| Au99.95 | | | | Au99.99 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 开盘价 | 769.10 | 最高价 | 769.10 | 开盘价 | 767.40 | 最高价 | 771.80 | | 最低价 | 769.10 | 收盘价 | 769.10 | 最低价 | 767.40 | 收盘价 | 769.66 | | 涨跌(元) | 0 | 涨跌幅 | = 0.00% | 涨跌(元) | $ -0.07 | 涨跌幅 | 1 -0.01% | | 加权平均价 | 769.10 | 成交量 | 4 | 加权平均价 | 770.44 | 成交量 | 4892.84 | | 成交金额 | 3076400 | 市场持仓 | | 成交金额 | 3769656995.2 | 市场特色 | | | 交收方向 | | 交收量 | | 交收方向 | | 交收量 | | 金十图示：2025年07月11日（周五）上海黄金交易所市场行情 | 川区十大区川 | 0 | 以父重 | | 加权平均价 | 768.34 | 成父重 | 138. ...

Group 1 - The core viewpoint of the article highlights that the recent inflow into gold ETFs indicates a growing interest in gold as a safe-haven asset amid economic uncertainties, particularly in light of the U.S. labor market data and Federal Reserve's interest rate expectations [1] - The gold ETF (518800) saw a net inflow of over 60 million yuan yesterday, reflecting investor confidence in gold amid fluctuating economic indicators [1] - Analysts suggest that while short-term gold prices may be affected by non-farm payroll data, the long-term outlook remains positive due to the ongoing interest rate cut cycle by the Federal Reserve [1] Group 2 - The article notes that the U.S. non-farm payrolls for June exceeded expectations, primarily driven by government job additions, while private sector growth remained weak, indicating underlying economic challenges [1] - The unemployment rate in the U.S. for June was reported at 4.1%, which is better than expected, and the ISM non-manufacturing index rose to 50.8, indicating a recovery above the threshold [1] - According to the CME FedWatch tool, there are expectations for two 25 basis point rate cuts by the Federal Reserve this year, with a 66.2% probability for a cut in September [1] Group 3 - The gold ETF tracks the spot gold price (Au99.99 contract) issued by the Shanghai Gold Exchange, representing physical gold with a purity of 99.99%, and is favored by commercial banks, insurance companies, and individual investors for its investment and hedging capabilities [1]

| Au99.95 | | | | Au99.99 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 开盘价 | 766.50 | 最高价 | 766.50 | 开盘价 | 770.00 | 最高价 | 771.30 | | 最低价 | 763.00 | 收盘价 | 763.78 | 最低价 | 761.00 | 收盘价 | 763.38 | | 涨跌(元) | 1 -8.22 | 涨跌幅 | 1 -1.06% | 涨跌(元) | 1 -8.1 | 涨跌幅 | + -1.05% | | 加权平均价 | 763.78 | 成交量 | 22 | 加权平均价 | 763.90 | 成交量 | 8163.06 | | 成交金额 | 16803200 | 市场持仓 | | 成交金额 | 6235805590.8 | 市场特色 | | | 交收方向 | | 交收量 | | 交收方向 | | 交收量 | | | Au100g | | | | iAu100g | | | | | 开盘价 | 765.20 | 最高价 | 767.50 | 开盘价 | | 最 ...

Group 1 - The long-term outlook suggests that the combination of "interest rate cuts" and "Trump 2.0" will continue to catalyze gold prices until 2025, supported by central bank reserves amid protectionism and great power competition [1] - The resilience of the U.S. labor market and economic performance may extend the current Federal Reserve's interest rate cut cycle, but there remains significant policy space, increasing the window for bullish gold positions [1] - According to the World Gold Council, global gold demand is projected to reach 4,974 tons in 2024, a 1.5% increase from 4,899 tons in 2023, driven by strong central bank purchases and rising investment demand [1] Group 2 - As of the end of May, the domestic central bank's gold reserves stood at 7,383 million ounces, an increase of 6,000 ounces from the end of April, marking seven consecutive months of accumulation [1] - The gold ETF tracks the spot gold contract (Au99.99) launched by the Shanghai Gold Exchange, providing a standardized tool for investors to participate directly in the gold market [2] - Investors without stock accounts can consider specific gold ETFs, such as Guotai Gold ETF Link A (000218) and Guotai Gold ETF Link C (004253) [2]

Group 1 - The core logic of the gold analysis framework is to hedge against the credit risk of the US dollar, indicating that gold may still have significant allocation value in the medium to long term [1] - The US dollar index has declined from a high of 109 at the beginning of the year to around 98 currently, reflecting a decrease in market confidence in the dollar [1] - Trump's policies have disrupted the internal checks and balances in the US, including his comments on the independence of the Federal Reserve and policies that may lead to fiscal expansion, which have increased overall uncertainty regarding the dollar's credit [1] Group 2 - The gold ETF tracks the spot gold (Au99.99 contract) launched by the Shanghai Gold Exchange, representing high-purity gold with a content of no less than 99.99% [1] - Unlike traditional stock indices, the gold contract does not involve stock selection or industry allocation, primarily serving physical gold delivery and investment hedging needs [1]

Market Overview - The opening price for Au99.95 was 776.70, with a closing price of 776.70, reflecting a change of +1.37 and a percentage increase of 0.70% [2] - Au99.99 opened at 774.60 and closed at 776.14, showing a change of +1.44 and a percentage increase of 0.71% [2] - The average price for Au99.95 was 776.70 with a trading volume of 2, resulting in a transaction amount of 1,553,400 [2] - Au100g had an opening price of 775.00 and closed at 776.70, with a transaction amount of 3,260,700 [2] Price Movements - Au(T+D) opened at 773.38, reached a high of 777.71, and closed at 775.81, with a change of +13.23 and a percentage increase of 0.42% [3] - The average price for Au(T+D) was 775.01 with a trading volume of 31,568, resulting in a transaction amount of 24,465,774,740 [3] - Pt99.95 opened at 333.92 and closed at 333.23, reflecting a change of +11.27 and a percentage increase of 3.50% [3] Trading Activity - The trading volume for Au99.95 was 2, while Au99.99 had a trading volume of 5,073.42, indicating active trading in the latter [2] - Au(T+D) had a trading volume of 31,568, with a significant transaction amount of 24,465,774,740 [3] - The market holding for Au99.95 was not specified, while Au99.99 had a market holding of 3,933,328,501.4 [2] Additional Insights - The opening price for NYAuTN06 was 777.50, with a closing price of 777.20, showing a change of +1.95 and a percentage increase of 0.25% [4] - The average price for NYAuTN12 was 776.65 with a trading volume of 10.8, resulting in a transaction amount of 8,388,070 [4] - The trading activity for PGC30g showed an opening and closing price of 775.70, with a change of +4.2 and a percentage increase of 0.54% [4]

消息面上，中国人民银行于6月30日印发《贵金属和宝石从业机构反洗钱和反恐怖融资管理办法》，自 2025年8月1日起施行。相较于早前监管部门提出的贵金属行业反洗钱要求，本次《管理办法》从适用对 象、起点金额、客户尽职调查具体情形等方面进行明确规定，将贵金属和宝石全产业链都纳入反洗钱监 管。从变化来看，《管理办法》中，将提交大额交易报告的起点金额由5万元提升至10万元，数量庞大 的贵金属、宝石经营门店等也应被纳入其中。 黄金基金ETF（518800）跟踪的是黄金现货(Au99.99合约)，该指数直接关联国内高纯度（99.99%）实物 黄金的交易价格，反映黄金现货市场的实时行情，其价格走势与国际金价及人民币汇率高度相关，适合 注重资产保值、寻求风险分散或对冲通胀压力的投资者进行配置，值得关注。 （文章来源：每日经济新闻） 相关机构表示，近期中东局势有所缓和，不过区域和贸易冲突的风险仍然存在，特别是海外市场情绪较 好，已经完全修复了"对等关税"以来的跌幅，容易出现预期差。美股主要股指在Q2结束时恰好创下年 内新高，但涨幅集中于头部标的，罗素2000仍比前高低11%。Huang & Kilic (2019) 认为，黄金 ...

Group 1 - The Ministry of Industry and Information Technology and eight other departments jointly issued the "Implementation Plan for High-Quality Development of the Gold Industry (2025-2027)" on June 25, 2025, aiming for a 5% to 10% increase in gold resource volume and over 5% increase in production by 2027, while promoting high-end new material applications and green mine construction [1] - Recent data indicates a short-term supply-demand imbalance in the gold market, with technical factors potentially providing support for prices [1] - CITIC Securities noted that the recent ceasefire in the Israel-Palestine conflict has lowered risk appetite, leading to a decline in gold demand in May, which has suppressed gold prices [1] Group 2 - Despite short-term demand weakness pressuring gold prices, the long-term fundamentals remain supportive due to declining real interest rates and the US dollar index [1] - The decline in the Gold VIX indicates a recovery in market sentiment [1] - The gold ETF tracks the spot gold (Au99.99 contract) issued by the Shanghai Gold Exchange, reflecting the price changes of physical gold without involving component stocks or industry style allocation [1]

Group 1 - The Ministry of Industry and Information Technology and eight other departments in China have jointly issued the "Implementation Plan for High-Quality Development of the Gold Industry (2025-2027)", aiming for a 5%-10% increase in gold resource volume and over 5% in production by 2027 [1] - The Myanmar Gold Traders Association held a seminar on June 29 to discuss key areas such as legal trading channels, domestic gold price mechanisms, and international trade [1] - China has maintained its position as the world's largest producer of mined gold for 18 consecutive years and the largest consumer for 12 years, highlighting the industry's foundational advantages [1] Group 2 - Ping An Securities noted that the long-term logic for gold remains intact, with weakening dollar credit expected due to U.S. fiscal issues and trade tensions under the Trump administration, which may further impact government credit [1] - Geopolitical issues abroad continue to drive demand for gold as a safe-haven asset, suggesting that gold prices may continue to rise [1] - Global central banks have continued their gold purchasing pace, with 243.7 tons bought in Q1 2025, providing support for gold prices [1] Group 3 - Current gold holdings are at a low level, with SPDR Gold ETF holdings not keeping pace with gold price increases, indicating significant upward potential [1] - In the silver market, a supply-demand gap is expected to persist throughout the year, and during a loose monetary cycle, the gold-silver ratio is likely to converge, suggesting that silver may enter a phase of catch-up [1]

Group 1 - The establishment of the designated warehouse for the international board by the Shanghai Gold Exchange in Hong Kong marks a significant step in the internationalization of China's gold market [1][3] - The designated warehouse is operated by Bank of China (Hong Kong) and is the first offshore designated warehouse for the international board, providing both trading and custody services [3] - Two gold trading contracts have been launched for delivery at the Hong Kong designated warehouse, with specific standards for weight and purity, and both contracts are priced in Renminbi [3] Group 2 - The move to set up the designated warehouse in Hong Kong enhances China's influence in the international gold market and provides a closed-loop exchange channel for "Renminbi-gold," strengthening the credibility of Renminbi as a reserve currency [4] - The realization of offshore Renminbi gold physical delivery is expected to increase investor preference for Renminbi-denominated gold, deepening the binding relationship between gold and Renminbi [4] - The expansion of Renminbi usage in international commodity pricing and settlement is facilitated by the large offshore Renminbi liquidity pool in Hong Kong, lowering barriers for foreign capital participation [4]