Funds rush to buy gold; the long-term logic remains unchanged. Guotai Gold ETF (518800) has experienced net capital inflows of over 1 billion yuan for five consecutive days.

Funds rush into gold, with the long-term logic unchanged. From a liquidity perspective, Guotai Gold ETF (518800) has experienced net capital inflows of over 1 billion yuan for five consecutive days.

Changjiang Securities pointed out that the spot price of gold has shown a volatile pattern. Its core driver is gradually shifting from traditional interest rate and dollar logic to long-term concerns about the global credit currency system. The central bank’s continuous gold purchase activities provide important demand support and may alter the long-term pricing anchor of gold. Currently, market expectations for Fed rate cuts are repeatedly changing, causing the short-term price trend to temporarily decouple from the negative correlation with real U.S. Treasury yields, which could lead to increased volatility. Looking ahead, structural factors such as geopolitical risks, global debt expansion, and doubts about the dollar credit system are expected to continue providing medium- to long-term upward momentum for gold.

In the context of excessive monetary issuance and fiscal deficit monetization, the U.S. dollar credit system faces challenges; coupled with frequent global geopolitical turmoil driving asset reserve diversification, demand for gold as a safe asset continues to rise. The global “de-dollarization” trend may position gold as a new pricing anchor. Focus on related products:

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