Core Insights - In October, upstream physical gold demand showed a seasonally strong performance, with the Shanghai Gold Exchange (SGE) gold outflow reaching 124 tons, an increase of 6 tons month-on-month and a slight increase of 17 tons year-on-year, indicating a rise in gold investment enthusiasm [1][4] - Gold prices continued to rise in October, with the London Bullion Market Association (LBMA) price increasing by 4.9% and the Shanghai afternoon benchmark price rising by 5.5%. The market experienced volatility, with prices initially surging due to ETF buying and rising risks, followed by a correction in the latter half of the month due to easing geopolitical risks and profit-taking [2][4] Upstream Physical Gold Demand - The SGE gold outflow in October reached 124 tons, reflecting a month-on-month increase of 6 tons and a year-on-year increase of 17 tons, driven by heightened investment interest [4] - The increase in demand is attributed to factors such as escalating US-China trade tensions and a cooling domestic stock market, which contributed to rising gold prices [4] Gold ETF Flow and Price Trends - In October, China's gold ETF inflow was approximately 1 billion RMB, marking the strongest monthly performance since April, with total assets under management (AUM) increasing by 24% [6][8] - The total holdings surged by 33 tons to 227 tons, indicating significant growth in demand for gold ETFs in the Chinese market [8] Central Bank Gold Purchases - The People's Bank of China (PBOC) increased its gold reserves for the 12th consecutive month, purchasing 0.9 tons in October. Since early 2025, the official gold reserves have increased by approximately 24 tons, accounting for 8% of total foreign exchange reserves [10][12] Recent Trends in Gold Imports - In September, China's net gold imports reached 93 tons, a month-on-month increase of 5 tons and a year-on-year increase of 36 tons, aligning with observed patterns in upstream physical gold demand [14] Future Outlook - Recent changes in China's value-added tax policy on gold may exert pressure on domestic jewelry demand, as consumers will bear additional tax costs. However, the steady rise in gold prices over the past three years may have reduced consumer sensitivity to price changes [16] - The new tax policy does not affect investment products such as gold bars sold by SGE members, gold ETFs, and accumulated gold, although providers may adjust their buy/sell policies based on their circumstances [16]

Group 1: Domestic Gold Prices - Domestic gold prices remain stable overall, with some stores experiencing slight declines. Notably, Chow Tai Fook, Chao Hong Ji, and Zhou Da Sheng maintain prices at 1305 CNY/gram, marking the highest price among gold stores [1] - The price differences between high and low quotes in gold stores continue to narrow, reported at 83 CNY/gram today [1] - Detailed gold prices from various brands show fluctuations, with Lao Miao and Lao Feng Xiang both dropping by 4 CNY/gram, while Zhou Liu Fu decreased by 7 CNY/gram [1] Group 2: Platinum Prices - Platinum prices have seen a significant drop, with Chow Tai Fook's platinum jewelry price falling by 17 CNY/gram to 616 CNY/gram [1] Group 3: Gold Recycling Prices - Today's gold recycling prices have decreased by 5.3 CNY/gram, with varying rates across different brands. The average recycling price is reported at 917 CNY/gram [2] - Specific recycling prices for brands include Cai Bai at 893 CNY/gram and Zhou Sheng Sheng at 882.30 CNY/gram [2] Group 4: International Gold Prices - The spot gold price fluctuated, reaching a high of 4109.54 USD/ounce before closing at 4076.86 USD/ounce, reflecting a slight decline of 0.01% [4] - As of the latest update, spot gold is reported at 4034.23 USD/ounce, with a decline of 1.02% [4] - Recent U.S. employment data showed an increase of 119,000 jobs in September, with the unemployment rate rising to 4.4%, the highest in four years, impacting gold prices [4] - Hawkish comments from Federal Reserve officials have suppressed market expectations for interest rate cuts, contributing to the downward pressure on gold prices [4]

【#为何金价出现大逆转#？#全球央行仍在爆买黄金#】美东时间11月18日，国际金价、银价再次反弹， 现货黄金收涨0.54%，现货白银收涨1%，报50.68美元/盎司。截至发稿，现货黄金、COMEX黄金期货 继续反弹。11月18日下午，现货黄金跌破4000美元/盎司关口，为11月10日以来首次。为何金价出现先 抑后扬走势？中国外汇投资研究院研究总监李钢对@中新经纬 表示，金价此前连续几天下跌过快，市 场多头被迫止损后，盘面反而积累一定反弹需求。一旦美元指数和美债收益率回落，短线资金迅速回补 头寸，带动金价向上修复。最新数据显示，全球央行9月净购金达到64吨，是上月的两倍多。其中，中 国增持约15吨。李钢称，官方买盘让市场更愿意在低位承接，也缓和了此前的抛售情绪。对于金价走 势，李钢认为，短期波动将继续加大，金价行情仍取决于美联储议息前的经济数据和美元走势。（宅男 财经）#黄金又反弹# 来源：@中新经纬微博 ...

Group 1: Domestic Gold Prices - Domestic gold prices continue to decline, with most brands showing a drop of 17 CNY per gram on November 18, 2025 [1] - The highest price among gold stores is from Chow Sang Sang at 1289 CNY per gram, while Shanghai China Gold has the lowest at 1210 CNY per gram, resulting in a price difference of 79 CNY per gram [1] - Detailed price changes for various brands include: Lao Miao at 1285 CNY (down 4 CNY), Liufu at 1286 CNY (down 17 CNY), and Zhou Dafu at 1288 CNY (down 17 CNY) [1] Group 2: Gold Recycling Prices - The gold recycling price has dropped significantly by 15.9 CNY per gram, with varying prices across different brands [2] - Current recycling prices include: 908.80 CNY per gram for general gold, 911.80 CNY for Cai Bai, and 919.30 CNY for Lao Feng Xiang [2] Group 3: International Gold Prices - International spot gold prices have shown a downward trend, closing at 4044.85 USD per ounce, a decrease of 0.98% [4] - As of the latest update, spot gold is reported at 4001.64 USD per ounce, reflecting a further decline of 1.07% [4] - Market sentiment is cautious ahead of key economic data from the U.S., with expectations for the Federal Reserve's interest rate cuts cooling, impacting bullish sentiment in the gold market [4]

Core Viewpoint - International gold prices continue to experience fluctuations following a significant drop last Friday, with current prices showing a slight decline and key support levels being tested [1][4]. Price Movements - As of the latest report, London gold is down 0.12% at $4,077.31 per ounce, with intraday lows dipping below $4,050 per ounce [1][2]. - COMEX gold futures also saw a decline of 0.32%, trading at $4,081.20 per ounce, with a minimum price of $4,051.10 during the session [2][3]. Market Influences - The primary factor for the recent gold price correction is the sharp decline in expectations for a Federal Reserve interest rate cut, with market probabilities for a December cut dropping from over 90% to below 50% [3][4]. - A strengthening U.S. dollar has increased the cost of gold for non-U.S. investors, further impacting demand [3][4]. - Easing geopolitical tensions have led to a withdrawal of some safe-haven investments from the gold market [3][4]. Future Outlook - Short-term expectations indicate high volatility and a potential trading range around the psychological level of $4,000 per ounce, with market participants focused on Federal Reserve policy and economic data [4]. - Long-term bullish sentiment remains intact, supported by ongoing central bank gold purchases and concerns over U.S. debt impacting dollar credibility [4]. - Analysts suggest that the recent volatility is a normal correction following historical highs, with expectations for a rebound once stabilization occurs [4].

尽管市场仍预期12月存在降息可能，但近期多位美联储官员释放的信号偏谨慎，使利率前景出现一定回 调。波士顿联储柯林斯表示，在高度不确定的背景下，维持利率不变可能仍属适宜。博斯蒂克与哈马克 均提到，短期内倾向保持政策利率稳定。CME FedWatch 数据显示，12月降息25个基点的概率从前一日 的62.9%回落至51%上方。降息押注的收敛对金价上方形成一定抑制，但并未改变当前偏多格局。总体 来看，美联储的稳健口径继续限制金价突破意愿。 美国史上最长的政府停摆在周四画上句号，众议院以222票对209票通过拨款方案，特朗普完成签署后政 府恢复正常运作。市场普遍预计，停摆期间积压的多项核心数据将集中在未来几天公布，而部分指标可 能反映出劳动力市场疲软，这意味着美元面临阶段性压力，有利于金价维持强势。白宫经济顾问哈塞特 表示，10月就业报告预计本周发布，但由于家庭调查数据缺失，本次将不包含失业率指标，市场短期内 或面临数据解读难度提升与预期波动加大。 据《纽约时报》报道，特朗普政府正研究对部分食品相关关税给予豁免，包括牛肉与柑橘类产品等，以 缓解食品价格上涨带来的压力。这一讨论拖累美元指数表现，DXY短线下滑至99.2 ...

截至发稿，伦敦金现报4103.91美元/盎司，跌幅达0.55%；COMEX黄金报4111.7美元/盎司，跌幅达 0.11%。 【导读】现货黄金一度失守4100美元/盎司关口 在连续三日收涨、创下月内新高后，11月12日，金价上涨再次受阻，现货黄金一度失守4100美元/盎司 关口。 银河期货表示，随着市场的流动性预期有所好转，叠加ADP就业数据疲软，美元继续走弱，金价有望得 到支撑。 消息面上，当地时间11月10日，美参议院投票通过临时拨款法案，这项法案将提交众议院审议，有望结 束美国历史上持续时间最长的政府"停摆"。众议院计划最早于12日下午4时进行投票。 FXStreet首席分析师Valeria Bednarik最新指出，黄金失去了上涨势头，但金价走势风险仍然偏向上行。 东方金诚表示，尽管金价长期上涨的逻辑未变，但目前缺乏明确上行因素，在多种不确定因素影响下， 预计金价在本周将维持区间震荡走势。 分析师指出，随着市场对美国政府关门有望结束的乐观情绪升温，部分投资者选择获利了结，导致避险 需求有所降温。 福能期货也认为，随着美国政府"停摆"问题得到解决，美元指数回落对金价形成支撑，加之目前地缘冲 突及关税扰动 ...

Core Viewpoint - The article discusses the recent fluctuations in gold prices, highlighting that spot gold briefly fell below the $4100 per ounce mark after three consecutive days of gains, reaching a high for the month [2]. Price Movements - As of the report, London gold was priced at $4103.91 per ounce, reflecting a decline of 0.55%, while COMEX gold was at $4111.7 per ounce, down by 0.11% [2][4]. - The highest price for London gold was recorded at $4145.55, while the lowest was $4098.41 [3]. Market Sentiment - Analysts noted a decrease in safe-haven demand as optimism grew regarding the potential end of the U.S. government shutdown, prompting some investors to take profits [4][5]. - The U.S. Senate passed a temporary funding bill, which is expected to be voted on by the House, potentially ending the longest government shutdown in U.S. history [5]. Future Outlook - FXStreet's chief analyst indicated that while gold has lost upward momentum, the risk for gold prices remains skewed to the upside [6]. - Market liquidity expectations have improved, and with weak ADP employment data, the U.S. dollar continues to weaken, which may support gold prices [6]. - Despite the long-term bullish logic for gold prices, there is currently a lack of clear upward drivers, leading to expectations of range-bound trading for the week [6].

傍晚的社区金店门口热闹非凡，张阿姨拉着老姐妹盯着电子屏上的金价叹气："才半年没关注，足金都涨到1129元/克了！"刚准备给未婚妻买三金的小李更 纠结："上周看还1080元，这涨得也太快了，到底该不该下手？"旁边炒股的老王凑过来插话说："你们没看新闻吗？下周金价可能要迎来关键转折，还有人 说十五年前的行情要重演呢！"其实不光他们，最近不管是刚需购金的年轻人，还是想囤金保值的长辈，都在为金价走势操心。这所谓的"关键转折"到底靠 谱吗？十五年的历史周期真能对上？ 第二个是国内的税收利好。2025年10月29日，财政部、税务总局发布公告，11月1日起，通过上海黄金交易所、上海期货交易所交易标准黄金，卖出方免征 增值税。这政策直接降低了黄金交易的成本，会吸引更多机构进场，给市场带来新的流动性。 还有个重要信号是交易量激增，10月全球黄金日均交易额达到5610亿美元，环比涨了45%，创历史新高。这么大的交易量背后，说明多空双方都在博弈，下 周很可能决出短期方向。 三、周期对比：2010年vs2025年，到底像不像？ 大家关心的"十五年历史周期"，其实是拿2010年和现在对比。咱们用官方数据说话，看看相似度有多高： 要说转 ...

美股频道更多独家策划、专家专栏，免费查阅>>责任编辑：钟离 根据世界黄金协会统计，全球央行今年首三季累计增持634吨黄金，为过去三年中增持数量最低的一 年，但仍显著高于2022年或以前的平均值。协会预计全球央行今年增持750至900吨黄金。 11月11日，摩通私人银行宏观及固定收益策略全球主管Alex Wolf表示，受新兴市场经济体央行购买推 动，金价明年底可见每盎司5200至5300美元。该行仍见央行增持，纵使金价上升或令增持速度放缓。 ...