降息分歧加剧，金价冲高回落，黄金ETF基金(159937)连续3天获净流入，合计“吸金”8.86亿元

Group 1 - The core viewpoint of the articles indicates a mixed sentiment regarding gold and its ETFs, with a focus on the impact of U.S. monetary policy and market liquidity on gold prices and investment flows [1][2][3] Group 2 - As of November 20, 2025, the gold ETF (159937) has seen a decline of 0.75%, with a recent price of 8.87 yuan, while over the past two weeks, it has accumulated a rise of 2.88% [1] - The liquidity of the gold ETF shows a turnover of 1.75% with a trading volume of 6.81 billion yuan, and the average daily trading volume over the past week is 16.68 billion yuan [1] - On November 19, spot gold prices increased by 0.28% to $4,078.59 per ounce, reaching a daily high of $4,132.86 before retracting [1] - The Federal Reserve's October meeting minutes reveal significant divisions among officials regarding interest rate decisions, with some advocating for a potential rate cut in December if economic conditions align [2] - The U.S. Bureau of Labor Statistics will not release the October employment report, which will be included in the November report due on December 16 [2] - Analysts suggest that the market may exhibit cautious sentiment ahead of important earnings reports and economic data releases, with a focus on the long-term bullish trend for precious metals [2] - In the context of de-dollarization, gold's status as a monetary metal is rising, supported by U.S. liquidity easing and strong central bank gold purchases, indicating long-term price support for gold [3] - The gold ETF has experienced continuous net inflows over the past three days, with a peak single-day net inflow of 365 million yuan, totaling 886 million yuan and an average daily net inflow of 295 million yuan [3]