根据上海黄金交易所数据显示，5月28日国内主要金饰品牌零售价普遍回落至千元关口。老庙黄金、周六福、老凤祥等品牌的足金价格较前一日跌幅达9-16 元/克，周生生金饰价格单日跌幅2.3%。这种剧烈调整直接导致4月以来高位入场的投资者普遍面临亏损。投资者李成的案例显示，其在金价创新高时以840 元/克购入的积存金产品，当前账面亏损已超过15%。此类现象暴露出投资者在市场狂热期对风险认知的严重不足。 国际金价自2025年5月中旬以来呈现剧烈波动，现货黄金价格在两周内连续跌破每盎司3500、3400美元整数关口，最终在3300美元区间持续震荡。这种过山 车式行情导致大量投资者陷入被动局面，其中新手投资者李默微投入40万元购买的积存金产品，在半个月内由盈利5万元转为亏损3万元，成为本轮黄金投资 风险的典型样本。 本轮金价剧烈波动源于多重因素的交织作用。中国（香港）金融衍生品投资研究院院长王红英指出，全球关税谈判取得突破性进展削弱了黄金的避险属性， 而美联储货币政策预期反复、美债收益率波动加剧了市场的不确定性。花旗银行研报显示，全球前20大经济体关税加权平均税率下降0.8个百分点，直接导 致避险资金流出贵金属市场。与此同时 ...

1、 《2025年全球黄金消费洞察 》 摘 要 ■ 2024年全球黄金消费同比增长1.4%，虽然整体增速温和，但结构性变化显著——亚太地区需求增 长尤为突出，反映出新兴市场居民财富积累及资产配置意识提升。 ■ 在全球经济增长不确定性加剧、通胀压力不减的背景下，黄金的避险属性被广泛认同，央行增持和 个人投资同步加码，进一步推高了投资需求。 ■ 尤其是在美元资产风险上升、全球货币体系去美元化趋势增强的背景下，黄金已不仅是传统意义上 的保值资产，更逐步被视为一种"全球储备资产替代品"，其战略配置意义持续上升。 ■ 黄金市场的供给面保持稳定，2024年全球黄金储采比达19.4年，说明矿产资源依然充足，不存在近 中期枯竭风险。 ■ 全年矿产金产量为3,661吨，年增2%，但价格与产量之间的相关性较低，表明供给端对市场价格的 影响相对温和。 ■ 金价上涨空间虽存在，但短期内仍需关注美联储政策变化、地缘风险及工业用金需求的不确定性， 特别是若特朗普重新执政，其贸易政策可能对制造业链条形成压制，从而间接影响工业金的边际需 求。 ■ 投资者应结合自身风险偏好，灵活配置黄金ETF、期货等衍生品以把握波段机会，同时长期可关注 优质 ...

Core Viewpoint - The gold market is currently in a state of stagnation, raising questions about the next trend opportunity and whether bulls can break through the 3325 level [1] Group 1 - The gold market is experiencing a period of volatility, with uncertainty surrounding future price movements [1] - Analysts are actively discussing strategies for positioning in the gold market amid this indecision [1] - The focus is on whether bullish sentiment can push gold prices above the critical level of 3325 [1]

（原标题：英华号周播报|中国4月黄金进口猛增73%！黄金概念基金怎么选？） # " 当期热文 NO.1 华安基金 华安基金2025黄金投资高端峰会：把握新周期下的黄金投资机遇 NO.2 九泰基金 表姐说理财丨黄金概念基金怎么选？ NO.3 前海联合基金 【一周市场述评】成长+红利"哑铃型配置"的主线行情有望持续 （点击文章标题跳转原文，下同） # " 热转好文 NO.1 兴业银行 NO.3： 中国基金报 #FUND思享汇# 余承东：普通人和优秀的人，最大的差异是自控力 # " 热门直播 每日"兴"观点丨中国4月黄金进口猛增73%！ NO.2 相聚资本 低风险高回报，可能吗？ NO.3 华夏基金 定期存款利率"1"时代，信用债ETF的配置价值再思考 # " 趣投教 NO.2： 兴业基金 兴业基金权益投资部总经理邹慧：中国企业出海的优势非常明显 NO.1： 中国基金报 #基民来了# 闪闪发光的科技投资，普通人如何做得好？ NO.2： 鹏华基金 鹏华基本面投资大学堂·第七期第十一讲 | 全球变局下的高端制造突围战 NO.3： 深圳证券交易所 百川汇流·并购重组焕新机 ——深市公司2024年度集体业绩说明会 王贵重 ...

Market Overview - The international spot gold price experienced fluctuations, opening below $3330 per ounce with a decline of 1.2% due to Trump's announcement to delay a 50% tariff on the EU, which briefly improved market risk sentiment [1] - However, during the US trading session, gold prices rebounded due to escalating geopolitical tensions and a decline in the US dollar index, closing at $3342.23 per ounce, with a daily decline narrowed to 0.5% [1] Current Market Dynamics - The gold market is characterized by a "tug-of-war" between bullish and bearish sentiments driven by policy uncertainties, such as Trump's sanctions on Russia and delays in US-EU trade negotiations, which alternate between safe-haven demand and risk sentiment [3] - Geopolitical risks, including controversies over uranium enrichment in the Middle East and the spillover risks from the Russia-Ukraine conflict, provide long-term support for gold prices [4] - The US dollar index fell to a four-week low of 99.69, but hawkish signals from Federal Reserve officials have intensified policy expectation divergences [5] Investment Strategy - In a complex market environment, gold investment should balance short-term volatility with long-term value [6] - Gold trading platforms like Jinrong China offer low entry barriers and flexible trading mechanisms, allowing for micro-contract trading with a minimum deposit of $70, suitable for beginners to test high-low strategies in a volatile market [6][7] - Risk management tools are available to ensure trading safety, including negative balance protection and real-time stop-loss and take-profit features [8][9] - Data and educational resources are provided to empower decision-making, including economic calendars and market analysis to help investors anticipate price fluctuations [10][11] Platform Value - Jinrong China's core advantages include compliance guarantees, with client funds independently held by third-party banks, and a stable technology infrastructure that ensures rapid order execution even during market volatility [14] - The platform offers transparency and cost control, with zero commissions and spreads as low as $0.2 per ounce, significantly reducing trading costs for frequent transactions [14] Conclusion - The recent fluctuations in gold prices highlight the need for investors to balance risks and opportunities in gold investment [18] - The choice of trading platform is crucial for investment success, emphasizing the importance of reliable technology and adaptable services in navigating the gold investment landscape [18]

Group 1 - The company is organizing a nationwide fan meeting for the first time since 2017, focusing on smaller, more in-depth discussions to address user questions effectively [1] - The event will not have any sponsors, aiming to prioritize user engagement and problem-solving over business activities [1] - The meeting locations will be determined based on user registration numbers, allowing for events in smaller cities if enough participants sign up [1] Group 2 - The gold market has seen a significant influx of investors due to rising prices, but the company warns of potential volatility and market corrections [2] - The company plans to share experiences and lessons learned from past market cycles during the upcoming meetings, emphasizing the importance of market awareness and risk management [2] - The next meeting is scheduled in Shenzhen, with additional locations in nearby cities, highlighting the company's commitment to reaching a broader audience [2] Group 3 - Recent gold price movements indicate a volatile market, with key support and resistance levels identified at $3240 and $3250 [3] - The company advises caution in trading strategies, emphasizing the need for flexibility and timely adjustments based on market conditions [5] - Current trading ranges are established between $3290 and $3315, with recommendations to observe market behavior before making decisions [6]

Group 1: Gold Price Fluctuations - On May 27, 2025, international gold prices dropped significantly, with London spot gold falling below $3,300 per ounce, closing at $3,300.46, a daily decline of 1.25% [1] - COMEX gold futures also fell by 1.27% to $3,299.7 per ounce, influenced by reduced expectations for Federal Reserve interest rate cuts, a rebound in the dollar index, and easing geopolitical tensions [1] Group 2: Domestic Gold Jewelry Price Adjustments - Domestic gold jewelry prices have been adjusted downwards in response to the international gold price decline, with brands like Chow Sang Sang and Chow Tai Fook reducing their gold prices to 986 CNY per gram, a decrease of 10-29 CNY per gram [3] - Lao Miao's gold price has dropped to 997 CNY per gram, while the Shenzhen Shui Bei wholesale market offers a competitive price of 756 CNY per gram with low processing fees [3] Group 3: Core Reasons for Price Volatility - Market sentiment and policy impacts include cautious statements from Federal Reserve officials indicating no imminent rate cuts, which diminishes gold's appeal [4] - Progress in US-EU trade negotiations and the postponement of tariff increases by Trump have alleviated market tensions [4] - Technical adjustments are evident, with gold prices having risen over 20% since mid-April, leading to profit-taking [4] - Changes in consumer behavior show a shift towards high-value channels and lighter wedding jewelry designs, with average weights decreasing from 40 grams to 30 grams [4] Group 4: Investor Sentiment and Future Trends - Investor sentiment is polarized, with some leveraged traders facing losses exceeding 470,000 CNY in a single day, while long-term investors remain optimistic about gold's inflation-hedging properties [5] - China's gold imports surged by 73% month-on-month in April to 127.5 tons [5] - Short-term price fluctuations are expected around the $3,300 per ounce support level, with potential volatility of 5%-10% if the Federal Reserve signals a hawkish stance in June [5] - Morgan Stanley forecasts gold prices to oscillate between $3,000 and $3,350 [5] - Long-term support factors include ongoing global central bank gold purchases and a weakening trend in dollar credit, with Goldman Sachs predicting gold prices could challenge $4,000 per ounce by 2026 [5] Group 5: Consumption and Investment Recommendations - For essential consumption, it is advisable to prioritize bank gold bars (with a premium of about 3%) or wholesale market options to avoid high processing fees associated with branded gold jewelry [6]

近期国际金价持续波动，呈现震荡下行趋势。截至2025年5月28日，伦敦现货黄金价格跌破3300美元/盎 司，报3293.68美元/盎司，较前一日下跌0.2%；国内金饰价格同步调整，周生生、周六福等品牌足金饰 品报价降至986元/克，周大福、六福珠宝为1006元/克，较月初高点回落明显。以下是具体动态与分 析： 技术性调整：前期金价快速上涨后积累的获利盘回吐，部分投资者选择抛售黄金兑现收益。 中长期支撑逻辑 地缘政治不确定性：俄乌冲突、中东局势紧张等风险事件仍存，黄金作为避险资产的中长期价值未改 变。 全球央行购金需求：中国4月黄金进口量达127.5吨，创11个月新高，持续支撑金价。 美元信用弱化：美国财政赤字扩张及债务问题引发市场对美元体系的担忧，推动黄金作为替代性储备资 产的需求。 市场现状与波动原因 短期回调驱动因素 避险情绪降温：美国推迟对欧盟加征关税的决定缓解了贸易摩擦担忧，市场风险偏好回升，黄金作为避 险资产的吸引力减弱。 美元走强：美国经济数据韧性及美联储降息预期推迟推动美元指数上涨，抑制以美元计价的黄金需求。 未来趋势展望 短期震荡延续：国际金价预计在3100-3500美元/盎司区间波动，技术面 ...

在产品换将或逐步追平比较基准的预期下，炒作资金将溢价幅度与空间瞄准业绩比较基准的操作套路，使 得业绩比较基准已翻倍的易方达黄金主题基金在场内的溢价出现罕见情形。 易方达基金5月26日发布公告，该产品的二级市场交易价格已远超基金产品份额净值，当前溢价幅度已超 25%。而在不久前，易方达黄金主题基金产品发布基金经理变更公告，之后即出现产品的交易溢价飙升至 67%，该基金产品在二级市场上的涨幅一度高达119%，截至5月26日，易方达黄金主题基金产品的年内价格涨 幅仍有56.84%的高收益，远高于该基金32%的年内净值收益。 值得一提的是，自基金合同生效至最新一期的基金定期报告期末，易方达黄金主题基金产品的A类基金份额净 值增长率为25.60%，同期业绩比较基准收益率为126.25%，而产品换将后的价格涨幅高度接近126.25%的基金 业绩比较基准，也暗含出炒作资金对该基金产品之后净值收益的预期。 公募提醒基金交易风险 5月26日，易方达基金发布公告称，旗下易方达黄金主题基金的A类人民币份额在二级市场交易价格已经明显 高于基金份额净值。按2025年5月22日数据计算，该只黄金主题基金的基金份额净值为1.307元，而同 ...

5月27日下午，现货黄金跌破3300美元/盎司，日内跌1.45%。 国内黄金现货也出现下跌。 今年以来，黄金总是重复以两种方式登上热搜：大涨与大跌。 尤其进入5月，这种趋势更为明显，屡创历史新高的金价开启了波动更为剧烈的过山车模式。过去两周 内，国际金价逐渐跌破每盎司3500美元、3400美元和3300美元关口。曾经一夜之间靠黄金"赚翻"的投资 者，经此震荡纷纷感叹"亏麻了"。 中国(香港)金融衍生品投资研究院院长王红英告诉记者，近期黄金出现巨大震荡行情，主要源于影响黄 金价格的利多与利空因素之间的结构性矛盾，以及市场情绪的放大作用。 "黄金价格受到国际经济形势变化、主要货币走势、地缘政治摩擦等多重因素影响，短期内多重因素的 博弈导致黄金价格经历了暴涨暴跌的剧烈波动。"王红英说道。 花旗在研报中明确表示，此轮金价从最高点下调的核心原因在于全球关税谈判取得突破性进展。报告强 调："此前推动金价上涨的关键因素——关税担忧正在明显缓解，这直接导致黄金市场进入阶段性盘 整。" 招商期货金融衍生品主管徐世伟从交易角度对记者进一步分析，金价站上高位后，震荡较大属于正常现 象，直接原因在于大资金涌入造成了更大波动性。 世界 ...