Group 1 - The core viewpoint is that the recent decline in the Gold VIX index indicates a reduced market expectation for gold volatility, supported by falling real interest rates, a declining dollar index, and increased inflation uncertainty, leading to a bullish outlook on gold in the medium to long term [1] - The total demand for gold has increased, further boosting gold prices, suggesting that gold still holds investment value in the medium to long term due to multiple favorable factors [1] - The gold ETF (518800) tracks the SGE gold 9999 contract, which represents high-purity physical gold trading, reflecting the supply and demand dynamics of physical gold and serving as a hedge and store of value in investment portfolios [1] Group 2 - Investors without stock accounts may consider the Guotai Gold ETF Link A (000218) and Guotai Gold ETF Link C (004253) as alternative investment options [1]

Group 1 - The core viewpoint indicates that short-term drivers for gold are not yet evident, but a strong oscillation in gold prices is expected, with COMEX gold futures down 2.21% to $3381.7 per ounce as of August 15 [1] - SPDR Gold ETF holdings increased by 0.6% to 965.36 tons, reflecting a growing interest in gold as a safe-haven asset amid macroeconomic uncertainties [1] - The expectation of interest rate cuts is anticipated to be a key driver for gold prices, with a long-term view suggesting that the central price of gold will continue to rise due to ongoing macroeconomic uncertainties and the weakening of the US dollar's credibility since Trump's administration [1] Group 2 - The gold fund ETF (518800) tracks the SGE Gold 9999 index, which represents the trading price of high-purity physical gold in China, providing a transparent and efficient price reference for investors [1] - Investors without stock accounts can consider the Guotai Gold ETF Link A (000218) and Guotai Gold ETF Link C (004253) as alternative investment options [2]

Group 1 - The core viewpoint is that the expectation of interest rate cuts by the Federal Reserve is likely to support a strong performance in gold prices in the short term [1] - The medium to long-term outlook indicates that ongoing macroeconomic uncertainties abroad will enhance gold's safe-haven appeal, leading to a sustained increase in gold price levels [1] - The long-term trend suggests that the weakening of the US dollar's credibility since Trump's administration is becoming clearer, which will further highlight gold's monetary attributes and maintain a positive outlook for gold in the medium to long term [1] Group 2 - The gold ETF (518800) tracks the SGE gold 9999 (AU9999), reflecting the trading price changes of high-purity physical gold in the Shanghai Gold Exchange [1] - Investors without stock accounts can consider the Guotai Gold ETF Link A (000218) and Guotai Gold ETF Link C (004253) as alternative investment options [1]

Group 1 - The gold and jewelry industry is experiencing new consumer characteristics of self-appreciation and value preservation, supported by high gold prices and advancements in craftsmanship [1] - Retail sales in the gold and silver jewelry category increased by 6.1% year-on-year in June, driven by sustained high gold prices and the release of self-appreciation demand [1] - Companies that establish differentiated brand/product positioning and build consumer awareness are expected to achieve accelerated growth in a low industry base [1] Group 2 - The Gold ETF (518800) tracks the SGE Gold 9999 (AU9999), which is directly linked to the market price changes of physical gold with a purity of 99.99%, serving as an important indicator of international gold value [1] - Investors without stock accounts can consider the Guotai Gold ETF Link C (004253) and Guotai Gold ETF Link A (000218) [1]

Group 1 - The core viewpoint is that the US economy is expected to continue weakening in the medium term, with a clear direction towards interest rate cuts [1] - Recent concerns about market recession have been reignited due to unexpected weak non-farm data and the normalization of tariff policy disruptions, leading to increased expectations for rate cuts and a rise in market risk aversion [1] - Short-term gold prices are likely to surge again, while the long-term outlook remains bullish due to multiple supporting factors such as geopolitical conflicts, a weakening dollar, rate cut expectations, and continued gold purchases by non-US central banks [1] Group 2 - The gold ETF (518800) tracks the SGE gold 9999 (AU9999), reflecting the price trends of high-purity (99.99%) gold in the Shanghai Gold Exchange, purely reflecting the supply and demand dynamics of the domestic and international gold markets [1] - Investors without stock accounts can consider the Guotai Gold ETF Connect A (000218) and Guotai Gold ETF Connect C (004253) [2]

7月30日早盘，黄金基金ETF（518800）飘红。 中信建投指出，期权市场对黄金边际乐观，黄金的VIX继续下降。美元指数下行、实际利率下行、 通胀不确定性增加，中长期依然看多黄金。历史上黄金与美元指数负相关，黄金与美国实际利率负相 关；近期美元指数和实际利率都下行。地缘政治威胁较高时，避险资金助推黄金价格。沪金近期持仓量 抬升，多空持仓比下降，库存抬升。 黄金基金ETF（518800）跟踪的是SGE黄金9999（AU9999），该指数直接反映上海黄金交易所内 Au99.99高纯度黄金现货价格的变动情况，通过实时交易价格衡量黄金市场价值的整体波动趋势。与股 票类指数不同，该指数不涉及任何上市公司证券或行业成分，纯粹体现实物黄金的价格走势。 没有股票账户的投资者可关注国泰黄金ETF联接A（000218），国泰黄金ETF联接C（004253）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等 ...

没有股票账户的投资者可关注国泰黄金ETF联接A（000218），国泰黄金ETF联接C（004253）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 黄金基金ETF（518800）昨日净流入超0.8亿。相关机构表示指出，黄金价格受美国M2和美元指数双因 子驱动，其中美国M2或决定黄金价值中枢。当前金价在3350美元附近震荡，反映美国M2定价已充分体 现。未来驱动或转向美元弱势周期，特朗普政府弱美元政策导向及美联储降息预期将支撑金价。模型测 算2025年12月目标价达3837美元，长期在弱美元背景下有望冲击4000美元。 黄金基金ETF（518800）跟踪的是SGE黄金9999（AU9999），该指数代表了纯度不低于99.99%的黄金 交易价格，是衡量实物黄金市场价值的重要指标。该指数直接关联于全球黄金市场的供需情况，而非特 定成分股 ...