US August core CPI beats expectations, boosting rate-hike bets; Bosera Gold ETF attracts 159 million yuan over five straight days

Jiemian··USCN·Read original
3▲1 ▼1Impact / 5
Summary · why it matters

Data released by the US Bureau of Labor Statistics on September 11 showed that US CPI rose 3.4% year-on-year in August and 0.4% month-on-month. Core CPI, which excludes food and energy prices, rose 0.3% month-on-month, exceeding market expectations of 0.2% and marking the largest monthly gain since April. After the release, market expectations for Federal Reserve rate hikes rose significantly. The dollar index and US Treasury yields strengthened in tandem, and spot gold came under pressure, pulling back to around 4,300 dollars, a cumulative decline of more than 6% from its earlier high. On September 14, it remained weak, trading near 4,330 dollars. China Securities said the stronger inflation mainly came from one-off service-sector disruptions and is unlikely to keep accelerating. After the data landed, the probability of a September rate hike rose to 87%, and near-term rate-hike expectations are now largely priced in. Gold fell first and then rose; as long as the Federal Reserve does not signal sustained rate hikes, gold may bottom out and rebound once the negative news is exhausted. Affected by this, the Bosera Gold ETF, which tracks the AU9999 index, was down 0.32% as of 1:35 pm on September 14. The ETF has risen 12.39% over the past year, with intraday turnover of 1.17% and trading volume of 494 million yuan. In terms of fund flows, the Bosera Gold ETF has seen net inflows for five consecutive days, with the largest single-day net inflow of 77.04 million yuan, bringing total inflows to 159 million yuan and average daily net inflows of 31.80 million yuan.

Impact on assets 4

Others▲ · 3 stocks
China Securities Co Ltd
601066
± Mixedrelevance

China Securities is cited only for its commentary that the inflation pickup is one-off and unlikely to keep accelerating; no company-specific impact.

Others▼ · 1 stocks
⛏Gold Futures
GOLD
▼ NegativeMonetaryrelevance

Stronger core CPI raised Fed rate-hike expectations and lifted the dollar and Treasury yields, pressuring spot gold lower.

Off-coverage companies 1

Bosera Asset Management Co., Ltd.Private± Mixed
Monetaryrelevance

Bosera's Gold ETF fell 0.32% as gold weakened on rate-hike expectations, though it still drew 159 million yuan of net inflows over five straight days.

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