金价失守4000美元关口，黄金ETF基金(159937)今日回调，关注黄金ETF配置机会

Group 1 - The core viewpoint indicates that the recent decline in spot gold prices and changes in tax policies are impacting gold demand, while long-term bullish sentiment remains due to central bank purchases and asset allocation needs [2][3] - As of November 4, 2025, the gold ETF fund (159937) has seen a 0.75% decrease, with a 5.19% increase over the past month, indicating volatility in the market [1] - The recent announcement from the Ministry of Finance and the State Administration of Taxation regarding the cancellation of VAT deductions for retail gold has led to a short-term cooling of gold demand [2] Group 2 - The U.S. job market shows signs of cooling, with nearly 950,000 layoffs announced in 2023, the highest level since 2020, which may influence economic conditions and gold prices [2] - Despite short-term disturbances in market sentiment, the long-term logic for rising gold prices remains intact, supported by central bank purchases and the need for asset allocation [3] - The gold ETF fund has seen a net inflow of 3.07 billion over the last ten trading days, indicating continued interest in gold investments [3]