Core Points - Starting from November 17, 2025, the BoSheng Gold ETF will only include Au99.99 contracts for gold spot contract subscriptions and redemptions, excluding Au99.95 contracts [1] - The minimum subscription and redemption unit for the BoSheng Gold ETF will be adjusted from 300,000 shares to 100,000 shares, corresponding to a change in the minimum weight of gold spot contracts from 3,000 grams to 1,000 grams [1] - To ensure a smooth transition for the adjustments in subscription and redemption, the gold spot contract operations will be suspended for one day on November 14, 2025, and will resume on November 17, 2025 [1]

Core Viewpoint - Domestic gold jewelry prices have surpassed 1100 yuan per gram, reflecting a significant increase in both international and domestic gold prices, with expectations for continued upward momentum in the fourth quarter [1][2][12]. Price Trends - As of September 24, 2023, the price of pure gold jewelry from the brand Chow Sang Sang reached 1105 yuan per gram, while another brand, Chow Tai Fook, reported prices close to 1100 yuan at 1098 yuan per gram [3][5]. - The Shanghai Gold Exchange's Au99.99 contract price hit a historical high of 856.80 yuan per gram on September 24, marking a nearly 10% increase since September and a cumulative rise of nearly 40% for the year [8]. Market Drivers - The recent surge in gold prices is attributed to a shift in market sentiment following the release of poor U.S. non-farm payroll data on August 1, which led to a reassessment of interest rate expectations. The market is now anticipating a resumption of the rate-cutting cycle [10]. - Additional factors contributing to the price increase include President Trump's comments regarding the Federal Reserve's independence and potential changes in its leadership, which have heightened market volatility and increased gold's appeal as a safe-haven asset [10][12]. Future Outlook - Analysts predict that the upward trend in gold prices will continue into the fourth quarter, driven by ongoing expectations of interest rate cuts and potential changes in Federal Reserve leadership. The market has not fully priced in the anticipated rate cuts, suggesting further room for growth [12]. - The long-term outlook for gold remains positive, with expectations that U.S. debt levels and geopolitical uncertainties will continue to support higher gold prices [12].

Group 1: Market Performance - In July 2025, the total transaction amount of various contracts at the Shanghai Gold Exchange reached 42,157.38 billion yuan, a year-on-year increase of 24.9%, with inquiry trading accounting for 75.6% of the total [1] - The trading amounts for member proprietary and agency businesses were 39,642.78 billion yuan and 2,514.60 billion yuan, respectively [1] - The gold trading volume was 5,306,946.02 kilograms, a year-on-year decrease of 2.0%, with a transaction amount of 40,984.05 billion yuan, down 2.7% year-on-year [1] Group 2: Precious Metals Prices - International gold prices remained high, with spot gold (XAU) closing at $3,296.33 per ounce, an increase of $12.76 from the previous month [2] - Spot silver (XAG) closed at $36.31 per ounce, up $0.28 from the previous month [2] - Spot platinum (XPT) closed at $1,299.63 per ounce, down $67.16 from the previous month [2] Group 3: Domestic Market Trends - The Shanghai Gold Exchange's Au99.99 contract opened at 761.5 yuan per gram and closed at 767.36 yuan per gram, a monthly increase of 2.93 yuan per gram [3] - The trading volume of the main Au (T+D) contract was 814,794 kilograms, accounting for 15.4% of the total gold trading volume [3] - The silver Ag (T+D) contract closed at 8,960 yuan per kilogram, an increase of 263 yuan per kilogram from the previous month [3] Group 4: Delivery and Outflow - The total gold delivery volume was 681,449.02 kilograms, with a physical outflow of 93,496.8 kilograms [4] - The total silver delivery volume was 1,562,670 kilograms, with a physical outflow of 107,565 kilograms [4]