市场静候PMI数据指引，金价震荡下行，黄金ETF华夏（518850）午后跌0.73%

Core Viewpoint - Gold prices are experiencing volatility, currently trading around $4032 per ounce, with related ETFs showing significant declines, indicating potential market repositioning by investors [1] Market Performance - COMEX gold futures are down, with the China Gold ETF (518850) falling by 0.73%, the Gold Stock ETF (159562) down by 2.86%, and the Nonferrous Metals ETF (516650) decreasing by 5.23% [1] Economic Indicators - Traders are awaiting the preliminary PMI data for November from S&P Global, which is expected to provide insights into the health of the U.S. economy and influence Federal Reserve interest rate expectations [1] - The manufacturing PMI is projected to drop from 52.5 in October to 52, while the services PMI is expected to remain unchanged at 54.8 [1] Market Analysis - The current key variables affecting the gold market are the direction of the U.S. dollar and the Federal Reserve's policy trajectory [1] - Short-term employment data is suppressing gold prices, but uncertainty in the economic outlook may manifest in future data [1] - If PMI or confidence indices decline, the rebound potential for gold may increase [1] - Overall, while gold prices are under short-term pressure, they are expected to maintain resilience in the medium to long term, especially with central banks continuing to accumulate gold and the possibility of real interest rates peaking by year-end [1]