Core Viewpoint - The article highlights the resurgence of gold prices driven by increased risk aversion, with gold prices breaking back into a strong range, surpassing $4,100 per ounce amid ongoing geopolitical and economic uncertainties [1][3]. Market Performance - On November 11, spot gold prices rose, reaching a peak of $4,145 per ounce, despite having dipped below $3,900 per ounce in late October. The gold ETF market continues to attract new capital, indicating sustained interest [2][3]. - The previous week saw London spot gold close at $4,000 per ounce, reflecting a slight week-on-week decline of 0.1%, while domestic AU9999 gold also fell by 0.1% to 918 yuan per gram [3]. Economic and Political Factors - The ongoing U.S. government shutdown, which has lasted for 41 days, is contributing to economic uncertainty and market liquidity issues. The shutdown stems from political polarization over budget cuts to healthcare programs [3][4]. - The Senate has reached an agreement to end the shutdown, which is expected to be resolved soon, potentially alleviating some economic pressures [3]. AI Market Concerns - Concerns regarding a potential bubble in the AI sector are rising, with increased volatility prompting investors to seek refuge in gold. If AI investments do not yield expected returns, it could lead to significant burdens on companies [4]. Investment Trends - Despite recent price corrections, gold ETFs and physical gold demand are on the rise. Notably, the Huaan Gold ETF saw an increase of 105,200 shares in the past month, while other ETFs also reported significant growth [5][6]. - The total scale of Huaan Gold ETF increased by 13.366 billion yuan, reaching 81.630 billion yuan, with other ETFs also showing substantial growth in assets under management [6]. Central Bank Activity - As of the end of October, China's gold reserves reached 7.409 million ounces (approximately 2304.457 tons), marking a month-on-month increase of 3,000 ounces (about 0.93 tons) and reflecting a consistent strategy of gold accumulation by the central bank [6]. - Globally, the SPDR Gold Trust, the largest gold ETF, increased its holdings by 1.71 tons as of November 8, indicating strong institutional interest in gold as a safe-haven asset [6].