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 ...

（责任编辑：宋政 HN002） 机构纷纷唱多黄金，黄金牛市"吹号手"高盛持续唱多。高盛最新将2026年12月金价预估上调至4900美 元/盎司，先前预估为4300美元。 达里奥此前认为，即使金价飙升至每盎斯4000美元以上创历史新高，投资者也应该将至多15%的投资组 合配置在黄金上。 Pepperstone分析师Ahmad Assiri表示，黄金已从"不确定性时期的避险工具"演变为一种"信念交易"，这 一转变反映出市场对政策可信度及反复无常的财政决策的疑虑。 格隆汇10月9日｜国际金价屡创新高！国庆期间，Comex黄金价格不断刷新价格历史高点，成功站上 4000美元/盎司大关；现货黄金突破4000美元/盎司大关，续创新高，年内大涨近1400美元/盎司，涨幅超 52%。 A股首个交易日开盘， 黄金ETF基金(159937)大涨4.6%，年内涨超47%。 黄金ETF基金(159937)近5日连续获得资金流入，期间流入额达10.1亿元，年内资金净流入额83.72亿元， 最新规模306.85亿元，位居同类前列，其投资于上海黄金交易所黄金现货合约，紧密跟踪主要黄金现货 合约的价格变化，一手(100份)黄金ETF基金对应 ...

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].

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]

截止2025年9月5日，黄金ETF基金（159937）25年涨幅31.08%。近日，突破短期横盘位，重返升势。为什么？怎么看？后续还涨吗？一文带你看懂黄金的前 世今生，再来一次，假如你年少多金，你会选择持有还是卖出？ 黄金的供需 从全球黄金供需表中供给端来看，近年来黄金的供给端保持小幅度上涨。黄金的储量相对有限，且黄金的生产经营周期一般相对很长，从发现、开采到冶炼 加工通常需要数年的时间。也就是说，黄金的供给相对刚性。 爱美之心人皆有之，何况它是黄金。黄金的需求有黄金的需求可分为金饰制造、工业用金、金条和金币用金、央行购金和黄金ETF及场外投资等。目前金饰 制造需求占比最高 而去美元化也可以从美元占外汇比重逐步下降这一点看出来。老大哥不再是老大哥了，也意味着过往美国在全球拿铸币税的潇洒日子可能很快到头，这能忍 吗？那不得搞点事情，让你拿着美元买买国债，来美国投投资啥的吗。 （24年供需流量图） 黄金的定价逻辑 | 黄金属性 | 影响因素/指标 | 对金价影响方向 | 对交易指引信号 | | --- | --- | --- | --- | | 金融属性 | 美元指数 | | 较强 | | | 美债实际利率[TI ...