加拿大皇家银行认为未来两年黄金仍有上涨空间，指出央行购金和投资需求从根本上强化了黄金作 为"非主权资产"的价值，最新预期2026年平均金价为4600美元/盎司，到2026年年末金价将达到4800美 元/盎司，2027年平均金价为5100美元/盎司。 今日有色金属板块全线高开，金ETF(159834)上涨0.77%，连续第二日上涨，年初至今累计上涨54%。弹 性更高的南方中证沪深港黄金产业股票指数A(021958)年内涨幅高达77.138%（截至12月10日）。 消息面上，纽约时段的黄金较昨日尾盘涨0.53%，亚盘时段现货黄金突破4240美元/盎司，涨幅为 0.28%，美联储宣布年内第三次降息25基点，同时宣布自本周起每月买入400亿美元短债。通常美联储 进入降息周期是提振金价的重要动力。一旦降息开启，持有黄金的机会成本降低，将提升黄金的吸引 力。同时美国通胀仍处高位，黄金也是抵御通胀的工具之一。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_cen ...

道富投资管理指出，2025年金价升势创1979年以来最佳年度表现，预计在2026年将有所缓和，金价可能 在每盎司4000-4500美元区间震荡走高，支撑黄金的结构性牛市周期因素包括美联储宽松政策、强劲的 央行与零售需求、ETF资金流入、股债相关性上升以及全球债务问题。 金ETF(159834)密切跟踪上海黄金交易所黄金现货实盘合约价格，透明度高而且流动性好，近20日有10 日获资金净申购，最新规模13.32亿元，较年初增幅超160%。该ETF支持T+0日内交易，场外联接基金 （A：018391，C：018392)。 今日A股全线调整，金ETF(159834)逆势上涨0.67%，年初至今累计上涨53.68%。弹性更高的南方中证沪 深港黄金产业股票指数A(021958)年内涨幅高达74.68%（截至12月9日）。 黄金在美联储FOMC决议公布前小幅走高，亚洲早盘现货黄金上涨0.1%，周二纽约尾盘，现货黄金涨 0.44%，报4208.92美元/盎司。 ...

②中国央行11月末黄金储备报7412万盎司，环比增加3万盎司，为连续第13个月增持黄金。 世界黄金协会(WGC)发布的报告预计，2026年黄金价格有望再上涨15%至30%，主要是美债收益率下 行、地缘政治风险高企以及显著增强的避险需求叠加，将为黄金提供极为强劲的顺风。 格隆汇12月9日｜金ETF(159834)今日小幅震荡，年初至今累计上涨53%。弹性更高的南方中证沪深港黄 金产业股票指数A(021958)年内涨幅高达80.47%（截至12月8日）。 消息面上，①黄金在亚洲交易时段小幅走高，现货黄金上涨0.05%，投资者等待美联储12月的利率决 定，12月降息25个基点的概率为89.4%。 金ETF(159834)最新规模13.38亿元，较年初增幅超160%。该ETF密切跟踪上海黄金交易所黄金现货实盘 合约价格，透明度高而且流动性好，支持T+0日内交易，场外联接基金（A：018391，C：018392)。 ...

格隆汇12月1日｜今日有色板块全线上扬，现货黄金延续涨势，突破4250美元/盎司，金ETF(159834)上 涨1.33%，冲击三连涨，年内涨幅扩大至55%。黄金股全线上扬，南方中证沪深港黄金产业股票指数 A(021958)年内涨幅高达75.93%（截至11月28日）。 中信建投证券发研报称，伴随美国通胀回落以及劳动力市场韧性下降，美联储下半年降息预期升温，降 息开启带动的名义利率及实际利率下降，将为黄金上涨注入新动力。 金ETF(159834)最新规模12.99亿元，较年初增幅超160%。该ETF密切跟踪上海黄金交易所黄金现货实盘 合约价格，透明度高而且流动性好，支持T+0日内交易，场外联接基金（A：018391，C：018392)。 消息面上，在美联储12月降息预期升温下，现货黄金11月份涨5.9%，今日现货黄金延续涨势，突破 4250美元/盎司。分析师认为，美国白宫国家经济委员会主任哈塞特作为鲍威尔继任者的热门人选，帮 助推动了对贵金属的买盘。 ...

格隆汇12月1日｜今日有色板块全线上扬，现货黄金延续涨势，突破4250美元/盎司，金ETF(159834)上 涨1.33%，冲击三连涨，年内涨幅扩大至55%。黄金股全线上扬，南方中证沪深港黄金产业股票指数 A(021958)年内涨幅高达75.93%（截至11月28日）。 来源：格隆汇APP 消息面上，在美联储12月降息预期升温下，现货黄金11月份涨5.9%，今日现货黄金延续涨势，突破 4250美元/盎司。分析师认为，美国白宫国家经济委员会主任哈塞特作为鲍威尔继任者的热门人选，帮 助推动了对贵金属的买盘。 金ETF(159834)最新规模12.99亿元，较年初增幅超160%。该ETF密切跟踪上海黄金交易所黄金现货实盘 合约价格，透明度高而且流动性好，支持T+0日内交易，场外联接基金（A：018391，C：018392)。 中信建投证券发研报称，伴随美国通胀回落以及劳动力市场韧性下降，美联储下半年降息预期升温，降 息开启带动的名义利率及实际利率下降，将为黄金上涨注入新动力。 ...

Core Viewpoint - The A-share market opened weakly, while spot gold approached the $4,200 per ounce mark, with gold stocks rising and the gold ETF (159834) increasing by 0.82%, expanding its year-to-date gain to 53.36% [1] Group 1: Gold Market Dynamics - Spot gold has rebounded over 2% this week after a decline of more than 5% since its peak on October 20, supported by indications of a potential interest rate cut by the Federal Reserve [1] - The probability of a 25 basis point rate cut in December exceeds 80%, which typically benefits gold assets [1] - Factors supporting the rise in gold prices include challenges to the dollar's credit system, a 44% average annual growth in central bank gold purchases from 2020 to 2024, and the ineffectiveness of the real interest rate pricing framework in a high inflation environment [1] Group 2: Gold ETF Performance - The latest scale of the gold ETF (159834) is 1.282 billion yuan, an increase of 802 million yuan since the beginning of the year, representing a growth rate of over 160% [2] - The ETF closely tracks the spot price of gold contracts on the Shanghai Gold Exchange, offering high transparency and liquidity, and supports T+0 intraday trading [2]

Core Viewpoint - Gold prices have continued to rise, reaching $4040 per ounce, driven by ongoing demand for safe-haven assets amid economic uncertainties and geopolitical tensions [1] Group 1: Market Performance - Spot gold increased by 0.97% and New York futures rose by 1.01% in the Asian trading session [1] - Gold ETFs (159834) saw a rise of 1.07%, with a year-to-date increase of 49.86% [1] - The Southern CSI Hong Kong-Shenzhen Gold Industry Stock Index A (021958) has experienced a remarkable year-to-date increase of 73% [1] Group 2: Economic Indicators - Weak employment data, including the ISM Manufacturing PMI and Challenger Job Cuts, along with low consumer confidence, have contributed to sustained demand for gold as a safe haven [1] - The ongoing government shutdown has further influenced the market dynamics, reinforcing the appeal of gold [1] Group 3: Central Bank Actions - The People's Bank of China increased its gold reserves by 30,000 ounces at the end of October, marking the 12th consecutive month of gold accumulation [1] Group 4: Market Analysis - According to AJ Bell's investment director, gold is currently in its third major bull market since 1971, with previous bull markets experiencing significant corrections [1] - Factors such as government debt, geopolitical issues, the strength of the dollar, and inflation are expected to drive gold prices higher in the current cycle [1] Group 5: Investment Products - Gold ETFs closely track the spot prices of gold on the Shanghai Gold Exchange, offering high transparency and liquidity, supporting T+0 intraday trading [1] - The Southern CSI Hong Kong-Shenzhen Gold Industry Stock Index A (021958) closely follows the gold industry index, covering listed companies involved in gold exploration, mining, processing, and sales across the Hong Kong and Shenzhen markets [1]

Group 1 - The core viewpoint is that gold ETFs are experiencing significant inflows and price increases, driven by macroeconomic factors such as the dilution of fiat currency credit and expectations of interest rate cuts by the Federal Reserve [1][2] - As of October 20, the gold ETF (159834) has seen a recent share high and a total net inflow of 197 million yuan over the past six days, indicating strong investor interest [1] - The South China Securities report highlights that the long-term bullish trend in gold is supported by high fiscal deficits and monetary expansion, positioning gold as a valuable asset for passive revaluation [1] Group 2 - The expectation of interest rate cuts by the Federal Reserve has intensified, with a 97% probability of a 25 basis point cut in October and a 100% probability in December, which is a significant driver for gold prices [2] - The deterioration of international trade relations, particularly threats of increased tariffs on China, alongside geopolitical tensions in the Middle East, has enhanced gold's appeal as a safe-haven asset [2] - The report from Dongfang Caifu Securities suggests that the current low levels of gold reserves in countries like China and Poland compared to the Eurozone indicate substantial room for future increases in gold holdings [1]

Group 1 - The core viewpoint of the articles highlights the significant rise in gold ETFs and spot gold prices, driven by expectations of interest rate cuts by the Federal Reserve [1][2] - As of October 17, 2025, the gold ETF (159834) experienced a near 3% increase, currently up 1.43%, marking a potential five-day consecutive rise with a trading volume of 52.24 million yuan [1] - The gold ETF (159834) has seen a total net inflow of 83.21 million yuan over the past four days, indicating strong investor interest [1] Group 2 - On October 16, spot gold reached a high of 4,380.79 USD/ounce, while COMEX futures hit 4,392.0 USD/ounce, both setting new historical records [2] - The World Gold Council notes that overall gold holdings remain low, suggesting that the market is not yet saturated, as speculative positions have not reached historical peaks [2] - Short-term outlook indicates that most metals are rising due to ample liquidity, with gold's financial attributes likely to support further price increases [2]

Group 1 - The core viewpoint indicates that the gold ETF (159834) has seen a 2.13% increase, marking a three-day rising streak, with a trading volume of 39.5476 million yuan as of October 15, 2025 [1] - As of October 14, the Southern CSI Hong Kong and Shanghai Gold Industry Stock Index A (021958) has achieved a cumulative increase of 88.39% this year [1] - Federal Reserve Chairman Jerome Powell hinted at the possibility of a rate cut this month due to a deteriorating labor market, with a 97.3% probability of a 25 basis point cut according to CME FedWatch [1] Group 2 - International gold prices surged, with spot gold reaching a high of $4186.80 per ounce and COMEX futures hitting $4205.80 per ounce, both breaking historical highs [1] - Bank of America predicts gold prices will reach $5000 per ounce by 2026, while Goldman Sachs has raised its gold price target to $4900 per ounce [1] - Short-term demand is expected to support strong gold prices, while long-term factors include central banks' continued gold purchases to hedge against dollar credit risk and a shift from net selling to net buying in gold ETFs [2]