1月12日，避险资产彻底"燃爆"，贵金属市场开启飙涨的"暴力美学"。伦敦现货金价一度攀升至4601.38 美元/盎司，Comex期货金价触及4612.7美元/盎司，双双创下历史新高。 消息面上，地缘政治局势出现剧烈恶化，投资者的避险情绪被点燃。2025年12月4日，世界黄金协会发 布2026年展望称，受美债收益率下行、地缘政治紧张局势加剧以及避险情绪高涨等因素推动，2026年金 价或较当前水平上涨15%至30%；而若"再通胀回归"，金价则可能面临5%至20%的回调压力。 全球金市联动效应明显，沪金亦应声大涨，来到1021.18元/克的历史最高位。金ETF（518680）盘中涨 超2%，截至发稿的最新涨幅为1.99%。 研究机构指出，黄金中长期偏强行情概率大，短期调整是配置机会。富国基金旗下的金ETF（518680） 的底层资产是上海金集中定价合约（SHAU），即国内黄金现货；看好黄金后市机会的场外投资者，也 可以考虑通过金ETF的联接基金（A类009504/C类009505）来实现布局。 ...

Core Viewpoint - The precious metals market experienced a rare and significant decline, with gold and silver prices hitting their lowest levels in over a year, followed by a notable recovery during the trading session [1] Group 1: Market Performance - On October 21, the spot gold price fell by as much as 6.3%, reaching approximately $4080 per ounce, marking the largest single-day drop in over 12 years [1] - Spot silver saw a decline of 8.7%, trading at $47.89 per ounce, representing the worst single-day performance since February 2021 [1] - During the same trading session, international gold prices rebounded sharply, with London spot gold and Comex futures both turning positive, and futures rising by 1.11% to above $4155 per ounce [1] Group 2: ETF and Investment Opportunities - The Shanghai gold ETF (518680), which tracks the Shanghai gold spot contract, opened significantly lower, initially dropping over 5.5%, but has since recovered to a current decline of -4.48% [1] - The gold ETF (518680) supports T+0 trading, allowing investors to capitalize on intraday price movements [1] - Investors are encouraged to consider linked funds (Class A 009504/Class C 009505) for potential investment opportunities [1]