黄金股票ETF（517400）回调超3.3%，中长期金价具备支撑

Group 1 - The core viewpoint indicates that spot gold prices are maintaining high volatility amidst ongoing market uncertainties due to the U.S. government shutdown and mixed signals from the Federal Reserve regarding interest rate cuts [1] - The recent U.S.-China trade talks have eased tensions, but the persistent uncertainty in the market continues to support safe-haven demand for gold [1] - The Federal Reserve's decision to cut interest rates by 25 basis points in October was accompanied by hawkish comments from Powell, which negatively impacted market expectations for further rate cuts this year [1] Group 2 - The fluctuations in gold prices have led to increased divergence among traders, resulting in a decrease in gold ETF holdings on a month-over-month basis [1] - Short-term expectations suggest that gold prices may continue to experience high volatility, while medium to long-term factors such as the Fed's rate cut cycle, increasing macroeconomic uncertainties abroad, and a global trend towards de-dollarization are expected to provide support for gold prices [1] - The gold stock ETF (517400) tracks the SSH Gold Stock Index (931238), which selects larger market capitalization companies involved in gold mining, refining, and sales from the Hong Kong and Shanghai markets, reflecting the overall performance of listed companies in the gold industry [1]