Spot Gold Breaks Above $4,300; Gold ETFs Attract Over 10 Billion Yuan Since July

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Spot gold has broken above $4,300 per ounce. Since July, mainstream domestic gold ETFs have seen sustained net inflows exceeding 10 billion yuan. On August 5, London gold surged over 4% in a single day, its biggest one-day gain in half a year, and on August 7 it again pushed through $4,300 per ounce. Fund flows show persistent net inflows, with the leading Huaan Gold ETF attracting over 8.2 billion yuan and its latest scale surpassing 99.1 billion yuan. A-share gold stock ETFs and their constituent stocks have significantly outperformed spot commodity gold in terms of price elasticity, with the sector's peak gain exceeding 18% and leading stock Chifeng Gold posting a phased gain of nearly 60%. Qu Rui, senior deputy director of the research and development department at Golden Credit Rating, pointed out that the current rapid rise in gold prices is mainly driven by factors such as easing US-Iran tensions, cooling inflation expectations, and converging expectations for Federal Reserve rate hikes.

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