【导读】美股三大指数集体收跌，纳斯达克中国金龙指数涨0.52%， 黄金价格再创历史新高 中国基金报记者 储是 周二，美股市场三大指数集体收跌，盘中跌超1%，科技和芯片股全线下跌。中国资产逆市上 涨，纳斯达克中国金龙指数收涨0.52%。 黄金大涨，COMEX黄金报收3599.5美元/盎司，创下新高，盘中曾突破3600点/盎司。 美股三大指数集体收跌 | 微软(MICROSOFT) | 505.080 | -1.610 | -0.32% | | --- | --- | --- | --- | | 脸书(META PLATFORMS) | 735.080 | -3.620 | -0.49% | | 谷歌(ALPHABET)-C | 211.940 | -1.590 | -0.74% | | 苹果(APPLE) | 229.730 | -2.410 | -1.04% | | 特斯拉(TESLA) | 329.400 | -4.470 | -1.34% | | 亚马逊(AMAZON) | 225.330 | -3.670 | -1.60% | | 英伟达(NVIDIA) | 170.741 | -3.439 | -1. ...

Core Viewpoint - The precious metals market, particularly gold, is experiencing renewed upward momentum due to expectations of interest rate cuts by the Federal Reserve, leading to historical price highs for gold [1][2]. Group 1: Gold Market Dynamics - Gold prices reached a new high of $3,508.73 per ounce, marking a year-to-date increase of over 30%, making it one of the best-performing major commodities [2]. - The anticipated interest rate cut by the Federal Reserve, driven by softening labor market data, is increasing the attractiveness of gold as it does not yield interest [2]. - UBS strategist Joni Teves noted that the low interest rate environment, weak economic data, and ongoing geopolitical risks are reinforcing gold's role as a risk diversification tool in investment portfolios [2]. Group 2: Silver Market Trends - Silver prices have also doubled over the past three years, with a year-to-date increase of over 40%, recently surpassing $40 per ounce for the first time since 2011 [5][6]. - The demand for silver is bolstered not only by its status as a safe-haven asset but also by its industrial applications in clean energy technologies, contributing to a fifth consecutive year of supply shortages in the silver market [6]. - The influx of investors into silver ETFs has led to a continuous increase in holdings for seven months, tightening the market and raising silver leasing rates to around 2%, significantly above normal levels [9]. Group 3: Geopolitical and Economic Influences - Ongoing geopolitical tensions and economic uncertainties, including concerns over the independence of the Federal Reserve amid President Trump's criticisms, are driving demand for gold and silver [5]. - Recent court rulings regarding tariffs and the legality of presidential actions have added to the uncertainty faced by U.S. importers, further influencing the precious metals market [5].

Group 1: Gold Price Surge - The international gold price has reached a new record high, with New York futures hitting $3600 per ounce and spot gold surpassing $3530 per ounce, marking a year-to-date increase of over 30% [1][5] - Silver prices have also surged, breaking the $40 per ounce mark for the first time since 2011, with a year-to-date increase exceeding 40% [1][5] - Morgan Stanley has set a target price of $3800 per ounce for gold and $40.9 per ounce for silver by Q4 2025, indicating potential for upward surprises [5] Group 2: Catalysts for Gold Price Increase - The expectation of interest rate cuts by the Federal Reserve is a significant catalyst for the rise in gold prices, with historical data showing an average increase of 6% in gold prices within 60 days of the Fed starting a rate cut cycle [7] - The overall demand for safe-haven assets remains high due to factors such as declining dollar index, increasing U.S. national debt, and challenges to the dollar's credit system [7][9] - Despite the bullish outlook, there are short-term risks associated with U.S. economic and policy uncertainties, although any price corrections may trigger buying behavior, limiting the downside to around 10% [7][10] Group 3: Long-term Outlook for Gold - The global bond market is facing challenges, with rising yields despite many countries entering a rate-cutting cycle, leading investors to prefer non-dollar assets like gold [9] - The long-term drivers for international gold prices remain intact, with expectations of continued upward trends [9] - The limited supply of gold and increasing allocations from foreign reserve management institutions and global gold ETFs further support its investment value [9] Group 4: Foreign Investment in Chinese Assets - Foreign investment attitudes towards Chinese assets are shifting positively, with the Shanghai Composite Index reaching a 10-year high and significant inflows into A-shares observed since August [11][13] - Data indicates a net increase of $10.1 billion in foreign holdings of domestic stocks and funds in the first half of the year, reversing a two-year trend of net reductions [13] - The influx of foreign capital is expected to continue, driven by the appreciation of the RMB and strong performance of Chinese equities [13]

上周五，美国联邦巡回上诉法院以7比4的裁决结果，认定特朗普无权根据《国际紧急经济权力法》 (IEEPA)征收大部分关税。该裁决暂缓至10月14日生效，以给予政府时间向最高法院提出上诉。 特朗普周二在白宫对记者表示："如果取消关税，美国可能会沦为第三世界国家。我们将立即向最高法 院申请提前受理，并要求快速裁决。"他强调，"国家的金融结构正处于危险之中。" 特朗普还声称，周二美国股市下跌与裁决直接相关。"股市下跌是因为裁决，股市需要关税，他们想要 关税。" 智通财经APP获悉，周二，美国总统特朗普表示，将请求最高法院加快裁决，以推翻联邦上诉法院认定 其大部分进口关税非法的判决。这一消息引发市场震荡，避险需求激增，黄金价格突破纪录水平。 然而，法院在裁决中明确指出："征收关税属于核心的国会权力。"若最高法院维持判决，美国进口关税 覆盖率将从近70%骤降至约16%。 在关税不确定性及美联储政策前景摇摆下，避险需求推升黄金再创新高。现货金周二一度上涨1.1%， 触及每盎司3,516美元，超过今年4月创下的纪录高位。今年以来黄金累计上涨逾30%，成为表现最好的 大宗商品之一。 这些关税措施于今年实施，税率最高达50%，涵 ...

来源：21世纪经济报道 在连续数月窄幅震荡之后，国际金价再度破纪录。 9月2日，现货黄金价格突破3500美元/盎司，创下历史新高，年初至今，金价累计涨幅超30%。现货白 银价格亦大涨，自2011年以来首次突破40美元/盎司大关，今年以来现货白银价格已攀升逾40%。 过去三年，黄金和白银价格均上涨了一倍多。摩根士丹利将2025年第四季度黄金目标价设定为3800美 元/盎司，白银的目标价定为40.9美元/盎司，而且存在超预期上行的可能性。 沉寂已久的市场为何再度爆发？ 金价缘何再创新高 金价再破纪录背后，一系列因素都在起作用。 在富达国际基金经理Ian Samson看来，黄金的牛市行情仍有望持续。当债券无法承担分散风险的作用 时，黄金依旧可作为多元化投资的选择，保持其终极"避险资产"地位，以抵御通胀和宽松经济政策带来 的影响，并受益于结构性趋势。 从近期美国的经济数据来看，非农就业数据低于预期，失业率有所升高，核心通胀数据显示通胀压力仍 存。目前市场对于美联储9月降息的预期较高，根据CME美联储观察工具，市场对美联储9月降息25个 基点的概率已超过85%。再加上各国央行增加黄金储备的大趋势未改，以及美元指数下降、 ...

亚洲交易时段周二（9月2日），现货黄金突破3500美元关口，最高触及3504.5美元/盎司，日内涨幅约 0.8%，再度刷新历史纪录。 金价延续上周2.3%的涨势，分析师认为，市场对美联储独立性及政策稳定性的担忧叠加降息预期，推 动投资者加码避险资产。 上周五，美国联邦法院就总统特朗普解雇美联储理事丽莎·库克（Lisa Cook）一案举行紧急听证，但未 作出即时裁决，法官表示至少要推迟至本周二再做决定。这一案件被视为美联储独立性的历史性考验。 市场人士普遍认为，如果美联储决策受制于政治压力，政策框架稳定性将被削弱，美元与美债的吸引力 受损，间接利好黄金。 "金价上涨反映出市场对制度稳定的忧虑。"盛宝银行大宗商品策略主管奥勒·汉森（Ole Hansen）表 示，"黄金延续上周五的强劲涨势，主要受到美国通胀持续走高、消费者情绪疲软、降息预期以及对美 联储独立性的担忧等因素支撑。" 与此同时，美国上诉法院在另一案件中裁定大多数特朗普关税非法，政策不确定性进一步加剧。分析人 士认为，贸易规则的摇摆放大了市场的不安情绪，投资者寻求避险资产作为对冲。 美国经济数据同样为金价提供支持。上周五公布的数据显示，美国7月个人消费支 ...

国际金价持续攀升，再创历史新高。交易行情数据显示，9月2日盘中，伦敦金现最高触及3508.69美元/ 盎司，COMEX黄金最高触及3578.4美元/盎司，均刷新历史新高。若从年内表现来看，截至发稿，伦敦 金现、COMEX黄金的涨幅均超30%。在金价上涨的同时，黄金主题基金在年内表现也相对亮眼，年内 收益率最高涨超60%。在业内人士看来，黄金价格仍具备进一步上行的空间。还有观点认为，国际金价 突破5000美元甚至1万美元也只是时间问题。 国际金价再创历史新高 今年以来，黄金价格震荡走高。继伦敦金现在4月触及3500.12美元/盎司的高点后，走势回调，并在4个 月后再创新高。交易行情数据显示，9月2日盘中，伦敦金现最高触及3508.69美元/盎司，COMEX黄金 最高触及3578.4美元/盎司，均刷新历史新高。 截至15时，伦敦金现报3486.02美元/盎司，涨0.3%；COMEX黄金报3556.1美元/盎司，涨0.29%。年内涨 幅方面，截至发稿，伦敦金现、COMEX黄金涨幅均超30%。 同期，6只黄金股ETF年初至今的场内价格涨幅均超60%，其中，永赢中证沪港深黄金产业股票ETF领 涨，达67.17%。华夏中 ...

Core Viewpoint - Gold prices have reached new highs, with London spot gold hitting $3508.69 per ounce and COMEX futures reaching $3578.4 per ounce, indicating a strong bullish trend in the gold market this year [1][6]. Group 1: Gold Price Performance - As of September 1, 2023, gold-themed funds have shown impressive performance, with the best fund achieving over 65% returns year-to-date [3][6]. - The total net inflow into gold-themed ETFs has exceeded 58 billion yuan this year, with a total scale of over 1645.19 billion yuan, representing a growth of over 126% compared to the end of last year [3][4]. Group 2: Fund Inflows and Performance - The top-performing gold ETF, managed by Huashan Fund, has seen a net inflow of 19.42 billion yuan this year, doubling its scale to 57.40 billion yuan [4]. - Other notable gold ETFs, such as Bosera and Guotai, have also attracted significant inflows ranging from 7 billion to 8.7 billion yuan this year [4]. Group 3: Market Sentiment and Future Outlook - Analysts suggest that high interest rates combined with high debt levels are driving the U.S. government's debt interest costs, contributing to ongoing concerns about U.S. Treasury and dollar credit risks [1][8]. - The expectation of a potential interest rate cut by the Federal Reserve in September is seen as favorable for gold, as gold typically performs well during periods of strong rate cut expectations [8].

【导读】金价迭创新高，黄金主题ETF年内 资金净流 入超580 亿元 中国基金报记者 曹雯璟 金价迭创新高！ 黄金主题ETF年内 " 吸金 " 超580 亿元 Wind数据显示，截至 9 月 1 日，市场上黄金主题基金年内单位净值增长率均为正，平均值为 37.68 %。其中，永赢 、 华夏 、 工银瑞信 、 国泰 、 华安 、 平安基金 旗下黄金股ETF 产品年内单位净值增长率 在60%～66%区间不等，其中，永赢黄金股ETF以65.28%年内业 绩暂列第一。 9月2日盘中，伦敦现货黄金价格最高一度升至3508.69美元/盎司，COMEX黄金期货价格最高涨至3578.4美元/盎司，续刷历史新高。截 至发稿，国际金价略有回调。 今年以来， 黄金主题基金表现亮眼，最牛业绩超65%。此外，黄金主题ETF今年以来 资金净流 入超580 亿元，规模合计超1600亿元，较 去 年 年末 增长 超126%。 业内人士表示，当前高利率叠加高债务导致美国政府债务利息成本极高，美债和美元信用危机仍存，央行购金延续，黄金或仍在新周期的 路上。 | < w | 伦敦金现 | | | | | Q | | --- | --- | --- ...

Group 1 - The dollar has seen its largest one-month increase, with the Bloomberg Dollar Spot Index rising by 0.7%, marking the highest intraday gain since July 30 [1][3] - Concerns over the UK's fiscal situation and potential political instability in Japan have driven traders to seek stability in the dollar, leading to a decline in the British pound and Japanese yen [1][3] - The British pound fell by 1.2% against the dollar, reaching an exchange rate of 1.3379, while the Japanese yen dropped over 1% to 148.79 yen per dollar, the lowest level in a month [3] Group 2 - Rising debt costs in the UK may exacerbate the fiscal challenges faced by the Chancellor of the Exchequer, Rachel Reeves, ahead of the autumn budget announcement [3] - The demand for short-term currency hedging has increased, particularly as traders prepare for the upcoming U.S. non-farm payroll report, which is crucial for assessing the health of the U.S. economy [3] - The non-farm payroll report could directly influence the Federal Reserve's decision on whether to initiate a new round of interest rate cuts in the September meeting [3]