10月20日 ，三大指数集体走高，科技板块强势回归，上金所SGE黄金9999早晨大幅回调，黄金相关产 品纷纷重挫，截至13:40，黄金股ETF(159562)下跌3.92%，持仓股跌多涨少，白银有色、湖南白银双双 跌停，西部黄金跌超9%，晓程科技、菜百股份等股纷纷走低，黄金ETF华夏(518850)跌2.55%，有色金 属ETF基金(516650)跌1.69%。 统计显示，黄金股ETF（159562）近8天获得连续资金净流入，合计"吸金"6.71亿元。截至10月17日，黄 金股ETF最新份额13.98亿份，最新规模31.58亿元，均创成立以来新高。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 国联期货分析认为，当前政策不确定性、欧美主要经济体财政可持续性、宽松货币政策预期、区域冲 突、美联储独立性担忧等因素仍将继续支撑黄金维持强势格局。短期内，美国政府停摆、中美的贸易摩 擦升温助推黄金价格上行，宏观上的扰动会一直持续到月底。美联储10月降息概率较大对黄金形成支 撑。 随着贵金属价格上行，矿企盈利预期将大幅修正，三季度A股中的黄金股业绩预计大幅增长。高盛、华 泰证券等机构认为，中长期 ...

Group 1 - The core viewpoint is that both liquidity easing from interest rate cuts and inflation driven by tariffs are expected to benefit gold prices as the US economy weakens [1] - The US labor market is showing signs of further cooling, indicated by rising weekly unemployment claims, which increases the necessity for interest rate cuts [1] - The nomination of a new Federal Reserve governor by Trump and the potential for a "shadow chairman" could lead to a more dovish Fed, further supporting liquidity and gold prices [1] Group 2 - The increase in tariffs on Swiss gold imports to 39% may lead to higher gold prices, as Switzerland is a key gold refining center [1] - A recent ruling by the US Customs and Border Protection (CBP) indicates that gold bars may be subject to import duties, which could temporarily boost gold prices [1] - Despite potential clarifications from the US government regarding tariff exemptions, the uncertainty surrounding tariffs may continue to support gold prices in the medium term [1][2]