Core Viewpoint - The Shanghai Gold Exchange has issued a notice emphasizing the need for market risk control due to various factors affecting market stability, urging members to enhance risk awareness and maintain smooth market operations [1]. Group 1: Market Conditions - Recent international gold prices have shown strong performance, with COMEX gold futures reaching $3501.1 per ounce, up 1.37% on the day, and a peak of $3534.1 per ounce [4]. - The spot gold price (London gold) reported at $3395.739 per ounce, experiencing a slight decline of 0.03% during the day [4]. Group 2: Market Analysis - Market analyst Wang Xiang from Bosera Gold ETF noted that the gold market continued to fluctuate in the previous week, influenced by changes in Federal Reserve personnel and non-farm employment data, which boosted expectations for future monetary easing [4]. - Research from Lianhe Securities indicates that with the September interest rate cut approaching, adjustments in Federal Reserve monetary policy will become the main trading logic in the gold market, taking over from tariff issues [4].

Core Insights - The Shanghai Gold Exchange held a mid-year work meeting for 2025, summarizing its progress and outlining plans for the second half of the year [1] Group 1: Market Performance - The market operated smoothly with key performance indicators showing positive trends, with a total transaction volume of 29.05 trillion yuan from January to July 2025, representing a year-on-year increase of 49.24% [2] Group 2: Strategic Initiatives - The exchange actively supports national strategic goals, contributing to the reform and development of the gold market, and enhancing its role in financial high-quality development and the construction of Shanghai as an international financial center [2] - The exchange has implemented measures to strengthen its service capabilities in line with the People's Bank of China's directives, ensuring market stability [2] Group 3: Market Development - Efforts to expand the breadth and depth of the gold market have led to new momentum for high-quality development, including the pilot program for insurance funds entering the market and improvements in member structure and market liquidity [2] - The exchange has made breakthroughs in international cooperation, including the establishment of a delivery warehouse in Hong Kong and the promotion of digital yuan pilot applications [2] Group 4: Risk Management - The exchange has made progress in building a comprehensive risk management system, focusing on key areas of risk prevention and enhancing information system security [2] Group 5: Governance and Compliance - The exchange is committed to improving governance and compliance, including anti-money laundering efforts and market management [2] - There is a strong emphasis on party leadership and education, with ongoing efforts to strengthen grassroots party organizations and supervisory practices [2] Group 6: Future Directions - The exchange aims to continue developing a safe and efficient gold market financial infrastructure, fostering innovation, and enhancing its ability to serve the real economy while managing risks [3]

来源：上海证券报·中国证券网 五是坚持把防控风险作为永恒主题，全力维护黄金市场稳健运行。优化完善风险管理制度体系，加强清 结算和交割储运安全，保障系统安全运行。 六是坚定不移深化全面从严治党，持续提高内部管理治理效能。坚持政治建设为统领，巩固拓展学习教 育成果，坚持常态长效推进巡视审计整改，强化纪律建设，加强内部管理。 二是优化产品服务运行机制，持续提升服务实体经济质效。继续服务险资入市，持续优化会员管理服 务，完善市场运行机制，提升配套服务水平。 三是深化国际交流合作，提升黄金市场对外开放水平。稳步推动数字人民币试点应用工作落地，深 化"黄金之路"项目，参与全球黄金市场治理。 四是聚焦金融基础设施定位，切实发挥服务市场管理功能。配合黄金市场制度建设，扎实推进反洗钱工 作，协同推进市场服务。 上证报中国证券网讯（记者 马慜）近日，上海黄金交易所召开2025年年中工作会议披露，2025年1-7月 市场总成交额29.05万亿元，同比增长49.24%。 会议要求，黄金交易所要持续建设自主可控安全高效黄金市场金融基础设施，持续开拓创新、积极进 取，不断提升服务实体经济质效和防范化解风险能力，进一步深化黄金市场改革发展 ...

截至 2025 年 8 月 6 日，国内黄金 9995 价格报 784.4 元 / 克，国际金价突破 3439 美元 / 盎司关口，单日涨幅达 0.13%。实物黄金市场同步活跃，周大福、周生生等品牌金店金价普遍攀升至 1015 元 / 克，较月初累计上涨 6.7%。这一涨势与美联储政策信号密切相关：市场对 9 月降息概率的预期已升至 90%，年内可能出现两次 25 个 基点的降息。花旗集团更将三个月内金价预测上调至 3500 美元 / 盎司，强调 "美国经济放缓与地缘风险共振" 将 推动黄金突破历史高位。 来源：每日新动态周 一、金价突破新高：2025 年 8 月市场现象 五、黄金投资风险控制 从交易数据看，2025 年一季度国内金条及金币消费量同比激增 29.81%，反映投资者对避险资产的强烈偏好。与 此同时，上海期货交易所黄金期货成交额同比增长 143.69%，显示专业投资者正通过杠杆工具捕捉行情。这种结 构性变化源于多重因素：一方面，中东局势因以色列与伊朗代理人战争持续紧张，红海航运风险推升避险溢价； 另一方面，美联储维持利率不变但释放鸽派信号，实际利率下行预期降低了持有黄金的机会成本。值得关注的 是， ...

Group 1 - The core viewpoint of the article highlights that the Shanghai Gold Exchange is committed to ensuring stable market operations and has successfully achieved its expected targets [1] - The total transaction volume of the market from January to July 2025 reached 29.05 trillion yuan, representing a year-on-year growth of 49.24% [1]

期货与现货市场的价格脱节为套利交易创造了有利条件。 世界黄金协会高级市场策略师John Reade称，大量投资者涌入期货市场，推动期货价格大幅超越实物黄 金价格，为其他市场参与者提供了套利机会。 交易商通过在现货市场采购黄金并向交易所仓库交割的方式，有效利用了这一价差。这种交割后对冲期 货头寸的操作模式，使得36吨以上的黄金条块完成注册，创下历史新高纪录。 据介绍，交易商的套利策略相对简单：在现货市场购买价格相对较低的黄金，将其交割到交易所仓库， 然后利用这些实物黄金来对冲期货合约的空头头寸，从而在期现价差中获利。 上海黄金库存创下历史新高，期现货价差带来的套利机会正在吸引大量资金涌入。 8月6日，据报道，上海期货交易所相关仓库的黄金库存已跃升至历史新高，超过36吨金条/块已注册用 于期货合约交割，这一数量在过去一个月内几乎翻倍。 报道指出，库存激增主要源于期货需求强劲推动的套利交易热潮，期货价格相对实物黄金出现大幅溢 价。 眼下，交易商和银行抓住这一价差机会，在现货市场购买相对便宜的黄金并交割至交易所仓库，用于对 冲期货空头头寸并获利平仓。 套利机制推动库存暴增 值得注意的是，今年早些时候，市场对美国关税的 ...

Group 1 - The opening price for Au99.95 was 773.00, with a closing price of 777.58, reflecting an increase of 10.06 yuan or 1.31% [2] - Au100g opened at 771.00 and closed at 777.37, showing an increase of 8.32 yuan or 1.08% [2] - Au(T+D) had an opening price of 768.20 and closed at 775.55, with an increase of 18.76 yuan or 1.14% [3] Group 2 - The highest price for Au99.95 reached 778.40, while the lowest was 773.00 [2] - The trading volume for Au(T+D) was 47,492, with a total transaction amount of 36,838,943,860 yuan [3] - The weighted average price for Pt99.95 was 312.96, with a closing price of 314.56, reflecting an increase of 4.64 yuan or 1.50% [3] Group 3 - The opening price for NYAuTN06 was 779.10, with a closing price of 779.90, indicating an increase of 9.95 yuan or 1.29% [4] - The trading volume for NYAuTN12 was 14.4, with a closing price of 776.75, reflecting an increase of 10.4 yuan or 1.36% [4] - The total transaction amount for PGC30g was 46,620 yuan, with a closing price of 777.00 [4]

Group 1 - As of July 31, the SPDR Gold Trust, the world's largest gold ETF, holds 954.51 tons of gold, which is a decrease of 0.86 tons compared to the previous trading day [1]

Group 1 - London gold prices are currently experiencing fluctuations, trading between $3307.79 and $3316.81, reflecting a short-term bearish trend influenced by the subtle progress in US-China trade negotiations [1][3] - The US Trade Representative indicated that there would be no breakthrough in the current round of trade talks, leading to sustained market concerns over trade disputes, which has established a key support level for gold at $3300 [1][3] - The People's Bank of China has increased its gold reserves for the eighth consecutive month, reaching 73.9 million ounces by the end of June, highlighting gold's strategic value as a safe-haven asset [1] Group 2 - Technically, London gold is at a critical testing point of the bullish trend line between $3320 and $3330; a significant drop below this support could trigger a sell-off, while a breakout above $3350 could open up upward potential to $3385 [3] - The current market dynamics are shaped by the interplay of policy cycles and geopolitical risks, with the US Congressional Budget Office predicting a fiscal deficit rate above 6% for 2025, which may elevate inflation expectations and reinforce gold's anti-inflation properties [4] - The uncertainty in the Middle East, particularly regarding US military actions against Iran, has raised concerns about potential disruptions in the energy supply chain, providing long-term support for gold prices [4] Group 3 - Gold ETF fund flows have shown divergence, with a net inflow of 16.7 billion yuan in the first quarter of 2025, but a recent slowdown in ETF holdings growth indicates cautious sentiment in the market [4] - Jinsheng Precious Metals, a member of the Hong Kong Gold Exchange, offers a robust trading solution with a compliance framework that includes bank custody, independent audits, and risk reserves, ensuring transparency and security for investors [5] - The company has implemented a "zero commission + ultra-low spread" strategy, with a spread as low as $0.38 per ounce, providing significant cost savings for investors in a volatile market [5] Group 4 - The platform supports MT4/MT5 systems with rapid order execution speeds and low slippage rates, enhancing the trading experience for investors during high volatility periods [6] - Looking ahead, London gold is expected to exhibit a "volatile upward" trend, with potential to break through the $3400 mark as Fed rate cut expectations materialize [7] - Investors are advised to adopt a strategy of "buying on dips and dynamic profit-taking," with specific entry and exit points to maximize returns while managing risks effectively [7]

Group 1 - The demand for gold ETFs has surged significantly, with a year-on-year increase of 173.73% in the first half of 2025, reaching a total scale of over 260.3 billion yuan [1][3] - The leading gold ETF, Huaan Yifu Gold ETF, has a scale of 59.82 billion yuan, while the Jiashi Shanghai Gold ETF and its linked funds have doubled in size [1] - The international gold price has shown resilience, rising by 0.29% to $3,323.60 per ounce, despite a 0.57% pullback in the domestic gold sector due to currency appreciation and capital rotation [1][4] Group 2 - The total holding of gold ETFs has reached 199.505 tons, reflecting an increase of over 170% compared to the previous year [3] - The global trend of gold allocation is closely linked to expectations of a Federal Reserve rate cut in September, which could enhance liquidity for both gold and equity assets [3][4] - The U.S. has imposed a 30% tariff on the EU and Mexico, contributing to market volatility and impacting gold prices [4] Group 3 - Jinsheng Precious Metals has demonstrated a competitive edge in optimizing gold trading costs, with a spread as low as $0.38 per ounce, saving high-frequency traders significant fees [5] - The company employs a three-pronged strategy of "spread discounts + zero commission + instant rebates," allowing traders to reinvest rebate funds immediately [5] - Jinsheng's technology ensures low order execution delays and effective risk management, significantly reducing the risk of liquidation [5][6] Group 4 - The current gold market is driven by dual factors: rising expectations of interest rate cuts and geopolitical risk premiums [6] - Historical data indicates that during Fed rate cut cycles, gold's average annual return can reach 18.7%, outperforming the S&P 500 index [6] - Jinsheng Precious Metals is positioned as a compliant trading platform, enhancing transparency and security for investors [7]