中证网讯 8月27日，稀土概念行情卷土重来。截至11:30，有色金属ETF基金（516650）涨1.38%，其持 仓股北方稀土涨超7%，厦门钨业、紫金矿业等股纷纷走强。黄金股ETF（159562）涨0.45%，其持仓股 登云股份、中国黄金国际、紫金矿业等股纷纷走强。黄金ETF华夏（518850）涨0.09%。 有基金人士分析称，7月以来，在反内卷、美联储降息等背景下，有色金属、黄金板块行情频频异动。 黄金股的业绩弹性以及长期增长确定性均有望推动其估值修复。（张韵） 消息面上，紫金矿业2025年中报发布，主要经济指标再创新高，公司实现营业收入1677.11亿元，同比 增长11.50%；利润总额345亿元，同比增长近60%；归母净利润233亿元，同比增长54%，创历史新高。 ...

8月26日，特朗普宣布解雇美联储理事库克，美联储独立性受质疑，避险情绪升温，金价持续走强创近 两周新高，截至收盘，COMEX黄金期货涨0.75%报3443.20美元/盎司，截至亚市收盘，黄金ETF华夏 （518850）涨0.27%，近10个交易日有8个交易日获资金净申购，累计获资金布局1.97亿，黄金股ETF （159562）涨0.92%。 中信期货分析认为，美国劳动力市场趋势下行，9月美联储降息周期有望重启。美联储未来1-2季度海外 流动性维持扩张趋势，且市场可能阶段性交易美联储独立性的风险，这都对黄金趋势形成利多支撑。风 险在于全球权益市场整体表现强势，新兴市场尤甚，强劲的风险偏好使得复苏交易抬头，贵金属市场吸 引力下降。但基本面的弱现实并未逆转，在此阶段信心或有摇摆。降息+基本面下行的类滞涨组合更利 好黄金，若逻辑切换为降息+复苏组合，黄金的弹性将会受限，白银将更为受益。 每日经济新闻 消息面上，8月26日美国总统特朗普发布致美联储理事库克的信称，解除美联储理事库克的职务，立即 生效。特朗普在信中提及抵押贷款相关指控，称有充分理由解除库克的职务。美联储理事库克表示，特 朗普无权将她从美联储解雇，她也不会 ...

Group 1 - Precious metal prices experienced a pullback after reaching a high, with COMEX gold futures dropping 3.14% to $3381.7 per ounce, marking a near two-week low [1] - The U.S. added non-farm payrolls were significantly revised downwards, maintaining expectations for a Federal Reserve rate cut in September, with the number of expected cuts for the year rising to around three [1] - The market anticipates that the Federal Reserve will open a rate cut window in September, providing some support for gold prices [1] Group 2 - The Producer Price Index (PPI) data released showed a rebound in producer inflation, which slightly reduced the probability of a September rate cut by the Federal Reserve [1] - The ongoing negotiations between the U.S. and Russia are intensifying the bullish and bearish dynamics in the precious metals market, with potential outcomes affecting gold price movements [1] - Long-term factors such as the gradual opening of the Federal Reserve's rate cut window, persistent U.S. twin deficits, and declining dollar credibility are expected to provide solid support for gold prices [1]

Group 1 - COMEX gold futures experienced a rise and then a pullback, currently trading around $3443, with mixed performance in gold-related ETFs [1] - The China Gold International, Luk Fook Holdings, Chow Tai Fook, and other gold stocks saw significant increases, while the non-ferrous metal ETF also rebounded, rising by 0.82% [1] - The Federal Reserve is expected to implement further monetary easing due to pressure from personnel appointments and disappointing employment data, leading to a recommendation for buying on dips in precious metals [1] Group 2 - The management fee of the China Gold ETF (518850) and gold stock ETF (159562) is 0.15%, with a custody fee of 0.05%, totaling 0.2%, which is among the lowest in similar products [2]

Group 1 - The article discusses the current market sentiment, highlighting that a strong performance in the stock market during challenging times can significantly boost investor confidence [1][2] - It identifies two main themes in the market: interest rate cuts and the behavior of capital flows, particularly from southbound funds [3][8] - The article notes that southbound funds sold over 18 billion, marking the third-largest single-day net sell since September of the previous year, while the Hang Seng Index showed a divergence by continuing to rise [3][5] Group 2 - The article emphasizes the global stock market's rebound, with the S&P 500 and Nasdaq 100 showing significant gains based on expectations of interest rate cuts by the Federal Reserve [7][9] - It explains that the recent strong performance of the US dollar led to a sell-off in Hong Kong dollar assets, prompting the Hong Kong Monetary Authority to intervene by buying HKD [8][9] - The article highlights that the A-share market is primarily driven by sentiment and capital, with a notable recovery in market mood as the Hang Seng Index rose [11][12] Group 3 - The article presents data on margin financing, indicating a pattern of consistent net buying followed by a reversal, suggesting that there is still significant capital waiting to enter the market [15][17] - It discusses the relationship between long-term bonds and the stock market, noting that bond prices acted as a leading indicator for stock movements [18][20] - The article concludes with a recommendation for investors to maintain a diversified and balanced asset allocation strategy in light of global interest rate cut trends [21][22] Group 4 - The article mentions that gold and US Treasuries are benefiting from the interest rate cut narrative, with gold prices rising significantly [25][26] - It highlights the performance of gold ETFs, noting that they are among the few low-fee options available in the market [28] - The article discusses the bond market's current sentiment and the potential for future bond purchases depending on new bond issuance [30][32]

Core Viewpoint - The article discusses the recent fluctuations in gold prices, highlighting a significant drop in both spot and futures prices, alongside the performance of related ETFs and the implications of upcoming U.S. tariff policy changes on market sentiment [1][5][6]. Group 1: Gold Price Movements - On July 7, spot gold prices fell below $3,310, experiencing a drop of over 1% before recovering [1]. - COMEX gold futures opened at $3,342.9 and reached a low of $3,309.6, closing down by 0.83% [2]. - Other precious metals also saw declines, with platinum down over 2% at $1,357.9 per ounce and palladium down 1.72% at $1,112.1 per ounce [2][3]. Group 2: ETF Performance - Gold-related ETFs experienced declines, with the Huaxia Gold ETF (518850) down 0.71% and the Gold Stock ETF (159562) down 1.17% [3][4]. - The performance of constituent stocks within these ETFs varied, with some stocks like Chao Hong Ji and Man Ka Long rising, while others like Zhaojin Mining and Shandong Gold fell [3]. Group 3: Economic Indicators and Predictions - Analysts predict that gold prices will continue to exhibit volatility, particularly in light of the upcoming changes to U.S. tariff policies, which may influence market risk sentiment [5][6]. - The People's Bank of China has increased its gold reserves for the eighth consecutive month, reporting a total of 7.39 million ounces (approximately 2,298.55 tons) as of the end of June [7][8].

Group 1 - The market is experiencing increased expectations for a Federal Reserve interest rate cut, influenced by President Trump's pressure on the Fed [1][2] - Gold prices have shown a positive trend, with COMEX gold futures rising by 0.83% to $3315.00 per ounce, and gold ETFs seeing significant inflows [1] - The Federal Reserve's stance on interest rates remains cautious, with expectations of a potential rate cut later this year and three cuts anticipated next year [1][2] Group 2 - Upcoming negotiations on tariffs between the U.S. and other countries are expected to create volatility in market sentiment, impacting economic conditions [2] - The Fed is concerned that increased tariffs could lead to rising inflation, while Trump is advocating for rapid interest rate cuts, raising questions about the Fed's independence [2] - The complexity of macroeconomic and political factors may lead to potential missteps in the Fed's monetary policy, posing risks to the U.S. economy and inflation control [2]

Group 1 - COMEX gold futures prices continued to strengthen, with gold-related ETFs showing active performance, such as Huaxia Gold ETF rising by 1.04% and Gold Stock ETF increasing by 1.45% [1] - According to the European Central Bank's latest report, gold has officially surpassed the euro to become the second-largest reserve asset for global central banks, with gold accounting for 20% of global official reserves in 2024, compared to the euro's 16% [1] - Central banks are increasing gold purchases at a record pace, with global net purchases exceeding 1000 tons for three consecutive years, doubling the average level of the 2010s [1] Group 2 - The recent U.S. CPI data, which was slightly below expectations, initially boosted gold prices due to revived rate cut expectations, but geopolitical tensions in the Middle East provided significant support for gold prices [2] - The uncertainty in the market is expected to positively impact future gold prices, enhancing profit expectations for gold resource stocks, which are currently valued at low levels [2]

Group 1 - The US non-farm payrolls for May exceeded expectations, leading to a stronger dollar and a decline in gold prices [1] - Chinese central bank's gold reserves increased to 73.83 million ounces by the end of May, marking the seventh consecutive month of gold accumulation [1] - The World Gold Council (WGC) maintains a bullish outlook on gold, citing potential price increases due to inflation eroding real yields and economic slowdown impacting equities and cyclical commodities [1] Group 2 - Despite a slowdown in the US economy, non-farm employment and unemployment rates remain stable, indicating that a recession has not yet occurred [2] - The pressure on the dollar is easing, but geopolitical factors and a weak dollar may still lead to a challenging environment for gold prices [2] - The recent slight pullback in gold prices is influenced by tariff uncertainties, but the overall price trend is expected to rise [1][2]

Group 1 - The core viewpoint indicates that trade risks are mixed, with geopolitical and trade risks continuing to support precious metals in the market [1][2] - As of June 6, COMEX gold futures rose by 0.47% to $3331.0 per ounce, while the gold ETF Huaxia (518850) fell by 0.04% on the day but increased by 1.51% weekly [1] - The U.S. economic data showed a mixed picture, with May ADP employment increasing by only 37,000, and the ISM non-manufacturing index dropping to 49.9, indicating a slowdown in economic momentum [1] Group 2 - The U.S. non-farm payrolls for May added 139,000 jobs, exceeding expectations, and the unemployment rate remained at 4.2%, suggesting economic resilience [1] - The Federal Reserve's outlook on interest rate cuts has been adjusted, with expectations for cuts in 2025 reduced from three to two times, influenced by ongoing inflation concerns due to tariffs [1] - The trade tensions escalated with Trump's announcement of a 50% increase in steel and aluminum tariffs, prompting fears of global trade friction, although there were signs of negotiation progress between the U.S. and other countries [2]