According to Jinshi, affected by the rising expectations of overseas interest rate cuts and the resurgence of geopolitical risks in the Middle East, spot gold has reached a new high of $2,440. The industry's largest gold stock ETF (517520) opened higher and rose by more than 4%, with intraday prices hitting a new high since its listing, and strongly impacted the weekly line for three consecutive days. Recently, it has attracted market funds to continue to deploy, with more than 100 million yuan attracted in the past 5 days and more than 700 million yuan attracted in the past 60 days. Its performance this year is excellent, up 32.69%, ranking TOP1 in the same category (1/2151). Liu Tingyu, fund manager of Yongying Gold Stock ETF, said that the market has begun to re-trade the expectation of interest rate cuts, coupled with the increase in geopolitical uncertainties, and the gold ETF positions and COMEX non-commercial net long positions at historically low levels are expected to return, which may push the gold price into a new round of upward trend.
