Spot Gold Tops USD 4,200 as Central Banks Added 21 Tonnes in September; GF MSCI Global Strategic Metals Select ETF (03566.HK) Grows to HKD 338 Million in Assets Within Two Weeks of Listing

NewTimeSpace News：Wind data show that GF MSCI Global Strategic Metals Select ETF (03566.HK) traded at HKD 14.95 intraday on 9 October, up 3.39%, with an intraday high of HKD 15.00; it closed at HKD 14.46 on 8 October, down 1.96%, with turnover of about HKD 182,000. As of 8 October, the fund's size stood at about HKD 338 million, with net asset value per unit of HKD 14.5725 and 23.2 million units in issue, a discount of about 0.77% to net asset value. Listed in Hong Kong on 28 September with about HKD 54.22 million in assets on its first day, the fund has since expanded rapidly on continued inflows.

On performance, the product has risen 0.66% since inception (as of 7 October) but fell 0.71% over the past week and 0.71% month to date; as it has been listed for less than a month, there are no comparable six-month, one-year or year-to-date figures. Metal prices and related equities were strong over the same period: spot gold broke above USD 4,200 an ounce during Asian hours on 9 October, up nearly 2% on the day, while COMEX gold rose 1.40% to USD 4,215.1, silver gained 1.82% to USD 60.505 and copper rose 1.26% to USD 6.651. A-share non-ferrous metals surged in the afternoon, with WESTERN REGION GOLD hitting the daily limit, SJI up more than 7%, ZHONGJIN GOLD up more than 6%, CHIFENG GOLD and HUNAN GOLD up more than 5%, and ZIJIN MINING and HUAFON ALUMINIUM up more than 4%.

On the news front, the positives: data published by the central bank on 7 October showed official gold reserves rose by 21 tonnes in September, the largest monthly increase in three years, extending the buying streak to 23 consecutive months and providing medium- to long-term support for gold prices. Concerns over the Middle East "oil price-inflation" link eased, and with Federal Reserve Governor Waller striking a dovish tone, the 10-year US Treasury yield retreated to 5.21% after spiking and the dollar index weakened, lifting precious metals off their lows. Institutions noted that hard constraints on mine supply and low inventories support base metal prices, rare earths are broadly firm with light rare earths recovering, and minor metals face tight supply with holders holding firm on prices. On the downside: recent hawkish remarks from Fed officials and a stronger dollar and Treasury yields have weighed on non-ferrous metals, and domestic base metals fell broadly on 9 October with SHFE tin dropping more than 5% at one point, leaving the sector split between uniform macro pressure and differing industry fundamentals; lithium rose then fell on destocking and firm spot prices, cobalt showed a weak peak season on soft demand, and nickel's rebound was capped by high inventories; gold is under short-term pressure from rising real rates, with core PCE data the key guide; and the product is newly listed with about HKD 338 million in assets and thin turnover, while the index was only launched in March 2026 with a short operating history, implying relatively higher tracking-error and liquidity risk.

Managed by GF International Investment Management Limited and listed on the Hong Kong Stock Exchange on 28 September 2026 with a total expense ratio of 1.0% (management fee 0.90%), the product tracks the MSCI Global Strategic Metals Select Index (net total return, USD-denominated): compiled by MSCI and launched on 30 March 2026, the index selects from the MSCI World (ex Hong Kong Southbound) IMI Index and the MSCI Hong Kong Southbound IMI Index the top 30 and top 10 constituents respectively by weight within the GICS Metals & Mining industry, with the two components carrying fixed weights of 38% and 62%; any single constituent is capped at about 10%, the index is reviewed quarterly (February, May, August, November) with a 20% buffer rule, and the fixed component weights are rebalanced semi-annually. As of 22 July 2026 it had 40 constituents with total free-float market capitalization of USD 1.341 trillion, covering precious metals, industrial base metals and rare metals; it reflects the equity performance of relevant companies rather than spot metal prices. The product uses full replication or representative sampling, may invest up to 30% of net asset value in collective investment schemes and up to 30% in financial derivatives, and may engage in securities lending of up to 50% of net asset value (about 20% expected); it offers HKD (03566), RMB (83566) and USD (41566) counters, with distributions at the manager's discretion and potentially payable out of capital. The product suits investors bullish on the long-term strategic allocation value of gold, copper and rare earths who can tolerate high sector volatility and the risks of a newly launched fund. Risk warning: for reference only; this is not investment advice; past performance does not guarantee future results; invest with caution. (Data source: ROYALFLUSH INFO iFinD, as of 9 October 2026)

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.