金价突发！紧急提醒！

Core Viewpoint - Gold prices are experiencing fluctuations, with COMEX gold futures trading around $4032 per ounce, reflecting a downward trend in gold-related products and ETFs, indicating potential market volatility and investor behavior [1][10]. Group 1: Market Performance - As of November 21, gold ETFs, including 华夏, have seen a decline of 0.75%, while gold stock ETFs dropped by 2.9%, and non-ferrous metal ETFs fell by 5.23%, suggesting a broader market sell-off [1]. - The most actively traded December 2025 gold futures on the New York Commodity Exchange closed at $4076.7 per ounce, down by $6.1, marking a decrease of 0.15% [7]. - The trading volume for 华夏黄金ETF reached 76.87 million, with a turnover rate of 7.46% [3]. Group 2: Economic Indicators - The U.S. September employment report showed a non-farm payroll increase of 119,000, significantly above the expected 50,000, which has influenced market expectations regarding U.S. monetary policy [8]. - The unemployment rate slightly increased from 4.3% to 4.4%, indicating mixed signals in the labor market [8]. - The Federal Reserve's recent meeting minutes suggested a hawkish stance, with some officials indicating that maintaining interest rates through 2025 may be appropriate, while others hinted at potential rate cuts if economic conditions align [8]. Group 3: Future Outlook - UBS has raised its mid-term gold price target for 2026 from $4200 to $4500 per ounce, driven by ongoing geopolitical risks and strong demand from central banks and ETF investors [9]. - The Shanghai Gold Exchange has issued a notice to its members to enhance risk control measures due to recent market instability, emphasizing the need for proactive risk management [10][11]. - Analysts from 光大期货 and 瑞达期货 suggest that while short-term gold prices may face challenges, long-term demand for gold as a hedge against dollar weakness remains strong, potentially leading to higher price levels [11].