Group 1 - The core viewpoint of the articles indicates that gold prices experienced fluctuations, with a notable increase in the Shanghai Gold ETF (159830) during the latter half of the week, achieving a cumulative rise of 2.19% from October 29 to October 31 [1] - The Shanghai Gold ETF has attracted over 620 million yuan in the last 10 trading days, reflecting strong investor interest [2] - Recent adjustments to gold trading tax policies, effective from November 1, aim to clarify the boundaries between "investment gold" and "non-investment gold," marking a significant step towards a more refined and standardized tax system for gold trading in China [2] Group 2 - According to Guangfa Securities, the influx of funds into ETFs and central bank gold purchases are key drivers for the sustained rise in gold prices [3] - The potential for European investors to shift away from dollar assets towards gold, especially if the U.S. economy weakens, could lead to increased demand and push gold prices to new highs [3] - Ongoing global monetary credit system restructuring, de-dollarization trends, and continuous gold purchases by central banks are expected to support the upward trajectory of gold prices [3]

8月7日上午，现货黄金向上触及3380美元/盎司，日内涨0.33%。 东海期货指出，随着关税扰动趋弱，贵金属市场短期缺乏驱动因素或将延续高位震荡格局，核心矛盾转 焦美国经济数据与政策路径的博弈。8月全球关税落地推升通胀预期，若CPI数据上行验证成本传导加 速，抗通胀逻辑有望再度支撑贵金属上行。此外，经济数据疲软尤其就业边际走弱或重塑9月降息预 期。中长期来看，贵金属配置价值不减，美债务风险与去美元化进程构成双向扰动，贵金属中长期支撑 逻辑坚实。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 上海金ETF（159830）紧密跟踪上海金（SHAU.SGE）；费率方面，上海金ETF（159830）管理费率 0.25%，基金托管费率为0.05%，均低于同标的产品平均水平，同时该ETF支持T+0交易。该ETF还配置 了场外联接基金（联接A：014661，联接C：014662）。 华泰期货表示，现阶段贵金属主线仍聚焦于美联储降息预期及节奏，多名美联储官员对于货币政策转向 宽松持开放态度，对于贵金属价格形成较强支撑。7月美国非农数据后市场关注美国经济成色数据，若 经济增 ...

Core Viewpoint - COMEX gold prices are currently experiencing a pullback, fluctuating around $3,280 per ounce, while domestic stock and bond markets show low volatility, indicating a potential opportunity for gold investment due to its higher volatility compared to other assets [1]. Group 1: Market Analysis - The Shanghai Gold ETF (518600) has seen active trading, with daily transaction volumes exceeding 100 million yuan, and significant net inflows over the past three months, with shares increasing by 28.8 million, 4.5 million, and 1.314 million respectively [1]. - The 10-year government bond yield has maintained a daily fluctuation within 2 basis points, reflecting a stable macroeconomic environment [1]. Group 2: Investment Strategy - Short-term trading strategy suggests buying gold below $3,150 per ounce and reducing positions above $3,350 per ounce to capitalize on market fluctuations [1]. - Long-term investment outlook remains positive, anticipating a further upward trend in gold prices following the current period of adjustment [1]. Group 3: Product Features - The Shanghai Gold ETF and its associated funds (A class 008986, C class 008987, F class 021738) offer a convenient way to invest in gold without physical delivery, with T+0 trading flexibility and low fees [2][4]. - The ETF has no custody costs and a low minimum investment requirement compared to physical gold, enhancing liquidity with redemption funds available as quickly as T+1 [4].

Group 1 - The spot gold price has surged past the key level of $3,300 for the first time since May 9, driven by rising geopolitical risks, particularly concerns over potential Israeli actions against Iranian nuclear facilities, which have heightened market risk aversion and supported gold prices [1] - The Shanghai Gold ETF (518600) opened higher with active trading, serving as an efficient tool for gold asset allocation without physical delivery, allowing T+0 flexible trading [1] - The Shanghai Gold ETF has seen significant inflows, with shares increasing by 28.8 million, 4.5 million, and 131.4 million over the past three months, indicating strong investor interest [1] Group 2 - The global gold market has experienced a dramatic increase in trading activity, with the World Gold Council reporting a 48% month-on-month rise in average daily trading volume to $441 billion in April [1] - The structural demand for gold remains stable, with central bank demand being a key factor supporting gold prices, as highlighted in the World Gold Council's Q1 2025 report [1] - According to a senior researcher at CITIC Futures, the short-term adjustments in gold prices are temporary, with a long-term bullish trend expected, influenced by the broader economic context of rising inflation and potential recession risks in the U.S. [2]