北京商报记者丨李海媛 有专家表示，价格回调时，投资者可酌情买入。 随着中美经贸会谈取得新进展，国际金价迎来进一步震荡。 5月12日，国际金价整体走势下跌，伦敦金现、COMEX黄金跌幅一度超3%。交易行情数据显示，截至 16时，伦敦金现跌2.99%，报3227.12美元/盎司；COMEX黄金跌3.39%，报3230.8美元/盎司。 中国（香港）金融衍生品投资研究院院长王红英表示，金价下跌主要由几个因素导致。一是当前国际避 险情绪得到进一步缓和，近日举行的中美经贸高层会谈缓和了中美因高关税带来的避险投资热情。二是 全球地缘政治的对抗情绪有所下降，使投资者的避险情绪也得到缓和。另外，此前多头积累了大量浮动 盈利兑现，也导致了黄金价格短期的调整。同时，美国的经济数据表现相对稳健也使美元进一步升值， 压制了黄金价格的进一步上涨。 在金价回调的背景下，黄金ETF走势也呈现下跌状态。Wind数据显示，5月12日盘中，一众黄金ETF齐 跌。截至下午收盘，共有14只黄金ETF跌超2%，建信上海金ETF领跌，收跌2.25%。 那么，结合当前金价下跌趋势来看，是否已到了布局的新时机？王红英认为，虽然短期黄金价格下跌， 但全球地缘政 ...

Group 1 - The core viewpoint of the articles indicates that global risk aversion has decreased due to positive developments in US-China trade negotiations and easing geopolitical tensions, leading to a decline in international gold prices [1] - As of the latest report, COMEX gold futures are trading around $3221 per ounce, reflecting a daily drop of over 3.6% from previous highs [1][2] - Despite the recent decline, gold prices have maintained a high level of volatility throughout the year, with a notable increase in demand for gold products among younger consumers [2][3] Group 2 - A new trend has emerged in the market with ultra-lightweight gold stickers, weighing between 0.01 grams to 0.2 grams, appealing to younger consumers with prices ranging from tens to over a hundred yuan [3][5] - Gold banknotes and gold cakes have become popular in the Shenzhen market, especially themed products for occasions like Mother's Day, indicating a shift in consumer preferences towards lower-weight gold items [3][5] - The price of gold banknotes is generally around 160 yuan, while the price of gold jewelry has seen a decline, with market prices dropping below 800 yuan per gram [5][6] Group 3 - Analysts suggest that the easing of trade and geopolitical tensions may lead to a shift of funds from safe-haven assets to riskier investments, putting continued pressure on gold prices [6] - However, ongoing purchases by central banks and speculative activities by retail investors may provide some support for gold prices, preventing a significant decline [6] - Goldman Sachs has reiterated its bullish outlook on gold, predicting that spot gold prices could reach $3700 per ounce by the end of the year and potentially hit $4000 by mid-2026 [6]

Group 1 - The core viewpoint of the articles indicates that the international gold price is experiencing fluctuations due to the progress in China-US trade talks, with a notable drop in gold prices following the announcement of tariff adjustments [1][3][4] - On May 12, gold prices fell significantly, with London gold spot prices dropping by 2.99% to $3227.12 per ounce and COMEX gold falling by 3.39% to $3230.8 per ounce [4] - The recent high of international gold prices was above $3500 per ounce, but they have since retreated, with declines exceeding 1% since May [4] Group 2 - The decline in gold prices is attributed to several factors, including reduced international risk sentiment due to the easing of tensions from the China-US trade talks and a decrease in geopolitical confrontation [4][5] - Despite the short-term drop in gold prices, the long-term structural benefits for gold remain intact, suggesting that the current price adjustments may be temporary [5][6] - Investment analysts suggest that it may be a good time to consider buying physical gold or gold ETFs during this price correction, as the long-term outlook for gold remains positive [6]

Core Insights - The article discusses the unprecedented volatility in the gold market in 2025, driven by the end of the Federal Reserve's interest rate hike cycle and the impact of the Trump administration's tariff policies, highlighting a significant divergence between price corrections and surging demand for gold as a strategic asset [1][3] Group 1: Geopolitical Factors and Compliance - Geopolitical tensions, including the ongoing Russia-Ukraine conflict and U.S. tariffs, have increased the correlation between the geopolitical risk index (GRID) and gold prices to 0.68, driving demand for gold as a safe-haven asset [3] - The compliance credentials of Kingstone Precious Metals, a core member of the Hong Kong Gold Exchange, provide investors with confidence, as each transaction generates a unique "transaction code" for real-time verification [3] Group 2: Security and Efficiency in Transactions - Kingstone Precious Metals has established a bank-grade protective network to address investor concerns about fund security, featuring instant deposits and withdrawals within 2 hours, significantly faster than traditional platforms [4] - The platform employs MT4/MT5 dual systems and SSL encryption, ensuring order execution speed of ≤0.02 seconds and robust protection against DDoS attacks [4] Group 3: Cost Control and Accessibility - Kingstone Precious Metals offers competitive trading costs, with spreads for London gold/silver below industry averages and zero commission throughout the trading process, making it accessible for small investors [4] - The platform allows trading from 0.05 lots, catering to long-term investors using dollar-cost averaging strategies [4] Group 4: Industry Trends and Social Responsibility - Kingstone Precious Metals is actively involved in setting industry standards and applying blockchain technology for gold traceability, while also engaging in social responsibility initiatives such as poverty alleviation and educational support [5] - The company emphasizes a philosophy of coexisting commercial and social value, earning recognition as a highly trusted platform for investors [5]

本次活动设置了"黄金投资与ETF配置策略暨2025'上证杯'全国高校巡讲"双主题，吸引超过300位师生踊跃参与。华安基金首席指数投资官、总经理助理许 之彦和上证投教中心主任、上证投资家主编张勇军应邀担任主讲嘉宾，上海交通大学高级金融学院张雅各、交大高金量化投资俱乐部会长陈雅、上证投教 中心副主任刘香香等出席活动。 张雅各在开场致辞中对来自上海证券报和华安基金的专家表示热烈欢迎。他介绍道，上海交通大学上海高级金融学院是上海市人民政府为实现将上海建设 成为国际金融中心的国家战略，依托上海交通大学，按照国际一流商学院模式精心打造的国际化金融学院。学院始终秉持"汇聚国际一流师资、培养高端 金融人才、构筑开放研究平台、形成顶级政策智库"的发展使命。当前，高金顺应时代发展需求，围绕金融"五篇大文章"，聚焦科技金融、数字金融、可 持续金融三大战略方向，加强金融与科技的双向赋能，共同推动社会经济可持续发展，持续为国家"金融强国"建设、上海"五个中心"建设和上海交大"世 界一流大学"建设贡献力量。 "上证杯"由上海证券交易所和上海证券报社联合主办，历经5年的迭代发展，已成为全国规格最高、最具影响力的主题投教赛事之一。"2025 ...

Group 1: Gold Price Trends - Since April 2025, international gold prices have experienced significant volatility, with a peak of $3,342 per ounce in early May, marking a year-to-date high [1] - The COMEX gold futures volatility index (GVZ) rose to 28.7 in April, a 65% increase from the March average, indicating heightened investor sentiment [1] - The gold price saw a dramatic drop of 4.8% within 24 hours following hawkish signals from the Federal Reserve, the largest single-day decline since last year [1] Group 2: Investor Sentiment - In the first two weeks of April, global gold ETFs saw a net inflow of $2.3 billion, with speculative positions in COMEX gold futures reaching 72% [3] - However, in the subsequent two weeks, there was a net outflow of $1.8 billion as retail investors engaged in panic selling, leading to a 35% increase in trading volume for Shanghai Gold Exchange's gold TD contracts [3] - The market sentiment index shifted from "extreme greed" to "moderate fear," reflecting the high sensitivity of the current gold market [3] Group 3: Underlying Factors Influencing Gold Prices - The current geopolitical and economic environment is characterized by rising geopolitical risks, inflation expectations, and de-globalization trends, while economic growth expectations, policy coordination, and market risk appetite are declining [5] - The Federal Reserve's monetary policy remains a core variable in gold pricing, with historical data indicating that changes in Fed policy expectations contribute over 40% to short-term gold price fluctuations [5] - Geopolitical tensions, such as the ongoing Middle East conflicts and the Russia-Ukraine situation, have heightened demand for gold as a safe-haven asset, with a correlation coefficient of 0.78 between geopolitical risk and gold prices [5] Group 4: Changes in Gold Supply and Demand - The global gold supply has been declining for five consecutive years, with a projected 3.2% decrease in production for 2024 due to rising environmental standards and mining costs [8] - In contrast, investment demand in China has increased, with gold bar sales on the Shanghai Gold Exchange rising by 18% year-on-year in April, indicating a shift in demand dynamics [8] - The scarcity of gold, driven by its unique properties and limited availability, is a significant factor contributing to price volatility [8] Group 5: Future Investment Trends - Central banks globally have continued to increase their gold reserves, with a net purchase of 244 tons in the first quarter of 2025, indicating a trend towards diversifying away from the dollar [10] - Goldman Sachs predicts that if the Federal Reserve begins a rate-cutting cycle, gold prices could reach $3,700 per ounce by year-end, with extreme scenarios potentially pushing prices to $4,500 [10] - The COMEX net long positions in gold have reached 69%, nearing historical highs, suggesting potential for price corrections if the Fed delays rate cuts [10]

Group 1 - Gold prices have recently declined, with COMEX gold futures dropping below $3,270 per ounce, and related ETFs experiencing a nearly 2% pullback, despite a net inflow of approximately 800 million yuan over the past three days [1] - JPMorgan forecasts that gold prices could reach $6,000 per ounce by 2029, representing an 80% increase from the current level of around $3,300, driven by U.S. policy changes under President Trump prompting investors to shift from U.S. assets to gold [1] - The analysis indicates that if foreign investors allocate 0.5% of their U.S. assets to the gold market, it could result in an influx of up to $273.6 billion into the gold market over four years, equivalent to 2,500 tons of gold [1] Group 2 - The gold ETF (518800) has seen its share increase by over 120% year-to-date, with its current scale exceeding 20 billion yuan, positioning it among the leaders in its category [1] - Investors without stock accounts can access gold investment opportunities through the gold ETF's linked fund (004253), which offers a more convenient and liquid alternative to purchasing physical gold [1]

截至2025年5月12日 11:30，黄金ETF基金(159937)下跌1.77%，最新报价7.38元。流动性方面，黄金ETF基金盘中换手2.31%，成交6.76亿元。拉长时间看，截 至5月9日，黄金ETF基金近1月日均成交13.82亿元。 德邦证券指出，伴随贸易问题的逐步缓和，黄金的避险情绪出现一定退坡，黄金价格近期持续震荡。但我们认为贸易谈判过程可能也不一定顺利，我们依旧 对黄金持续看好，在当前贸易阴云飘忽不定的情况下，美元全球地位逐步动摇的长期逻辑正在加速落地，有望对金价带来持久的推动。 规模方面，黄金ETF基金最新规模达298.31亿元。 份额方面，黄金ETF基金最新份额达39.65亿份，创近1年新高。 从资金净流入方面来看，黄金ETF基金近3天获得连续资金净流入，最高单日获得1.76亿元净流入，合计"吸金"3.17亿元，日均净流入达1.06亿元。 数据显示，杠杆资金持续布局中。黄金ETF基金连续3天获杠杆资金净买入，最高单日获得2018.16万元净买入，最新融资余额达37.69亿元。 截至5月9日，黄金ETF基金近5年净值上涨99.14%，排名可比基金前2。从收益能力看，截至2025年5月9日，黄金 ...

五一假期后，黄金市场交投火热依旧，早前，特朗普关税政策引发的全球动荡，叠加地缘紧张局势持续 不断，黄金价格上蹿下跳，在一度触及3500美元大关后， 又断崖式回落至3300美元关口下方附近。黄 金过山车行情频出，金价在巨震之间涌现诸多布局机会，随着端午黄金投资季的到来，领峰贵金属 (igoldtg.top/krHkvj)特送$10000节日好礼，助力投资者"粽"享高能福利，交易竞得先机！ 眼下，全球地缘政治不确定性预计将继续支撑金价。如果地缘冲突进一步升级或中东局势恶化，避险需 求可能会推动金价冲击3600美元水平。与此同时，市场对美联储货币政策转向的预期也将是影响金价的 另一关键因素。 重磅行情逐个看，领峰贵金属送$10000赠金助攻 美国经济面临艰难局面，美联储货币政策左右为难，在这样的背景下，黄金多空激战或仍将继续，市场 正密切关注各大经济数据发布之际，可能出现的黄金投资行情！ 5月13日 美国4月CPI数据 5月15日 美国4月零售销售数据 5月30日 美国4月核心PCE物价指数 在中美贸易关系的漫长拉锯战中，特朗普政府的关税政策一直是双方博弈的关键焦点。不过，特朗普的 最新表态似乎为这场紧张的贸易摩擦 ...

每一个清晨，都是一个新的开始；每一次努力，都是对未来的期许。各位朋友，新的一周，早安~ 近期，黄金价格大幅震荡。 伦敦金价从最高3500美元/盎司大幅跳水，最低已降至3201美元/盎司，跌幅高达5%。 与此同时，中国人民银行（以下简称中国央行）连续6个月增持黄金。5月7日，国家外汇管理局发布的数据显示， 4月末，中国黄金储备报7377万盎司， 环比增加7万盎司，为连续6个月增持黄金。在过去6个月中，中国央行持有的黄金增长近100万盎司，约合28吨。 中国央行增持黄金，这一情况与全球同频共振。世界黄金协会发布的数据显示， 今年第一季度，全球央行购金244吨，符合近3年季度购金量的常态水 平。2022年至2024年，全球央行连续3年购金量超1000吨，远超2010年至2021年的473吨平均水平。 市场预计央行对黄金需求不会轻易下降。世界黄金协会2024年对全球央行黄金储备调研结果显示， 29%的受访央行计划在未来12个月内增加黄金储备， 达2018年以来的最高水平。瑞银预测，各国央行将在2025年买入约1000吨黄金。 "黄金储备连续第六个月增加，符合市场预期。"东方金诚首席宏观分析师王青认为，美国总统特朗普就 ...