According to a report by Jinshi Data on July 17, many gold-related ETFs have risen by more than 10% since July. With the expectation of the Fed's interest rate cut rising, the price of gold has continued to strengthen. Data shows that many products such as Yongying CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF, Huaxia CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF, ICBC UBS CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF, and Huaan CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF have all risen by more than 10% since July.
Huaan Fund said that the recent US PMI and non-farm payroll data were lower than expected, and inflation was significantly down, which strengthened the market's confidence in the interest rate cut in the second half of the year. In the long term, the global central bank's de-dollarization process has accelerated, and the central bank's gold purchase demand has exceeded expectations, supporting the performance of gold.
