黄金早参 | 地缘冲突缓和，金价冲高回落，纽约金和伦敦金跌破4000美元关口

Core Viewpoint - The recent easing of geopolitical tensions has led to a decline in gold prices, with both New York and London gold prices falling below the $4000 per ounce mark, closing at $3991.10 per ounce on COMEX, despite a significant increase in gold ETFs and gold stock ETFs [1] Group 1: Market Reaction - Gold prices experienced a drop of 1.95% due to the announcement of a ceasefire agreement between Israel and Hamas, which reduced geopolitical risk [1] - The gold ETFs, specifically 华夏 (518850), rose by 4.53%, while the gold stock ETF (159562) increased by 8.95% [1] Group 2: Price Trends - During the recent National Day holiday, international gold prices saw a continuous rise, surpassing the $4000 per ounce psychological threshold, with a holiday increase of over 4% and a year-to-date increase exceeding 50% [1] Group 3: Driving Factors - The strong performance of gold prices is attributed to three main driving factors: 1. A surge in safe-haven demand due to government shutdowns and geopolitical conflicts 2. Expectations regarding monetary policy, including interest rate cuts and concerns over the credibility of the US dollar 3. Structural inflows from central banks and ETFs, continuing the global trend of net gold purchases by central banks [1] Group 4: Technical Analysis - Market participants are advised to closely monitor the ongoing battle around the $4000 per ounce level for overseas gold prices, which corresponds to a key domestic level of 900 yuan [1]