International gold prices have maintained an upward trajectory since the beginning of August, with the December COMEX gold futures contract recently hitting a peak of $4,500 per ounce. Concurrently, gold-themed funds in the domestic market have witnessed notable growth in both their scale and net asset values. According to Wind data, as of August 18th, all 53 gold-themed funds recorded gains in their net values this month, with those primarily tracking the CSI Hong Kong-Shanghai-Shenzhen Gold Industry Stock Index leading the market.

Funds that focus on gold mining and smelting company stocks, such as the ICBCCS CSI HK-Shanghai-Shenzhen Gold Industry Stock ETF, the Yongying CSI HK-Shanghai-Shenzhen Gold Industry Stock ETF, and the ChinaAMC CSI HK-Shanghai-Shenzhen Gold Industry Stock ETF, have posted net value increases of 9.68%, 9.57%, and 9.56% respectively this month, outperforming the broader market. The strong performance is attributed to the rally in the equity market, which has benefited these listed companies within the gold supply chain.

QDII gold-themed funds, which exhibit a high correlation with international gold price movements, have also delivered impressive results. For instance, the net value of Harvest Gold (QDII-FOF-LOF) and China Universal Gold and Precious Metals A have risen by 7.79% and 7.85% respectively. Meanwhile, commodity-type gold funds, including those primarily based on domestic gold ETFs and their feeder funds like Huaan Gold ETF, Bosera Gold ETF, and E Fund Gold ETF Feeder A, have shown net value growth ranging from 7.4% to 7.7% this month. These funds closely track the spot price of domestic gold and demonstrate stable performance with minimal internal variation.

According to Xu Ying, chief macro strategy analyst at Orient Futures Derivatives Research Institute, the sustained rebound in international gold prices since August, with the COMEX gold futures price rising nearly 10% at its peak, is primarily driven by cooling expectations for US interest rate hikes, macroeconomic uncertainties, and increased gold purchases by central banks globally. Beyond their strong net value performance, the scale of gold-themed funds has also expanded this month. Data shows that the total scale of the 53 gold-themed funds has now reached 424.2 billion yuan, an increase of 26.8 billion yuan from the beginning of the month and 45.3 billion yuan from the start of the year.

Looking at individual products, 11 funds currently exceed 100 billion yuan in scale. Notably, Huaan Gold ETF has reached 103.1 billion yuan, while Bosera Gold ETF, E Fund Gold ETF, Guotai Gold ETF, and Bosera Gold ETF Feeder C have scales of 42.903 billion yuan, 36.657 billion yuan, 34.401 billion yuan, and 31.148 billion yuan respectively. Cong Shanshan, a precious metals researcher at Huishang Futures, suggests that investors should allocate across different gold asset classes based on their risk tolerance. Ordinary investors may consider holding gold ETFs or gold-themed funds due to their low entry barriers and good liquidity, making them suitable as core holdings with a strategy of phased purchases during dips. Gold stocks offer higher return elasticity and can yield excess returns during upward gold price cycles, but they are influenced by industry fundamentals and are better suited for investors with higher risk tolerance. Gold futures, as leveraged instruments with amplified price fluctuations, are appropriate for investors with a high-risk appetite, primarily for hedging or short-term tactical trading.