也无法预测明天资金是否会被切断，资产是否会被锁定。 对于普通人来说，投资黄金并不简单，我去银行咨询过，购买金条需要支付保管费，购买ETF需要关注汇率的波动，期货的杠杆效应又太大，稍有不慎就可 能血本无归。 现在金价已经突破每克千元大关，看起来价格很高，考虑到保管费和资金的闲置损失，实际到手的收益并不多，有投资者朋友提醒，现在的市场就像过山车 一样，普通人一旦盲目追涨，很容易被套牢，铂金，今天可能涨了5%，明天就可能跌回去。 金价刚刚突破千元大关，这可能只是开始，普通人该如何把握这个机会呢？高盛的目标价是否真的可信？市场上的喧嚣不断，真正 ...