金价，直线拉升！

Core Viewpoint - The article highlights the recent surge in gold prices, reaching new highs since November, driven by factors such as a weakening dollar, government shutdown risks, and geopolitical tensions [2][8]. Gold Price Movement - As of November 10, gold prices have increased significantly, with spot gold at $4047.01 per ounce, up 1.16%, and COMEX gold at $4055.5 per ounce, up 1.14% [2]. - The gold jewelry index in the A-share market rose by 1.85%, with notable increases in stocks such as Cuihua Jewelry (up nearly 8%) and Hunan Gold (up over 5%) [5][6]. Market Drivers - The continuous rise in gold prices is attributed to a combination of factors including a weak dollar, risks associated with government shutdowns, and heightened geopolitical tensions [7]. - Weak employment data from the U.S. private sector has provided support for gold, with over 150,000 layoffs reported in October, the highest level for the same period in over 20 years [8]. Future Outlook - According to China International Capital Corporation (CICC), gold is expected to maintain its upward trend into next year, supported by ongoing central bank purchases from emerging markets due to de-globalization and strategic security concerns [8][9]. - The U.S. economic growth pressures are anticipated to persist into the first half of next year, with expectations of further interest rate cuts by the Federal Reserve [9]. Domestic Gold Consumption - In the first three quarters of 2025, China's gold consumption totaled 682.73 tons, a decrease of 7.95% year-on-year, with jewelry consumption down 32.5% [11]. - However, demand for gold bars and coins increased by 24.55%, indicating a strong preference for gold as a safe-haven asset amid geopolitical conflicts and economic uncertainties [11]. - The domestic gold ETF saw a significant increase in holdings, with a year-on-year growth of 164.03% in the first three quarters of 2025 [10][11].