Group 1 - The article discusses the resistance faced by gold prices during the European trading session, indicating a potential need for price correction to fill the gap above [1] - It raises questions about how funds will make decisions during the US trading session and emphasizes the importance of short-term positioning strategies [1]

Group 1 - The article discusses the bullish trend in gold prices, with a target of 3430 [1] - It highlights the ongoing live broadcast by a researcher named Steven, focusing on how to seize trend opportunities in the gold market [1]

头豹市场研究| 2025/04 www.leadleo.com 2025年全球黄金消费洞察：变局、趋 势与机遇 2025 Global Gold Consumption Insights 2025年世界の金消費インサイト 近年来，全球黄金消费市场呈现出新的发展态势。2024年，全球黄金消费量需求同比增长 1.4%（不包含场外交易和其他需求），新兴市场尤其是亚太地区的消费增长显著。随着全球经济不 确定性上升和通胀压力持续，黄金作为避险资产的价值进一步凸显，投资需求持续攀升。然而，面 对地缘政治风险加剧和各国货币政策调整，黄金市场仍存在较大波动性。如何在复杂多变的国际环 境中把握投资机遇？是实物黄金还是黄金衍生品更具投资价值？ 本报告主要聚焦全球黄金消费市场现状，深入分析黄金供需格局，探讨了各类投资者的配置策 略与风险管理，并对黄金市场的持续发展进行了系统研究，同时对未来价格走势及投资机会做出预 判。 ✓ 全球黄金供给格局：稳定可控的多元化供应体系 全球黄金供应呈现多元化特征，2024年储采比达19.4年，显示资源储量充足。地上存量21.6万吨， 金矿产量3,661吨，年均增长2.0%但与金价关联度较低。在高金价 ...

Core Viewpoint - The recent volatility in international gold prices presents both opportunities and risks for investors, with a recommendation to consider long-term strategic investments in gold as a hedge against market uncertainties [1][2]. Group 1: Market Trends - Since May, international gold prices have experienced significant fluctuations, with notable increases and decreases, including a peak of $3509.9 per ounce for COMEX gold and $3500.12 per ounce for London spot gold [1]. - The global trade war risks previously supported gold prices, but recent progress in US-China trade talks has led to a decrease in risk premiums and a decline in short-term safe-haven demand [1]. Group 2: Long-term Investment Perspective - Gold is influenced by various factors beyond trade risks, including the US dollar's performance, investor confidence in dollar assets, US government debt sustainability, inflation expectations, geopolitical risks, and central bank gold purchases [2]. - The World Gold Council encourages viewing gold as a strategic asset that can provide long-term returns, reduce portfolio volatility, and offer liquidity during market turmoil [2][3]. Group 3: Demand and Supply Dynamics - The World Gold Council's report indicates that global gold demand reached 1206 tons in Q1 2025, a slight increase of 1% year-on-year, marking the highest level for that period since 2016 [2]. - Strong investment demand, driven by central bank purchases and improved global gold ETF demand, is a key factor supporting overall gold demand [2]. Group 4: Investment Recommendations - For individual and institutional investors, a recommended allocation of 5%-10% in gold can enhance the risk-return profile of a typical 60/40 stock-bond portfolio [3]. - The recent increase in gold price volatility suggests that investors should exercise caution in their investment strategies [3].

在 2025 年 5 月 21 日，国内黄金市场传来一则令人瞩目的消息，多家知名品牌的金饰克价再次涨破千元大关。周大福足金饰品单价飙升至 1008 元 / 克，较 前一日上涨 26 元；周生生足金饰品报价 1007 元 / 克，老庙黄金的足金饰品也达到 1004 元 / 克，均有大幅涨幅。这一价格的攀升并非孤立现象，而是在国 际金价同步上扬的大背景下产生的，其背后蕴含着复杂的经济因素，对消费者、珠宝行业以及金融市场等均产生了深远影响。 一、金价攀升的多重驱动因素 （一）全球经济不确定性 近年来，全球经济复苏进程充满波折，诸多主要经济体增长步伐放缓。例如，部分欧洲国家面临着债务问题、经济结构调整等挑战，经济增长动力不足。同 时，贸易摩擦在全球范围内不断上演，中美贸易摩擦虽在一定程度上达成阶段性协议，但贸易环境的不确定性依然存在，这使得投资者对未来经济前景忧心 忡忡。黄金作为具有悠久历史的避险资产，在这种经济迷雾笼罩的情况下，成为了投资者寻求资产安全的港湾。大量资金如潮水般涌入黄金市场，推动黄金 价格持续走高，进而带动了金饰价格的上涨。 （二）地缘政治紧张局势 当前，部分地区地缘政治冲突呈现出频发态势。中东地区长 ...

Group 1 - The international gold market experienced significant price fluctuations, with spot gold prices dropping sharply, potentially marking the largest weekly decline in six months [1] - The decline in gold prices was primarily driven by a stronger US dollar and easing tensions in the US-China trade war, reducing gold's appeal as a safe-haven asset [1] - Gold prices fell over 2% on Friday and nearly 4% for the week, the largest weekly drop since November of the previous year [1] Group 2 - Market risk appetite increased due to the easing of trade tensions, leading to profit-taking by futures traders in the gold market [1] - The market is currently pricing in a reduction of approximately 58 basis points in interest rates by the end of the year, down from a peak expectation of 120 basis points in April [1] - Financial market experts suggest that investors should closely monitor economic data and Federal Reserve communications to better navigate the gold market [1] Group 3 - Technically, gold prices are still showing a strong upward trend despite recent declines, with MACD indicators suggesting a potential short-term pullback [2] - Recommendations for trading strategies include buying on dips in the 3175-3170 range and selling on rebounds in the 3235-3240 range [2] - The Shanghai Gold Exchange reported a slight increase in trading volume, indicating active market participation, with a closing price of 3185 yuan per gram [2] Group 4 - Major brands like Chow Tai Fook, Chow Sang Sang, and Luk Fook have varying gold prices, providing consumers with more options and investment opportunities [3] - The gold trading management authority urges investors to make rational purchases and avoid excessive speculation [3] - Long-term investors remain optimistic about gold's value retention, despite short-term pullback risks, influenced by global economic conditions and central bank policies [3]

Group 1 - The core viewpoint is that the logic of gold allocation is influenced by the changing international order, emphasizing the importance of adapting to these shifts [1][3]. - The current market dynamics are different from the past, where typically when the market fluctuated, the dollar and U.S. bonds would rise; however, now all three—dollar, bonds, and stocks—are declining simultaneously [2]. - The old valuation system for gold has been disrupted, and a new valuation framework will only emerge when a new order becomes clearer [4][6]. Group 2 - The short-term outlook for gold may see adjustments due to some negative factors, but the medium-term perspective indicates a transformation in the credit currency system [6]. - The recommended strategy for gold investment is encapsulated in the phrase "follow the big trend, counter the small trend," suggesting that investors should align with the overarching upward trend while taking advantage of short-term corrections [7][8]. - In an uncertain environment, the risk premium for gold continues to normalize, highlighting the value of gold-related ETFs for investment [9]. Group 3 - The specific gold ETF mentioned is the Huaxia Gold ETF (518850), which has the lowest management fee in its category, and one unit corresponds to 1 gram of physical gold [10]. - The advantages of gold ETFs over physical gold include lower capital requirements, no storage costs, and higher trading efficiency, supporting T+0 intraday trading [10].

【基本面解析】 北京时间周三(5月21日)亚欧时段，美元指数下跌，现报99.75，金价目前交投于3309.01美元/盎司，涨幅 0.59%，最高触及3320.34美元/盎司，最低触及3285.09美元/盎司。本交易日投资者主要留意美国税改法 案相关消息、关注地缘局势相关消息，留意美联储官员讲话和国际贸易局势变化。 今日黄金价格最新查询（2025年5月21日） | 名称 | 最新价 | 单位 | | --- | --- | --- | | 现货黄金 | 3309.01 | 美元/盎司 | | 黄金t+d | 773.80 | 元/克 | | 纸黄金 | 766.56 | 元/克 | | 沪金主力 | 778.78 | 元/克 | 美联储内部对通胀走势产生严重分歧。圣路易斯联储总裁穆萨莱姆在明尼苏达经济俱乐部发表讲话时强 调，若能缓解贸易紧张局势，通胀有望回归2%的政策目标。但另有多位联储官员警告，新关税政策可 能导致物价持续上涨，亚特兰大联储模型显示核心PCE指数可能突破3%警戒线。这种政策不确定性也 促使对冲基金大举增持黄金多头仓位。 【黄金技术面分析】 Economies.com的分析师今日最新观点：现货黄 ...

市场认为，该计划可能加剧地缘政治紧张，防御计划的长期博弈也将持续扰动市场情绪，而大规模的军 事支出也可能加剧美国财政赤字，削弱美元信用，从而提升黄金的保值属性。 （原标题：金价再度狂飙！黄金股ETF、黄金股ETF基金、上海金ETF、黄金ETF华夏大涨！） 金价再度狂飙！ 5月21日，现货黄金上破3300美元大关，为5月9日以来首次。 受国际金价影响，国内金店金饰价格再次突破千元关口。周大福、周六福足金饰品价格上涨至1008元/ 克，较前日的982元每克上涨26元；老庙黄金足金饰品价格上涨至1004元/克，较前日的977元每克上涨 27元。 A股华夏黄金股ETF、永赢黄金股ETF、平安黄金股票ETF基金、工银瑞信黄金股ETF基金、华安黄金股 票ETF、国泰黄金股票ETF涨超4%；建信黄金ETFAU、南方金ETF、 中银上海金ETF、黄金ETF华夏、 工银瑞信黄金ETF基金、广发上海金ETF、嘉实上海金ETF基金、天弘上海金ETF、国泰黄金基金ETF、 华安黄金ETF、富国金ETF、易方达黄金ETF、博时黄金ETF基金、前海开源黄金基金ETF涨超3%。 地缘冲突升温，叠加美国一季度GDP负增长，避险需求提升，带动 ...

Core Viewpoint - The article emphasizes the importance of flexibility in gold investment and risk management capabilities for investors, particularly in the context of rising gold prices in 2025. It highlights the trading mechanisms provided by Kingrong China, a member of the Hong Kong Gold Exchange, which offers a comprehensive trading system for investors [1]. Group 1: Trading Time - The trading time is designed to seamlessly connect with global markets, operating 24 hours a day, with specific timings for summer and winter daylight saving periods [3]. - The trading sessions are categorized into Asian, European, and American sessions, each with distinct characteristics that affect liquidity and volatility [3]. - Compared to the Shanghai Gold Exchange's 10-hour segmented trading, Kingrong China's continuous trading mechanism allows investors to respond to sudden events in real-time, reducing the risk of missing trading opportunities [3]. Group 2: Core Trading Rules - The platform supports T+0 trading and allows for both long and short positions, providing tools for hedging against market volatility, especially during uncertain periods influenced by Federal Reserve policies [4]. - Each contract is 100 ounces with a basic margin requirement of $1,000, offering a leverage of approximately 30 times, and a forced liquidation line is set to mitigate extreme market risks [5]. - The cost structure is transparent, with spreads as low as $0.2 per ounce and no commissions or fees, while overnight positions incur clear interest costs [6]. - Unlike the Shanghai Gold Exchange's 15% price limit, Kingrong China allows for free price fluctuations, offering greater profit potential for trend traders [6]. Group 3: Platform Advantages - Kingrong China operates under the regulatory framework of the Hong Kong Gold Exchange with an AA license, ensuring client funds are securely held in third-party international banks to prevent misuse [9]. - The platform utilizes the MT5 system for order execution with minimal delay and incorporates SSL encryption and distributed server architecture for data security and system stability [9]. Group 4: Investor Strategy Recommendations - Investors are advised to focus on the American trading session, particularly around key economic data releases and Federal Reserve announcements, to optimize their trading strategies [10]. - The platform offers a range of services for new investors, including demo accounts and micro contracts to lower trial costs, as well as professional tools for market analysis [11]. - Risk control measures are emphasized, such as limiting individual trade positions to 5% of total capital and setting stop-loss points to manage potential losses effectively [11].