Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a holding of 954.8 tons of gold as of July 23, 2025, remaining unchanged from the previous trading day. The gold price experienced a significant drop after reaching a high, influenced by easing trade uncertainties between the US and Japan, which has affected market sentiment and gold prices [6]. Group 1: Gold ETF Holdings - As of July 23, 2025, SPDR Gold Trust holds 954.8 tons of gold, unchanged from the previous day [6]. - The report indicates that the gold ETF holdings have remained stable despite fluctuations in gold prices [6]. Group 2: Market Influences - On July 23, spot gold prices peaked before falling sharply, closing at $3,387.22 per ounce, down $44.44 or 1.30% [6]. - The easing of tariff uncertainties, particularly following the US-Japan trade agreement, has alleviated market concerns, leading to a rise in global stock markets and a subsequent decline in gold prices [6]. - The US-Japan trade agreement set the tariff rate at 15%, lower than the previously feared 25%, which has positively impacted market sentiment [6]. Group 3: Technical Analysis and Price Projections - Analysts suggest that gold may continue to trend upwards, with $3,350 per ounce acting as a support level [7]. - The technical analysis indicates that gold prices have broken through the 23.6% Fibonacci retracement level of the record rebound from April, suggesting a potential upward trajectory [7]. - Immediate resistance levels for gold are identified at $3,400, with further resistance at $3,420 and the June 16 high of $3,452, while downside support is seen at $3,377 and $3,340 [7].

Group 1 - As of July 21, the world's largest gold ETF, SPDR Gold Trust, held 947.06 tons of gold, an increase of 3.43 tons from the previous trading day [2] - On July 21, spot gold rebounded strongly, briefly surpassing $3,400 per ounce, marking the highest level in a month, and ultimately closing at $3,396.93 per ounce, up $47.09 or 1.41% [2] - The significant drop in the US dollar, which fell to a low of 97.70, was a key factor driving the rebound in non-US currencies and spot gold [2] Group 2 - Market expectations suggest that the Federal Reserve will remain on hold until September, despite speculation about earlier rate cuts due to rising economic risks and limited inflation impact from tariffs [3] - The uncertainty surrounding tariffs has increased gold's safe-haven demand, with the US Commerce Secretary expressing confidence in reaching a trade agreement with the EU before the August 1 tariff deadline [3] - Analysts from ANZ Bank noted that high inflation expectations and strong economic data are influencing the anticipated number of rate cuts by the Federal Reserve this year [3] Group 3 - Technically, gold prices are holding above all major simple moving averages (SMA), with the 14-day Relative Strength Index (RSI) rising above the midpoint [3] - The next upward target for gold is the $3,400 level, with a confirmed breakout potentially opening up further upward space towards the static resistance level of around $3,440 [3] - The short-term support level for gold is near $3,330, which coincides with the 21-day and 50-day moving averages [4]

Group 1 - The current total holdings of the world's largest gold ETF, SPDR Gold Trust, stand at 948.5 tons, reflecting a decrease of 2.29 tons from the previous trading day [5] - On July 17, spot gold prices experienced fluctuations, reaching a low of $3,309.76 per ounce, the lowest level since July 10, before closing around $3,338.64 per ounce, down $8.68 or 0.26% [5] - The decline in gold ETF holdings is attributed to the drop in gold prices, which were influenced by market reactions to potential changes in the Federal Reserve leadership [5][6] Group 2 - Recent news indicated that President Trump might soon dismiss Federal Reserve Chairman Powell, which initially caused a spike in gold prices due to a drop in the US dollar, but this was quickly denied by Trump, leading to a price retreat [5] - The ongoing tension between Powell and Trump is expected to continue supporting the gold market, as potential candidates for the Fed chair position have expressed concerns about the Fed's credibility [5][6] - Economic data showed that US retail sales increased by 0.6% in June, reversing a two-month decline, indicating that consumer spending remains strong despite the impact of Trump's tariff policies [6] Group 3 - Technically, gold is trading within a range of $3,310 to $3,370, with an upward trend indicated by positive technical indicators [6] - Short-term resistance levels for gold are identified at $3,365 and $3,377, with a potential challenge to the $3,400 mark if these levels are breached [6] - Conversely, short-term support levels are at $3,320 and $3,000, with further declines potentially targeting $3,280 and $3,250, which is near the July low [6]

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a holding of 946.51 tons of gold as of July 8, 2025, reflecting a decrease of 1.15 tons from the previous trading day. The decline in gold holdings coincided with a significant drop in spot gold prices, influenced by recent tariff announcements from former President Trump, which have increased risk appetite and pressured gold prices [6]. Group 1: Gold ETF Holdings - As of July 8, 2025, SPDR Gold Trust's total holdings stand at 946.51 tons of gold [6]. - The holdings decreased by 1.15 tons compared to the previous trading day [6]. Group 2: Gold Price Movement - On July 8, spot gold prices fell significantly, reaching a low of $3286.68 per ounce before closing at $3301.56 per ounce, down $34.74 or 1.04% [6]. - The decline in gold prices is attributed to increased risk appetite stemming from tariff news and rising U.S. dollar and bond yields [6]. Group 3: Market Sentiment and Future Outlook - Investors are closely monitoring upcoming U.S. Federal Reserve meeting minutes and key inflation indicators, with expectations of a dovish tone that may lead to interest rate cuts starting in September [7]. - Despite the current bearish sentiment, analysts maintain a long-term bullish outlook on gold due to geopolitical uncertainties and potential buying interest during significant price corrections [7]. - Technical analysis indicates limited upside potential for gold prices, with key support levels at $3270 and $3250, while resistance is noted at $3320 and $3350 [7].

Group 1 - The current total holdings of the largest gold ETF, SPDR Gold Trust, stand at 947.66 tons, unchanged from the previous trading day [5] - On July 3, spot gold prices fell significantly, reaching a low of $3311.37 per ounce and closing at $3325.81 per ounce, a decrease of $31.09 or 0.93% [5] - The recent non-farm payroll report showed an increase of 147,000 jobs in June, exceeding expectations, and the unemployment rate unexpectedly dropped to 4.1%, indicating reduced inflationary pressures [5] Group 2 - The U.S. House of Representatives passed Trump's "Big Beautiful Bill," which raises the federal debt ceiling by $5 trillion, potentially increasing the government budget deficit by $3.4 trillion over the next decade [6] - Concerns over the U.S. fiscal deficit may enhance gold's safe-haven appeal, especially with the approaching deadline of July 9 and ongoing tariff uncertainties [6] - Strong central bank purchases and increases in gold ETF holdings are expected to continue supporting gold prices [6] Group 3 - Technical analysis indicates that the upward trend remains intact, with the next significant resistance level for gold at $3358 per ounce, and a breakthrough could lead to testing the $3400 level [6] - If gold prices fall below $3300, the next support level will be around $3250, which was the low on June 30 [6]

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a holding of 947.66 tons of gold as of July 2, 2025, reflecting a decrease of 0.57 tons from the previous trading day. The gold price rebounded to a six-day high of $3,360.05 per ounce, closing at $3,356.90, up $18.2 or 0.55% [6]. Group 1: Gold ETF Holdings - As of July 2, 2025, SPDR Gold Trust's total holdings stand at 947.66 tons of gold [6]. - The holdings decreased by 0.57 tons compared to the previous trading day [6]. Group 2: Gold Price Movement - On July 2, 2025, spot gold prices reached a high of $3,360.05 per ounce, marking the highest level in six days [6]. - The closing price was $3,356.90 per ounce, reflecting an increase of $18.2 or 0.55% [6]. Group 3: Market Influences - Gold prices remained below $3,350 due to a stronger dollar and concerns over U.S. tariffs and the "Big Beautiful Plan" [6]. - The unexpected decline of 33,000 in the U.S. ADP employment figures for June raised concerns about the labor market, increasing bets on two rate cuts by the Federal Reserve by the end of 2025 [6][7]. Group 4: Future Employment Data - The market is focused on the upcoming U.S. non-farm payroll report, with UBS predicting an increase of only 100,000 jobs and a potential rise in the unemployment rate to a new high since 2021 [7]. - If the employment data is weak, the Federal Reserve may act to cut rates as early as July [7]. Group 5: Technical Analysis - Analysts suggest that gold remains at high levels due to trade uncertainties, geopolitical tensions, a weaker dollar, and increasing central bank purchases, although the upward momentum may be nearing its limit [7]. - The resistance level for gold is at the 23.6% Fibonacci retracement level of $3,377, with the June 23 high of $3,397 as a target for buyers [8]. - Support levels are identified at the 50-day moving average of $3,320, with further support at the 38.2% Fibonacci level of $3,297 and below June lows near $3,250 [8].

Core Viewpoint - The SPDR Gold Trust's holdings remain stable at 953.39 tons of gold, reflecting a cautious market sentiment amid fluctuating economic indicators and geopolitical tensions [2][7]. Group 1: Gold ETF Holdings - As of June 26, the SPDR Gold Trust holds 953.39 tons of gold, unchanged from the previous trading day [2][7]. - The overall trend in gold ETF holdings shows fluctuations, with the latest data indicating a stable position [3][4]. Group 2: Market Conditions - On June 26, spot gold prices fluctuated, reaching a high of $3,350.31 per ounce and a low of $3,309.51, ultimately closing at $3,327.68, down $4.24 or 0.13% [7]. - Economic data from the U.S. shows mixed signals, with a 0.5% contraction in Q1 GDP and an increase in the trade deficit, alongside a rise in unemployment claims to a three-and-a-half-year high [7][8]. Group 3: Federal Reserve and Interest Rates - Market speculation suggests two potential interest rate cuts by the Federal Reserve this year, with the first possibly in September, while the probability of a July cut remains at 20% [7][8]. - Divergent views among Federal Reserve officials regarding tariffs and inflation are influencing market expectations and gold prices [7][8]. Group 4: Technical Analysis of Gold - The technical indicators for gold are currently neutral, suggesting a consolidation phase, with key support at $3,300 and resistance at $3,350 [8]. - If gold prices break below $3,300, the next support level is around $3,245, while a breakthrough above $3,350 could lead to resistance at $3,380 and $3,400 [8].

Group 1 - As of June 25, the largest gold ETF, SPDR Gold Trust, held 953.39 tons, a decrease of 2.29 tons from the previous trading day [2] - On June 25, spot gold slightly rebounded, fluctuating around $3,330, with a daily low of $3,312.03 and closing at $3,332.02, an increase of $9.09 or 0.27% [2] - Geopolitical tensions have eased, leading to improved risk sentiment, which has suppressed gold prices; however, renewed tensions could drive prices higher [2] Group 2 - Federal Reserve Chairman Jerome Powell indicated that many paths are possible regarding interest rate cuts, suggesting that inflation may not be as strong as expected [3] - Economic data in the coming months will be crucial for the gold market; weak inflation or a deteriorating labor market could lead to earlier or larger rate cuts than anticipated [3] - Current expectations from federal funds futures traders indicate a cumulative rate cut of 60 basis points by 2025, with the first cut likely in September [3] Group 3 - Technically, gold prices are holding above the critical 50-day moving average support level around $3,325, with the 14-day RSI struggling near the midpoint [3] - Short-term support levels for gold are at $3,300 and the June 24 low of $3,295; a break below these levels could trigger further declines, with the next support at the May 29 low of $3,245 [3] - For bullish sentiment, reclaiming the 21-day moving average at $3,350 is crucial for a sustained recovery, with the next resistance at the 23.6% Fibonacci level around $3,380 [4]

Group 1 - The current total holdings of the largest gold ETF, SPDR Gold Trust, stand at 945.94 tons, with an increase of 4.01 tons from the previous trading day [7] - On June 17, spot gold experienced fluctuations, with a daily range of nearly $40, peaking at $3403.35 per ounce and closing at $3388.55 per ounce, reflecting a slight increase of $3.56 or 0.11% [7] - Geopolitical tensions, particularly related to the situation in Iran, have contributed to volatility in the gold market, with reports indicating that former President Trump left the G7 summit early due to Middle East concerns [7] Group 2 - Recent U.S. economic data showed a 0.9% month-over-month decline in retail sales for May, marking the largest drop in two years, which has heightened expectations for potential interest rate cuts by the Federal Reserve [7] - Wall Street banks have issued relatively negative signals regarding gold price trends, with Citigroup predicting a decline to $2500 to $2700 per ounce in the second half of 2026 due to weakening investment demand and improving global economic growth [8] - A recent survey indicated that 43% of 72 central banks expect to increase their gold reserves in the next 12 months, a significant rise from 29% last year, marking an eight-year high [8] Group 3 - Technically, the daily chart shows that the 14-day Relative Strength Index (RSI) has risen above the midpoint, indicating a maintained bullish bias for gold, while technical indicators remain positive [8] - Short-term support for gold is identified at $3377, which is a key Fibonacci retracement level, with further support at $3350 and the 21-day simple moving average at $3340 [9] - On the upside, the first resistance level is at $3400, followed by $3440, and then the historical high of $3500 [9]

Group 1 - The largest gold ETF, SPDR Gold Trust, saw a decrease in holdings by 1.43 tons, bringing the current holdings to 922.46 tons [1][3][4] - The recent trend shows a series of reductions in holdings over the past days, including a decrease of 0.29 tons on May 8, 2025, and a total reduction of 4.87 tons on May 6, 2025 [3][4] - The ETF holdings data is updated around 5:30 AM Beijing time from Tuesday to Saturday, reflecting the previous day's holdings [4]