中证网讯 本周以来，国际金价再度走强。Wind数据显示，截至11月14日早盘，伦敦黄金现货价格运行 于4200美元/盎司附近的近期高位。在黄金ETF方面，Wind数据显示，截至11月13日，黄金ETF基金 （518660）最新规模达58.91亿元；场内流通份额达6.42亿份，较年初时的基金份额大幅增长277.18%； 在资金流入方面，该基金近9个交易日连续获得资金净流入，合计"吸金"3.53亿元；费率方面，黄金ETF 基金（518660）当前管理费率、托管费率分别为0.15%、0.05%，为全市场费率最低一档的黄金ETF。 场外投资者可通过黄金ETF基金（518660）的相关联接基金（A：008142；C：008143；E：020341）参 与黄金投资，其管理费率加托管费率也仅为0.2%，同为全市场费率最低一档的黄金ETF联接基金；其 中，工银黄金ETF联接E份额持有7天（含）以上免赎回费。一键配置黄金股相关投资机遇，还可关注黄 金股ETF基金（159315）。（王辉） 黄金作为典型的非生息资产，较低的管理费和托管费能有效减少持有成本。工银瑞信基金表示，经过近 期黄金增值税政策调整、美国9月非农数据超市场预期 ...

Group 1 - The core viewpoint of the articles highlights the recent rebound in spot gold prices, with London spot gold recovering above $4000 per ounce, currently at $4012.14 per ounce as of October 31 [1] - The gold ETF fund (518660) has seen significant growth, with the latest scale at 5.281 billion yuan and shares increasing by 439 million to a total of 609 million, representing a growth rate of 257.62% since the beginning of the year [1] - The management and custody fees for the gold ETF fund are among the lowest in the market at 0.15% and 0.05% respectively, which helps reduce holding costs for investors [1] Group 2 - Investors can participate in gold investments through linked funds with a combined management and custody fee of only 0.2%, also among the lowest in the market [2] - The recent decision by the Federal Reserve to lower the federal funds rate by 25 basis points to a range of 3.75% to 4% is expected to support gold prices by lowering the dollar and real interest rates [2] - The ongoing trend of de-dollarization, geopolitical risks, and the need for diversified investment portfolios are driving global central banks and institutional investors to increase their allocation to gold, providing structural support for gold prices [2]

Group 1 - The international spot gold price reached a historic high, surpassing $3,800 per ounce on September 29, attracting significant attention to gold ETFs [1] - As of September 26, the gold ETF fund (518660) saw a net inflow of 86.61 million yuan over the past 10 trading days, with a total scale of 3.72 billion yuan and a share count of 456 million, reflecting a growth rate of 167.75% since the beginning of the year [1] - Gold is characterized as a non-yielding asset, with investment returns primarily derived from price fluctuations, and the low management and custody fees of the gold ETF fund (518660) enhance actual returns over the long term [1] Group 2 - Tianfeng Securities forecasts that gold may still have upward potential in the next two years, while ICBC Credit Suisse Fund suggests an upward trend in the overall price center of gold [1] - Factors such as the onset of the Federal Reserve's interest rate cuts and ongoing global geopolitical risks are expected to support long-term strength in gold prices [1] - The diversification of international reserve systems by global central banks may continue to expand demand for gold, especially in the context of rising inflation expectations and concerns over the credibility of the US dollar [1] Group 3 - The gold ETF fund (518660) has also allocated to off-market linked funds (A: 008142; C: 008143; E: 020341), and investors can explore opportunities in gold-related stocks through the gold stock ETF fund (159315) [2]

Group 1 - On September 16, the spot gold price surpassed $3,700 per ounce, reaching a new historical high [1] - The gold ETF (518660) attracted over 86 million yuan in net inflows over three of the last five trading days, indicating strong investor interest [1] - The current circulation scale of the gold ETF (518660) is 3.632 billion yuan, with a circulation share of 453 million, reflecting a growth rate of 165.81% since the beginning of the year [1] Group 2 - East Wu Securities suggests that the Federal Reserve's focus on the labor market and mild commodity inflation will not alter its rate-cutting path, which may benefit precious metals [2] - Shanghai Securities believes that the long-term logic for gold's price increase remains intact, driven by global de-dollarization and the Fed entering a rate-cutting cycle [2]

Central Bank Actions - The People's Bank of China has increased its gold reserves to 7.396 million ounces as of the end of July, marking a month-on-month increase of 60,000 ounces and continuing a trend of nine consecutive months of accumulation, aligning with a global central bank gold buying spree [3][5] - The World Gold Council reported that global central bank gold purchases in the first half of 2024 exceeded the ten-year average by 40%, highlighting the importance of central bank demand for gold [3] ETF Inflows - As of August 6, the lowest fee gold ETF (518660) saw a net inflow of 98 million yuan over five days, with a total market size of 3.59 billion yuan and a year-to-date share growth rate of 182%, making it a preferred choice for investors [7] - The World Gold Council forecasts that global gold demand will reach 1,249 tons by the second quarter of 2025, with ETF investments contributing 170 tons, and the first half of 2024 recorded the highest ETF demand since 2020 at 397 tons [7] Changing Price Expectations - Citibank, known for its bearish stance on gold, has revised its price forecast upward, increasing the three-month target price from $3,300 to $3,500 per ounce, with a trading range of $3,300 to $3,600 per ounce [9] - The shift in Citibank's outlook is attributed to increasing risks of "stagflation" in the U.S. economy, with July non-farm payrolls increasing by only 73,000 and the unemployment rate rising to 4.1%, leading to heightened expectations for aggressive rate cuts by the Federal Reserve [10] Market Sentiment and Risks - Standard Chartered maintains an optimistic view, predicting gold prices could reach $3,400 per ounce in the next three months and remain at $3,500 per ounce over the next 12 months [11] - However, there are concerns about short-term upward momentum for gold prices, with risks of overheating in the market, as noted by招商证券, which suggests focusing on structural opportunities rather than broad bets on rising gold prices [12][13] - Key risk factors identified include potential policy reversals by the Federal Reserve, technical overbought conditions, competition from alternative assets like Bitcoin, and the possibility of reduced geopolitical premiums due to easing trade tensions [13]

Group 1 - The current spot gold price has surpassed $3,370 per ounce, with active trading in SGE gold 9999 and significant attention on the lowest fee gold ETF fund (518660) [1] - The gold ETF fund (518660) has shown a notable "capital absorption" effect, with a net inflow of over 98 million yuan in the past five days, and a total circulation scale of 3.59 billion yuan as of August 6 [1] - Year-to-date, the gold ETF fund (518660) has experienced a share growth rate of 182%, ranking first among products tracking SGE gold 9999 [1] Group 2 - Huatai Futures indicates that the focus on precious metals is currently centered around expectations and timing of Federal Reserve interest rate cuts, which may provide strong support for gold prices [2] - Following the disappointing U.S. non-farm payroll data, there is a renewed market focus on U.S. economic performance data, which could accelerate the Fed's shift to a more accommodative monetary policy [2] - Long-term concerns regarding global debt and monetary policy may benefit gold, with the passage of the "Big and Beautiful" bill expected to increase the U.S. fiscal deficit by $3.4 trillion, positively impacting gold prices and enhancing profit expectations for gold resource stocks [2]