Gold prices have climbed above $4,600. Is the metals bull market back?

牛牛ETF研究所

joined discussion · ·

Central banks are quietly stockpiling gold—how can you follow suit? Start with as little as HK$2,000! A closer look at 3 popular HKD-denominated Gold ETFs.

In recent years, global financial markets have been volatile and unpredictable. If you regularly follow financial news, you may have noticed an interesting phenomenon:Gold has been quietly rising, demonstrating considerable resilience.

Particularly recently, the gold sector has performed impressively. As of the HK stock market close on August 20, 2026, the HK-listed gold concept stocks sector recorded a solid gain, rising 6.74% overall for the day. Among them, Zijin Gold International (02259.HK) rose 24.10% over the past 20 days, while Tongguan Gold (00340.HK) saw a 20-day gain of 44.98%, with multiple gold stocks rising in unison.

Source: Futubull App, as of the HK stock market close on August 20, 2026

Faced with this trend, many investors are wondering: Is now a good time to allocate to gold? For ordinary employees with limited budgets, how can they steadily get a share of the pie like multinational institutions? In this article, we will break down the underlying logic behind the rise in gold prices and introduce how you can easily "follow the trade" through gold ETFs with a threshold as low as around HK$2,000!

1. Behind the Quiet Rise in Gold: The Global Central Bank "Gold Rush"

Why has the gold price maintained a steady upward trend without the stimulus of breaking news? The core driver comes from global official institutions—namely, the "quiet stockpiling" by central banks around the world.

According to data published by the World Gold Council (WGC), global central banks' demand for gold reserves has remained at historical highs in recent years. In the first quarter of 2026 alone, global central banks made net purchases of 244 tons of gold. Institutions such as the National Bank of Poland, the Central Bank of Uzbekistan, and even the People's Bank of China have been continuously increasing their gold holdings. In a survey by the World Gold Council,as many as 95% of responding central banks believe that global central bank gold reserves will continue to increase in the future.

Why are central banks rushing to buy gold?

For central banks, gold is the ultimate "safe-haven asset." It does not rely on the credit of any country or issuer, offering unmatched inflation hedging and systemic risk defense capabilities.

This "strategic accumulation" by central banks acts like a "super buyer" quietly sweeping up supply in the market. This long-term, structural capital inflow provides extremely strong support for the floor price of gold, which is the most important reason why gold prices have been "quietly rising" and maintaining their strength recently.

2. Low-Barrier Gold Investment: Why Choose Gold ETFs as Your First Option?

Since central banks are buying, retail investors also want to allocate to gold. However, buying physical gold (such as gold bars and coins) comes with several pain points:

1. High entry barrier: A one-ounce gold bar often costs tens of thousands of Hong Kong dollars, which is a heavy burden for young professionals just starting their careers.

2. Storage difficulties: Keeping it at home raises concerns about theft, while storing it in a bank safe deposit box requires paying annual fees.

3. High liquidation costs: There is a bid-ask spread in physical gold trading, and converting it to cash at gold shops also incurs craftsmanship or depreciation fees.

To address these issues,Gold ETFs (Exchange-Traded Funds) have become a suitable tool for retail investors. Gold ETFs are listed on stock exchanges, making them as easy to trade as ordinary stocks. More importantly, most standard Gold ETFs are 100% backed by physical gold,meaning the fund company stores the physical gold bars in bank vaults on your behalf, eliminating the hassle of self-custody.

3. Comparison of the Top Three Popular HKD-Denominated Gold ETFs

Based on objective screening criteria (the top three HKD-denominated ETFs by asset size within the Gold ETF investment theme on the Futubull app, calculated based on the closing price on August 19, 2026), we have selected the following three products for you.

Each has its own characteristics, catering to investors with different budgets:

1.$Value Gold ETF (03081.HK)$ —— CSOP Physical Gold: Ultra-low entry threshold

– Minimum lot entry cost: Approximately HK$2,056 (calculated based on the closing price on August 19, 2026)

– Underlying Assets and Features:The most standout feature of this ETF managed by Value Partners isthat its underlying physical gold is entirely stored in the precious metals vault at Hong Kong International Airport. This offers local investors a high sense of security and convenience.

– Recent Performance and Review: $Value Gold ETF (03081.HK)$ It directly tracks the London Gold PM Fix. Based on recent performance, as of the HK stock market close on August 20, 2026, the fund rose 9.42% over the past 20 days. With a minimum trading lot of just 100 shares, the entry cost is only slightly over HK$2,000, making it the most accessible among the three ETFs. It may be an ideal "toe-in-the-water" choice for young professionals with limited budgets.

2. $SPDR Gold Trust (02840.HK)$ — Global Benchmark, King of Liquidity

– Minimum Entry Cost (per lot): Approx. HK$3,131 (based on the closing price on August 19, 2026)

– Underlying Assets and Features:This is the Hong Kong cross-listed version of the world's largest physical gold ETF (US: GLD). Backed by physical gold, HSBC and JPMorgan serve as custodians for the gold held by the SPDR Gold Trust (the "Trust").

– Recent Performance and Analysis:As a market bellwether, $SPDR Gold Trust (02840.HK)$ its price movements are almost perfectly synchronized with international spot gold prices. As of the close on August 20, 2026, the fund rose 9.49% over the past 20 days. Benefiting from its massive asset base, it enjoys very high trading volume, extremely narrow bid-ask spreads, and the best liquidity among the three. Recently, as gold prices have risen moderately, its share price has steadily climbed along its moving averages. If you have a larger capital base and prioritize the product's international reputation and liquidity, this established ETF may be suitable for you.

3. $CSOP Gold ETF (03030.HK)$ — Fee Advantage, A Choice for the Middle Class

– Minimum Entry Cost (per lot): Approximately HK$6,575 (based on the closing price on August 19, 2026)

– Underlying Assets and Features: Managed by CSOP AM, a renowned Hong Kong ETF issuer, this is a physical gold-backed ETF that tracks the performance of the LBMA Gold Price AM (before fees).

– Recent Performance and Analysis: $CSOP Gold ETF (03030.HK)$ Listed in April this year, as of the Hong Kong stock market close on August 20, 2026, the fund rose 9.27% over the past 20 trading days. In terms of product design, with a lot size of 1,000 shares, the entry threshold per lot has risen to over HK$6,000. This product is more suitable for middle-class investors with relatively ample capital who wish to make larger allocations in a single transaction.

4. How to quickly find more Gold ETFs on Futubull?

On the Futubull app, investors can easily locate these products. The specific steps are as follows:

1. Enter the "Markets" page: Open the Futubull app and tap "Markets" in the bottom navigation bar.

2. Select the "ETF" section: Swipe right on the category tabs at the top of the page and tap "ETF".

3. Explore themes: In the ETF专区 (ETF Zone), look for theme tags related to "Gold/Commodities".

4. One-click search and trade: Alternatively, you can directly enter the ticker symbol, such as "3081", in the search bar with the magnifying glass icon at the top right corner of the app.、「2840」oror "3030" to instantly view their latest stock prices, fund asset size, and historical candlestick charts, and click "Trade" with a single tap to buy or sell.

5. No time to monitor the market? Want to smooth out your costs? Check out "Monthly Investment Plans for ETFs"

For office workers who are busy with work and don't have time to watch the market, consider using a "Monthly Investment Plan (Dollar-Cost Averaging)" to accumulate Gold ETF holdings.

💡 Three major benefits of Monthly Investment Plans for ETFs:

– Dollar-Cost Averaging (DCA): Gold prices are bound to fluctuate in the short term. A monthly investment plan allows you to buy less when prices are high and more when they are low, effectively averaging out your purchase cost over the long run and avoiding the awkwardness of "buying all at once at the peak."

– Disciplined Financial Management: Automatic deductions after each paycheck force you to save, transforming your "spare cash" left after consumption into gold assets that offer inflation protection.

– High Flexibility: Products like the Value Gold ETF (03081) have a very low entry barrier. A monthly investment of HK$1,000–2,000 will not impact your daily living expenses at all.

⚠️ Important Notes and Risk Warnings for Monthly Investment Plans:

1. Management Fees: Although gold ETFs have low fees, they are not completely free (e.g., general ongoing charges are around 0.40%). Long-term holders should be mindful of how these fees slightly erode returns.

2. Tracking Error: Due to fund operating costs and transaction fees, there may be a slight "tracking error" between the ETF's actual performance and the international spot gold price.

3. No Interest or Dividend Payments: Gold itself is a "non-yielding asset." Unlike stocks that pay dividends or bonds that offer fixed interest, its entire return comes from capital appreciation due to rising gold prices. Therefore, in asset allocation, it is not recommended to allocate 100% of your capital to gold.

4. Exchange Rate Risk: International gold prices are quoted in USD. Although the HKD is pegged to the USD, local investors should still be aware of potential foreign exchange conversion risks if extreme volatility occurs in the forex market in the future.

Central banks around the world are quietly accumulating gold, laying a solid foundation for its long-term value. You don't need to chase hype or commit large amounts of capital. By using accessible, physically-backed quality instruments like the Value Gold ETF (03081) combined with a monthly investment plan, you can easily follow in the footsteps of central banks.

20K Views