【导读】上海黄金交易所发布《关于继续做好近期市场风险控制工作的通知》 中国基金报记者 李智 11月20日， 上海黄金交易所发布《关于继续做好近期市场风险控制工作的通知》（以下简称《通知》）。 《通知》称，近期影响市场不稳定的因素较多，为防范市场波动可能带来的风险，请各会员单位继续做好风险应急预案，维护市场平稳运行，并及时采取 相应风控措施，提示投资者做好风险防范工作，合理控制仓位，理性投资，切实保障投资者合法权益。 今年以来，黄金价格大幅走高，上海黄金交易所多次发布相关风险提示。 最近一个月，黄金价格走势震荡，现货黄金突破历史新高后快速下跌至3900美元/盎司，此后再度拉升，突破4100美元/盎司。 随着国际金价高位下跌，国内黄金现货与金饰价格普遍下行，金饰克价一夜下跌33元。 | 国内现货 | 国际现货 | 黄金实物 | | | | --- | --- | --- | --- | --- | | 品牌 | 银行 | 回收 | | | | 品牌 | | | 价格(元/克) | 日涨跌幅 | | 周大福 | | | 1305 | +0.77% | | 老凤祥 | | | 1291 | +0.47% | | 周六 ...

中新社北京10月17日电 (记者 夏宾)黄金价格，再创新高。在每盎司4000美元上下徘徊数日后，黄金价 格突然猛涨。10月13日至17日，纽约商品交易所黄金期货和伦敦现货黄金均涨破每盎司4100、4200、 4300美元，截至北京时间17日16时，前者最高触及每盎司4392美元，后者刷新了每盎司4379美元的历史 高位，双双逼近4400美元。 为何近期黄金涨势凶猛？ 国家金融与发展实验室特聘高级研究员庞溟表示，从短期催化因素和技术面上看，美联储新一轮降息周 期正式开启，叠加美国政府"停摆"危机和债务压力，使美元指数承压，以美元计价的金价也出现了突破 和承托。 庞溟指出，美联储政策独立性愈发受到市场质疑，全球地缘政治和贸易局势不确定性仍存，在多重风险 因素影响下，市场避险情绪持续高涨，包括黄金等在内的避险资产需求旺盛，价格被推升。 中国首席经济学家论坛成员、西京研究院院长赵建称，近期黄金价格的加速上行，与三大短期因素直接 相关。一是各国央行的超预期购金潮。二是美国债务高企与实际利率下行，削弱了美元资产的吸引力， 资本从美债等低收益资产流向黄金与其他实物资产，强化了短期涨势。 三是地缘政治冲突，使各国重新评估外汇 ...

Group 1 - The core viewpoint is that the Federal Reserve is expected to lower interest rates in its upcoming meeting, with a 96% probability of a 25 basis point cut and a 4% chance of a 50 basis point cut [1][2] - The labor market data shows a significant slowdown, with only 22,000 jobs added in August 2025, far below the expected 75,000, and the unemployment rate rising to 4.3%, the highest in nearly four years [2][4] - The Federal Reserve's interest rate adjustments are seen as a tool for global economic influence, rather than solely responding to domestic inflation and employment metrics [6][7] Group 2 - The anticipated interest rate cut is viewed as a necessary measure to alleviate market pressures and is expected to impact various sectors, including housing and exports [13][10] - A potential 50 basis point cut could indicate the Fed's awareness of undisclosed systemic risks in the economy [12] - The global economic landscape is under significant stress, with emerging markets and Europe showing reduced resilience, suggesting that the Fed's actions will have far-reaching implications for global asset prices [9][10][14]

Group 1 - Moody's downgraded the U.S. sovereign credit rating, leading to a rise in U.S. Treasury yields and increased concerns over the U.S. debt burden and tax legislation [2] - Global equity funds experienced a net outflow of $9.4 billion last week, marking the first weekly outflow in six weeks, contrasting sharply with over $20 billion inflow the previous week [2] - U.S. equity funds led the outflows with redemptions totaling $11 billion, followed by Asian funds with $4.6 billion in redemptions, while European equity funds recorded a net inflow of $5.4 billion [5] Group 2 - Emerging market bond funds saw a net inflow of $403 million for the fourth consecutive week, continuing a positive trend, while emerging market equity funds experienced a slight outflow [8] - Despite the outflow in emerging market equity funds, they have attracted $10.6 billion year-to-date, representing a 43% increase compared to the same period last year [8] - Interest in emerging markets has been rekindled, partly due to concerns over the end of U.S. exceptionalism and a lack of clarity regarding U.S. ambitions and intentions [8]