黄金收评丨A股金价携手走低，黄金股ETF（159562）延续深度回调

Core Viewpoint - The A-share market experienced a collective decline, influenced by falling COMEX gold futures prices and a cooling of interest rate cut expectations from the Federal Reserve, leading to a pullback in gold-related ETFs and stocks [1] Group 1: Market Performance - On November 4, A-share indices collectively fell, with COMEX gold futures dropping to a low of $3,975 [1] - By the close of the Asian market, gold futures were trading around $3,989 per ounce [1] - Gold ETFs such as Huaxia (518850) fell by 0.62%, the non-ferrous metals ETF (516650) dropped by 3.3%, and the gold stock ETF (159562) decreased by 3.49% [1] Group 2: Influencing Factors - Multiple Federal Reserve officials discussed interest rate cuts, but the clarity on a potential December cut remains uncertain due to the U.S. government shutdown affecting data releases [1] - Inflation data continues to be a focal point for several officials, with the likelihood of a December rate cut now reduced to 67.3% according to CME's FedWatch tool [1] Group 3: Gold Demand Outlook - UBS analysts suggest that gold investment demand could further increase, with central bank gold purchases remaining high [1] - Global gold demand is projected to reach approximately 4,850 metric tons this year, the highest since 2011 [1] - If private investors follow the central bank trend and diversify their holdings from U.S. Treasuries to gold, spot prices may rise further [1]