Core Viewpoint - The article discusses the recent fluctuations in gold prices and the potential impact of the Federal Reserve's monetary policy decisions on the gold market, highlighting the increasing demand for gold from central banks and the implications of the U.S. credit rating downgrade on gold investments [1]. Group 1: Gold Market Dynamics - As of November 27, 2025, spot gold prices have slightly decreased, falling below $4,150 per ounce [1]. - Federal Reserve Governor Waller indicated that the weak U.S. job market may lead to a 25 basis point rate cut during the December 9-10 meeting, with future decisions dependent on additional data [1]. - Central banks globally have shown a consistent increase in gold reserves from 2009 to 2021, with a slight decline in 2022, followed by a recovery, projected to reach 36,250 tons in 2024 and 36,359 tons by October 2025 [1]. Group 2: Central Bank Demand - In the third quarter of 2025, global central banks purchased 220 tons of gold, marking a 28% increase from the second quarter and a 10% rise year-over-year, which supports the demand for gold in the market [1]. - The downgrade of the U.S. sovereign credit rating by major agencies has weakened U.S. debt credibility, leading to increased investor interest in gold as a safe-haven asset [1]. Group 3: Investment Opportunities - The Shanghai Gold ETF (159831) closely tracks the Shanghai gold benchmark price and directly invests in gold spot contracts on the Shanghai Gold Exchange, providing a transparent and efficient investment tool for investors [1]. - Investors without stock accounts can also access gold investment opportunities through the off-market linked fund (016582) [1].

国际贵金属期货普遍收涨，COMEX黄金期货涨0.46%报3325.30美元/盎司，COMEX白银期货涨0.43%报38.39美元/盎司。截至2025年7月30日 13:10，上海金 ETF嘉实(159831)红盘蓄势。拉长时间看，截至2025年7月29日，上海金ETF嘉实近半年累计上涨18.77%。 流动性方面，上海金ETF嘉实盘中换手2.14%，成交1322.83万元。拉长时间看，截至7月29日，上海金ETF嘉实近1周日均成交4471.77万元。 截至7月29日，上海金ETF嘉实近2年净值上涨65.71%。从收益能力看，截至2025年7月29日，上海金ETF嘉实自成立以来，最高单月回报为10.00%，最长连 涨月数为6个月，最长连涨涨幅为8.28%。 方正中期期货分析指出，国内反内卷政策驱动下，大宗商品短期的上涨迅猛，国内股市亦创出年内新高，黄金短期配置价值下降，上周冲高回落明显，外盘 日线三连跌。白银价格近期的波动更为剧烈，主要受商品属性影响。中长期来看，尽管贸易紧张局势的缓和将削弱短期避险需求，但黄金仍将得到全球央行 强劲买盘的支撑。 没有股票账户的投资者还可以通过场外联接基金(016582)布局黄金投 ...