方正证券分析指出，美国政府停摆叠加就业数据疲软，强化了美联储开启连续降息周期的预期，叠加滞胀风险上升，金银将继续走出长牛行情。政府停摆导 致9月非农及CPI数据推迟发布，市场预期不确定性增加，而ADP就业人数意外转负，进一步加剧劳动力市场恶化担忧，成为推动贵金属价格上行的核心驱 动力。 机构分析指出，美联储降息预期与美元信用裂痕持续扩张，共同推动黄金进入新一轮上行周期。历史经验显示，衰退或滞涨时期黄金表现往往优于其他资 产。当前，市场普遍认为，黄金正处于"第三浪"主升行情初期，长期储备价值和配置优势有望进一步凸显。 份额方面，黄金ETF基金最新份额达36.85亿份，创近1月新高。 从资金净流入方面来看，黄金ETF基金近3天获得连续资金净流入，最高单日获得6.18亿元净流入，合计"吸金"6.65亿元，日均净流入达2.22亿元。 博时黄金ETF(159937)及联接(A:002610/C:002611)：紧密跟踪AU9999.SHG，一键布局国内黄金现货价格，交易便捷（场内T+0）、费率低，适合短期波段操 作或长期资产配置。 以上产品风险等级为：中 （此为管理人评级，具体销售以各代销机构评级为准） 截至2025年 ...

Group 1 - The core viewpoint of the news highlights the recent performance of the gold ETF fund, which has seen a 0.37% increase, reaching a price of 8.17 yuan as of September 29, 2025, and a 3.27% rise over the past week [2] - The liquidity of the gold ETF fund is noted, with a turnover rate of 0.65% and a transaction volume of 205 million yuan, while the average daily transaction over the past week was 914 million yuan, ranking it among the top two comparable funds [2] - Gold prices have been on the rise, achieving a weekly increase of approximately 2%, with spot gold closing at $3,761.17 per ounce and reaching a record high of $3,790.97 during the week [2] Group 2 - Institutional analysis indicates that global monetary debt, credit, and geopolitical factors remain key supports in the medium to long term, while short-term trading should focus on volatility and the distinction between safe-haven and easing trades [3] - The gold ETF fund has seen a net inflow of 34.2 million yuan recently, with a total of 529 million yuan in net inflows over the past five trading days, averaging 10.6 million yuan per day [3] - The BoShi Gold ETF closely tracks domestic gold spot prices, offering convenient trading options and low fees, making it suitable for both short-term trading and long-term asset allocation [3]

Group 1 - The core viewpoint of the articles highlights the recent fluctuations in gold prices and the performance of gold ETFs, influenced by economic data and Federal Reserve statements [1][2]. - As of September 25, 2025, the gold ETF (159937) decreased by 0.62%, with a latest price of 8.12 yuan, while it saw a cumulative increase of 2.74% over the past week [1]. - The liquidity of the gold ETF was notable, with a turnover rate of 1.47% and a transaction volume of 4.33 billion yuan, ranking it among the top two comparable funds in terms of average daily trading volume of 10.87 billion yuan over the past week [1]. Group 2 - Federal Reserve Chairman Jerome Powell's recent comments indicated that U.S. stock valuations are "quite high," and he reiterated the dual challenges of rising inflation and declining employment, which negatively impacted market sentiment [2]. - The U.S. Commerce Department reported that new home sales for August reached an annualized total of 800,000 units, significantly exceeding expectations of 650,000 units, marking a month-over-month increase of 20.5% [1][2]. - The gold ETF experienced a net inflow of funds over the past three days, with a peak single-day inflow of 347 million yuan, totaling 497 million yuan, and an average daily net inflow of 166 million yuan [2].

Core Viewpoint - The gold ETF fund has shown a slight decline recently, but overall, it has experienced a weekly increase, reflecting heightened market demand for gold as a safe-haven asset amid economic uncertainties and geopolitical tensions [1][3]. Market Performance - As of September 24, 2025, the gold ETF fund (159937) decreased by 0.11%, with a latest price of 8.12 yuan. However, it has risen by 1.44% over the past week [1]. - The liquidity of the gold ETF fund is notable, with an intraday turnover of 0.57% and a transaction volume of 169 million yuan. The average daily transaction over the past week was 1.174 billion yuan, ranking it among the top two comparable funds [1]. Economic Indicators - Gold prices reached a historical high for the third consecutive day, with spot gold touching $3,791.10 per ounce, driven by increasing market risk aversion [1]. - Federal Reserve Chairman Jerome Powell indicated a slowdown in U.S. economic growth and a slight rise in unemployment, with inflation remaining above the 2% target. The Fed recently lowered the federal funds rate by 25 basis points to a range of 4%-4.25% [1]. Institutional Insights - Short-term catalysts for gold demand include ambiguous Fed policy expectations and ongoing geopolitical and macroeconomic uncertainties, which are expected to sustain the demand for gold as a safe-haven asset [3]. - In the medium to long term, the increase in gold reserves by central banks globally, the potential restructuring of the U.S. dollar credit system, and the downward trend in real interest rates are expected to provide solid support for gold prices [3]. Related Products - The gold ETF fund (159937) and its associated products, such as the BoShi Gold ETF Connect funds, closely track the Shanghai Gold Exchange spot contracts (Au9999), offering convenient trading options and low fees suitable for both short-term trading and long-term asset allocation [4]. - Recent data indicates a continued influx of leveraged funds into the gold ETF, with a net financing amount of 10.6586 million yuan on the previous trading day and a latest financing balance of 3.569 billion yuan [4].

Group 1 - The core viewpoint of the articles indicates a bullish sentiment towards gold, driven by expectations of continued interest rate cuts by the Federal Reserve, which has led to rising gold prices and increased investment in gold ETFs [2][3]. - As of September 22, 2025, the gold ETF fund (159937) has seen a 1.49% increase over the past week, with a current price of 8.11 yuan, reflecting a strong performance in the market [2]. - The COMEX gold futures price reached a new historical high of $3781.20 per ounce, marking a 2.03% increase, as investors bet on the Fed's potential for further rate cuts [2][3]. Group 2 - The leverage funds are actively investing in gold, with the latest financing buy-in amounting to 99.26 million yuan and a financing balance of 3.558 billion yuan [4]. - The BoShi Gold ETF (159937) closely tracks domestic gold spot prices, offering convenient trading options and low fees, making it suitable for both short-term trading and long-term asset allocation [4]. - The market anticipates that the Federal Reserve will continue to lower interest rates in the remaining meetings of the year, which is expected to sustain bullish sentiment in the gold market [3].

Group 1 - The core viewpoint is that despite a short-term technical correction in gold prices following the Fed's interest rate cut, the long-term upward trend remains intact due to ongoing geopolitical risks and central bank gold purchases [2][3]. - As of September 19, 2025, the gold ETF fund (159937) rose by 0.25%, with a recent price of 7.87 yuan, and a cumulative increase of 1.50% over the past two weeks [2]. - The trading volume for the gold ETF fund was 3.25 billion yuan, with a turnover rate of 1.17%, and an average daily transaction of 9.63 billion yuan over the past week, ranking it among the top two comparable funds [2]. Group 2 - Analysts suggest that the recent decline in gold prices is a result of profit-taking after the interest rate cut, but the decline is limited and does not alter the overall upward trend [3]. - Historical data indicates that during Fed rate cut cycles, gold typically experiences medium to long-term upward momentum, supported by ongoing geopolitical risks and the restructuring of the global monetary system [3]. - The latest financing buy-in amount for the gold ETF fund reached 83.87 million yuan, with a financing balance of 3.52 billion yuan, indicating continued interest from leveraged funds [3].

来源：智通财经 截至2025年9月17日 10:22，黄金ETF基金(159937)下跌0.57%，最新报价7.97元。拉长时间看，截至2025年9月16日，黄金ETF基金近1周累计上涨0.73%。 流动性方面，黄金ETF基金盘中换手2.2%，成交6.32亿元。拉长时间看，截至9月16日，黄金ETF基金近1周日均成交7.85亿元，居可比基金前2。 北京时间周四凌晨2:00，美联储将公布利率决议，美联储主席将于北京时间周四凌晨2:30出席新闻发布会 据报道，周二（9月16日），现货黄金价格首次突破每盎司3700美元大关，盘中触及3702.93美元的历史峰值，最终收于3689.60美元。这一里程碑式的上涨并 非偶然，而是市场对美联储降息预期的直接反应，美元指数暴跌，叠加地缘政治风险、央行购金热潮和美元疲软等多重因素的共振结果。周三亚市早盘现货 黄金高位震荡，目前交投于3691.23美元/盎司。 消息面上，美国经济走弱迹象逐渐清晰。美国2025年度非农就业初步基准修正大幅下调91.1万人，显著低于预期的下调70万人，前值为下调59.8万人。此 外，虽然官方失业率仅有4.3%，但若统计目前从事兼职（part-time ...

Core Viewpoint - The market is experiencing a significant rise in gold prices driven by expectations of interest rate cuts by the Federal Reserve, geopolitical tensions, and strong demand for safe-haven assets [3][4]. Group 1: Market Performance - As of September 16, 2025, the gold ETF fund (159937) increased by 0.95%, with a latest price of 7.99 yuan [2]. - Over the past week, the gold ETF fund has accumulated a rise of 1.06% [2]. - The fund's liquidity showed a turnover of 0.04% during the trading session, with a transaction volume of 10.7493 million yuan [2]. - The average daily transaction volume over the past week reached 936 million yuan, ranking it among the top two comparable funds [2]. Group 2: Economic Indicators - The Federal Reserve is expected to initiate a new round of interest rate cuts during its meeting on September 16-17 [3]. - Recent U.S. economic data has shown continued weakness, with the unemployment rate rising to 4.3%, the highest in nearly four years, and a significant drop in the New York Fed manufacturing index [3]. - These economic indicators have reinforced market expectations for multiple interest rate cuts by the Federal Reserve [3]. Group 3: Gold Price Dynamics - Gold prices have reached historical highs, with spot gold surpassing $3,680 per ounce and the main gold futures contract at 3,722.500 yuan per kilogram [3]. - The overall market sentiment remains strong for gold, supported by low U.S. Treasury yields, a weakening dollar, and ongoing geopolitical risks [4]. - The current environment is characterized by a combination of interest rate cut expectations, safe-haven demand, and diversification in asset allocation, which is likely to sustain the upward trend in gold prices [4]. Group 4: Fund Inflows - The gold ETF fund has seen a net inflow of 21.3751 million yuan recently, with four out of the last five trading days showing net inflows totaling 63.7851 million yuan [5]. - The average daily net inflow over this period was 12.7570 million yuan [5].

Core Viewpoint - The gold ETF fund is experiencing a tug-of-war between bulls and bears, with a recent price of 7.93 yuan and a 2.30% increase over the past week as of September 10, 2025 [1] Market Performance - The gold ETF fund had a turnover rate of 0.74% and a trading volume of 210 million yuan, with an average daily trading volume of 958 million yuan over the past week, ranking in the top three among comparable funds [1] - As of September 10, 2025, COMEX gold futures closed at $3680.4 per ounce, down 0.05% after reaching a high earlier in the day [1] Economic Indicators - The U.S. Bureau of Labor Statistics reported that the August PPI rose 2.6% year-on-year, below the expected 3.3%, and decreased by 0.1% month-on-month, against an expected increase of 0.3% [1] - The core PPI for August increased by 2.8% year-on-year, also below expectations, and decreased by 0.1% month-on-month [1] Market Sentiment - Analysts indicate that the disappointing non-farm payroll data for August has strengthened expectations for a 50 basis point rate cut by the Federal Reserve in September [2] - Global long-term interest rates are rising, and there is an increase in global risk aversion, leading to a breakout in the precious metals market [2] Investment Activity - Leveraged funds are continuing to invest, with the latest financing buy-in amount for the gold ETF reaching 23.539 million yuan and the latest financing balance at 3.496 billion yuan [2] - The Bosera Gold ETF closely tracks the Shanghai gold benchmark price, offering convenient trading options and low fees, suitable for both short-term trading and long-term asset allocation [2]

Group 1 - The core viewpoint of the news highlights the recent performance of the Gold ETF fund, which has seen a 0.72% increase as of September 8, 2025, with a weekly rise of 3.84% as of September 5, 2025 [2] - The liquidity of the Gold ETF fund is strong, with an intraday turnover of 0.71% and a transaction volume of 200 million yuan, averaging 964 million yuan in daily trading over the past week, ranking it among the top three comparable funds [2] - Recent U.S. non-farm payroll data showed an increase of only 22,000 jobs in August, significantly below the expected 75,000, with the unemployment rate rising to 4.3%, the highest since 2021, indicating a weakening labor market and increasing concerns about U.S. economic growth [2] Group 2 - Analysts suggest that if the Federal Reserve resumes interest rate cuts in September, it could benefit gold, especially given the current high interest rates and debt levels, which are leading to high costs for U.S. government debt [2] - The data indicates that leveraged funds are actively investing in gold, with the latest financing purchases for the Gold ETF fund reaching 61.39 million yuan and the financing balance at 3.539 billion yuan [2]