大涨后锁定利润，黄金打击情绪，新兴市场“一切都在跌”

Core Insights - Investors are taking profits and reducing risk exposure, leading to a broad decline in emerging market assets, with gold prices retreating and the ongoing U.S. government shutdown further impacting market sentiment [1][4][7] Emerging Market Performance - The MSCI Emerging Markets Currency Index fell by 0.2%, while the stock index dropped by 0.5%, indicating a potential weekly decline. Almost all Asian stock indices decreased, with Japan's stock market down by 1% [1][4] Gold Price Dynamics - The decline in gold prices has been a key factor in weakening emerging market sentiment. After reaching a high of $4000, profit-taking occurred, exacerbated by easing geopolitical tensions following ceasefire announcements, which reduced demand for safe-haven assets [3][4] U.S. Dollar Strength - Despite the ongoing U.S. government shutdown, the U.S. dollar remains strong and is expected to record its best weekly performance since November. The Bloomberg Dollar Spot Index saw a slight decline of 0.1% on Friday, but the overall trend for the week remains robust [8] Market Sentiment - Traditional safe-haven assets have failed to provide a buffer for emerging markets, intensifying the prevailing sentiment of "everything is falling." Investors are increasingly inclined to lower their risk exposure across the board [7][8]