Rising gold prices drive net asset value and scale increases for gold-themed funds

　　[Global Finance Comprehensive Report] Since August, the international gold price has continued to rise. Driven by this, the net value and the scale of domestic gold-themed funds have both increased.

　　According to Wind data, as of August 18, all 53 gold-themed funds saw an increase in net value for the month. In addition, QDII gold-themed funds increased by about 7.8%, and domestic gold ETFs and related fund net values increased between 7.4% and 7.7%.

　　In terms of scale, the total size of the 53 gold-themed funds has reached 424.2 billion yuan, an increase of 26.8 billion yuan since the beginning of the month and 45.3 billion yuan since the start of the year. Among them, Huaan Gold ETF reached 103.1 billion yuan, and 11 products including Bosera Gold ETF and E Fund Gold ETF all exceeded 10 billion yuan in scale.

　　From August 10 to August 16, net inflows into gold ETFs strengthened. According to a research report by GF Securities, domestic gold ETFs had a net inflow of 9.173 billion yuan, and from August 3 to August 9, the net inflow was 4.442 billion yuan. The global gold ETF SPDR had a net inflow of 5.99 tons. The institution believes that the rise in gold in August is due to expectations of navigation in the Strait of Hormuz in global markets. Once navigation resumes, oil prices may fall, fundamentally alleviating inflation and interest rate hike pressures in major economies. In short, because of the particularity of the Strait of Hormuz, the impact of this round of geopolitical factors on gold has shifted from "risk premium driven" to "inflation-interest rate expectation driven." Gold pricing is relatively favorable in the short term, but there are still potential uncertainties and constraints in the future. (Wen Hui)

Editor: Zhu Henan