Gold prices fluctuated within a narrow band last week. London spot gold settled at $3,355 per ounce (up 0.5% weekly), while domestic AU9999 gold closed at 770 yuan per gram (down 0.3% weekly).

Tariff uncertainties intensified significantly as former U.S. President Trump announced increased levies targeting the European Union, Canada, Japan, South Korea and other economies, though implementation was deferred until August 1. Further escalating trade tensions, Trump declared a 50% tariff on copper imports effective August. Market reactions remained muted initially, interpreting these measures as negotiation tactics. However, suppressed expectations heighten the potential for disruptive surprises, meaning actual tariff imposition could trigger substantial safe-haven demand surges.

China's central bank extended its gold accumulation streak to eight consecutive months. Official data reveals bullion reserves climbed to 73.9 million ounces (approximately 2,298.55 tons) by June's end, representing a monthly increase of 70,000 ounces. This persistent accumulation signals gold's systematically strengthening role as a strategic "non-credit asset" during the global monetary system's profound restructuring.

Gold ETF investment appetite maintained remarkable strength. Global gold exchange-traded funds attracted $38 billion inflows during the first half – the most robust six-month performance since 2020's opening half. Every region recorded June inflows, with North American and European investors driving momentum. Asian participants purchased record ETF volumes, contributing 28% of worldwide net inflows.

Looking forward, U.S. trade protectionism suggests ongoing tariff volatility. Against the backdrop of dollar and Treasury credibility concerns, sustained central bank purchasing indicates gold's continued progression through a new market cycle.

Critical signals for Gold ETF (518880) this week include: (1) Trade negotiation developments and tariff implementation status; (2) U.S. June inflation metrics.

Investors should note gold-themed funds carry distinctive risks: gold price volatility, potential performance deviation from domestic spot prices, and Shanghai Gold Exchange market exposure. Fund profitability isn't guaranteed, nor are minimum returns. Historical performance cannot predict future results. China's relatively brief fund operation history may not reflect all market phases. Market investments involve inherent risks requiring careful consideration. Before investing, thoroughly examine fund contracts and prospectuses to understand risk-return characteristics, consult professional advice, and independently select suitable products based on personal risk tolerance, timeframe, and objectives.