降息预期反复，金价承压回落，黄金股ETF（159562）午后走低跌1.37%

Core Viewpoint - The expectation for interest rate cuts has cooled, leading to fluctuations in COMEX gold futures prices, which briefly surpassed $4,215 before declining to around $4,194 per ounce [1] Group 1: Market Reactions - Gold-related ETFs have experienced declines, with the Huaxia Gold ETF (518850) down 0.51%, the Nonferrous Metals ETF (516650) down 1.24%, and the Gold Stocks ETF (159562) down 1.51% [1] - Major holdings in these ETFs, such as Jiangxi Copper and Zhaojin Mining, have also seen significant drops in their stock prices [1] Group 2: Federal Reserve Commentary - Multiple Federal Reserve officials have expressed hesitance regarding the prospect of further rate cuts in December, including San Francisco Fed President Daly, who stated it is too early to determine if a cut is warranted [1] - The market's expectations for a December rate cut have fluctuated, with the latest CME FedWatch Tool indicating a 51.6% probability for a 25 basis point cut and a 48.4% probability for maintaining the current rate [1] Group 3: Gold Price Dynamics - The Federal Reserve's cautious stance is contributing to gold price volatility, with the overall trend remaining strong until clearer policy signals emerge [1]