With the global trend of "de-dollarization" becoming increasingly evident, the demand for gold as a safe-haven asset continues to grow. Recently, gold prices have been rising, influenced by the underperformance of U.S. economic data and policy changes under the Trump administration. During the 2025 Spring Festival, international gold prices surpassed $2,900 per ounce, reaching a historic high, with domestic gold prices also rising in tandem. In this context, the gold ETF (518800) showed strong performance, with an increase of 8.01%.
U.S. economic data fell short of expectations, with the GDP growth rate for the fourth quarter of 2024 at only 2.3%, below the market expectation of 2.6%. Meanwhile, the Federal Reserve's January meeting decided to keep the benchmark interest rate unchanged, leading to expectations of a rate cut and further boosting gold prices. The trade policies and tariff measures of the Trump administration have also exacerbated global trade uncertainty, increasing the market's risk aversion sentiment and further pushing up gold prices.
Given the uncertainties in the global economic and political environment, gold is gradually becoming a pricing anchor in international markets. As central banks around the world continue to increase their gold reserves, along with ongoing monetary expansion and fiscal deficits, the demand for gold as a safe asset is expected to rise further. This has provided upward momentum for the precious metals market, making gold ETFs a focal point for investors.
At the same time, the domestic photovoltaic and AI industries continue to attract investor attention. The Photovoltaic 50 ETF (159864), driven by policy support and demand growth, has recently increased by 4.70%, becoming one of the leading sectors in the market. The robust performance of DeepSeek in the AI sector, both domestically and internationally, has also boosted the performance of the Computer ETF (512720).
Overall, in the short term, gold prices may experience some fluctuations and corrections due to the impact of Trump’s policies and dollar index volatility. However, in the medium to long term, gold is expected to continue benefiting from global economic and geopolitical uncertainties, as well as the ongoing trend of "de-dollarization." Therefore, investors might continue to focus on the gold ETF (518800) to capture long-term investment opportunities.
