Core Insights - The Shanghai Gold ETF (159830) has experienced a decline of over 3% as of October 28, 2025, with a turnover rate of 5.54% and a transaction volume of 117 million yuan [3] - The latest share count for the Shanghai Gold ETF reached 235 million, marking a new high since its inception, with a net inflow of 16.28 million yuan [3] - Over the past five trading days, there have been three days of net inflows totaling 650 million yuan, making it the top performer among similar products [3] Product Highlights - The Shanghai Gold ETF (159830) closely tracks the Shanghai Gold (SHAU.SGE) and has a management fee of 0.25% and a custody fee of 0.05%, both lower than the average for similar products [3] - The ETF supports T+0 trading, enhancing liquidity for investors [3] Market Trends - The international and domestic gold markets have recently undergone adjustments, with gold prices declining for three consecutive trading days, resulting in a cumulative drop of 4.23% [3] - As of October 29, the London gold price showed a slight rebound of 0.32% to 3977.08 USD/ounce, but it has not recovered the losses from the previous three days [3] Institutional Perspectives - Analysts from CICC noted that global central banks are expected to purchase over 1,000 tons of gold annually from 2022 to 2024, with a significant portion of demand coming from private sectors, financial institutions, and central banks [5] - If global central banks increase the gold proportion in their foreign reserves to 15%, the demand could reach 5,000 tons, which is equivalent to one and a half years of global gold supply, significantly impacting gold prices [5] - Despite a 20% year-on-year decline in gold purchasing demand from the private sector and global central banks in the first half of this year, financial institutions in Europe and the U.S. are ramping up their gold purchases [5]