今日现货黄金突破4160美元，黄金ETF华夏上涨0.33%，年内涨幅扩大至53%，自由现金流ETF上涨 0.26%，盘中获资金净申购1800万份。 自由现金流ETF从10月14日起获得资金持续净流入，合计净流入26亿元，近期更是连续13日获资金 净申购。黄金ETF华夏同期净流入32.48亿元，近期连续19日获资金净申购。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 资金强势抢筹这两只ETF的背后： 费率最低的现金奶牛产品：自由现金流ETF(159201)，+0.26%，最新规模为70.26亿元，居同标的第 一，权重股包含中国海油、上汽集团、陕西煤业、格力电器等。产品综合费率0.2%，属全市场最低费 率一档，场外基金（联接A：023917；联接C：023918）。 费率最低的黄金投资利器：黄金ETF华夏(518850)，+0.33%，锚定实物黄金，其底层资产为上海黄 金交易所的黄金 ...

Core Viewpoint - On November 20, COMEX gold futures experienced volatility, initially reaching $4,109 before dropping to $4,034 and then rebounding to around $4,068, indicating a lack of sustainable bullish factors in the market [1] Market Performance - As of November 19, the largest gold ETF, SPDR Gold Trust, saw an increase in holdings by 2.29 tons, bringing the total to 1,043.72 tons, ending a two-day outflow trend [1] - Gold-related ETFs showed mixed performance, with Huaxia Gold ETF (518850) down 0.53% and Gold Stock ETF (159562) down 0.66%, while Non-ferrous Metals ETF (516650) rose by 0.17% [1] Market Sentiment - Everbright Futures noted a decrease in market bets on a Federal Reserve rate cut in December, contributing to instability in U.S. stocks and subsequent fluctuations in gold prices [1] - The overall market sentiment suggests that gold prices may struggle to break free from high volatility and could trend weaker in the short term [1] Investment Strategy - Given the unclear future trajectory of gold prices, the recommendation is to adopt a wait-and-see approach or consider opportunistic buying on dips from an asset allocation perspective [1]

Core Viewpoint - Gold prices are experiencing a strong upward trend, influenced by the performance of related ETFs and expectations regarding central bank gold purchases, despite short-term pressure from adjusted interest rate expectations [1] Group 1: Market Performance - As of the close of the Asian market, COMEX gold futures rose by 0.6%, reaching $4,093 per ounce [1] - Gold-related ETFs showed strong gains, with Huaxia ETF (518850) up by 1.78%, non-ferrous metals ETF (516650) up by 1.86%, and gold stock ETF (159562) up by 4.13% [1] Group 2: Central Bank Activity - Goldman Sachs reported that global central bank gold purchases are ongoing, with an expected average monthly purchase of 80 tons from Q4 2025 to 2026 [1] - The increase in central bank gold purchases, along with the largest monthly inflow into Western gold ETFs since mid-2022 (112 tons), indicates strong demand from both central banks and retail investors [1] Group 3: Future Price Expectations - Goldman Sachs maintains an optimistic outlook for gold prices, projecting a rise to $4,900 by the end of 2026 [1] - Analysts from Baocheng Futures noted that the downward revision of interest rate expectations is largely due to previous market optimism, suggesting a potential return to data-driven analysis [1] Group 4: Upcoming Economic Data - The market is closely monitoring the upcoming U.S. non-farm payroll data for September, as well as subsequent economic data, which will directly impact expectations regarding Federal Reserve policies and the short-term trends in precious metals [1]

分析人士认为，虽然美国12月降息仍有不确定性，但美联储降息大趋势尚未逆转，叠加全球经济不确定 推升的避险需求、各国央行持续购金的去美元化进程，对金价仍有较强支撑，中长期黄金仍有上涨空 间，当前回调或可逢低逐步布局。 黄金股ETF（159562）跟踪中证沪深港黄金产业股票指数，受股市和金价两重影响，由于黄金勘探、开 采、加工到最终的业绩体现滞后黄金股的业绩和股价滞后于金价，但弹性也更大。在金价上涨初期，黄 金股通常被视为带杠杆的黄金投资工具，其涨幅往往超越金价本身。 11月19日，COMEX黄金期货价格午后拉升，盘中一度突破4100美元，黄金ETF产品纷纷走起，截至 14:34，黄金ETF华夏(518850)涨1.82%，黄金股ETF(159562)强势领涨两市，涨4.48%， 年内涨幅超 81%，其持仓股深中华A涨停，中金黄金张超9%，晓程科技、赤峰黄金、山东黄金等股跟随走强。 （文章来源：每日经济新闻） ...

Core Viewpoint - The recent fluctuations in COMEX gold futures prices reflect a complex interplay of economic factors, including the end of the U.S. government shutdown and hawkish comments from the Federal Reserve, which have influenced market sentiment and gold's resilience [1] Market Performance - As of the close of A-shares, COMEX gold futures traded around $4180 per ounce, showing a recovery after initially surpassing the $4200 mark [1] - The China Gold ETF (518850) declined by 0.82%, while the Non-ferrous Metals ETF (516650) fell by 1.98%, and the Gold Stocks ETF (159562) decreased by 1.97% [1] Fund Flows - The China Gold ETF (518850) has seen continuous net inflows over the past 11 days, totaling 539 million yuan, with the latest share count reaching 980 million and a total scale of 9.047 billion yuan, both marking all-time highs since inception [1] Economic Context - The end of the U.S. government shutdown and the trade truce have not restored the U.S. economy to normalcy; instead, they may lead to a backlog of data reflecting previous economic impacts [1] - The absence of monthly employment and inflation data has made Federal Reserve officials' statements the primary source of market guidance, amplifying market sentiment based on policy language [1] Price Outlook - The anticipated volatility in expectations may exacerbate the weakness of the dollar, suggesting that gold prices may find support in the medium term [1]

Group 1 - The core viewpoint indicates that the expectation for a Federal Reserve rate cut in December has increased due to weak employment data, with a 67.6% probability for a 25 basis point cut [1] - The ADP report revealed that the U.S. private sector cut 45,000 jobs in October, marking the largest decline since March 2023, suggesting a significant weakening in the labor market [1] - The labor market's resilience narrative is being challenged as layoffs reach a 20-year high for this time of year, indicating broader economic concerns [1] Group 2 - Despite favorable macroeconomic conditions, gold prices have faced volatility after reaching historical highs, with gold ETFs experiencing net outflows for three consecutive weeks as investors take profits [2] - The dual drivers of "rate cut expectations" and "risk aversion" are expected to dominate the market if labor market cooling is confirmed, suggesting that any technical pullbacks in gold prices could present long-term investment opportunities [2] - The long-term upward trend for gold remains solid and clear, indicating continued bullish sentiment in the market [2]

Core Viewpoint - COMEX gold futures prices have strengthened significantly, reaching approximately $4083 per ounce, driven by concerns over the U.S. economy and consumer confidence [1] Market Performance - COMEX gold futures experienced a daily fluctuation of over $70, with related ETF products showing strong performance: - Huaxia Gold ETF (518850) increased by 1.70% - Gold Stock ETF (159562) rose by 2.79% - Non-ferrous Metals ETF (516650) gained 0.70% [1] Economic Indicators - The U.S. consumer confidence index fell to 50.3 in November, the lowest level since June 2022, down from 53.6 in October and below the expected 53.2 [1] - The decline in consumer confidence is attributed to concerns over the prolonged federal government shutdown, which has lasted over a month, affecting personal financial situations and future business outlooks [1] Implications for Gold Prices - The weak U.S. economy has heightened consumer concerns, boosting demand for safe-haven assets like gold, which supports gold prices [1] - The resolution of the government shutdown is expected to significantly impact gold prices, making it a key factor for future price movements [1]

Core Viewpoint - The A-share market opened lower on November 7, while COMEX gold futures showed strength, trading around $4007, indicating a mixed performance in gold-related products and ongoing investor interest despite recent price corrections [1] Market Performance - A-share indices opened collectively lower, with COMEX gold futures experiencing fluctuations around $4007 [1] - Gold ETF 华夏 (518850) rose by 0.19%, and gold stock ETF (159562) increased by 0.29%, with holdings in companies like 万国黄金集团, 中国黄金国际, 湖南黄金, 招金矿业, and 紫金矿业 showing strength [1] - In contrast, the non-ferrous metals ETF (516650) declined by 0.06% [1] Fund Flows - Notably, the international gold price is currently experiencing a high-level correction around $4000, yet related ETF products continue to attract capital [1] - The gold ETF 华夏 (518850) has seen a net inflow of 287 million over six consecutive trading days, while the gold stock ETF (159562) has accumulated a net inflow of 175 million in the same period [1] Long-term Outlook - Year-to-date, the spot gold price has surged over 51%, with a peak increase of 65% in October, followed by a correction of over 8% [1] - According to Guosen Securities, long-term factors such as the restructuring of the global monetary credit system, de-dollarization trends, ongoing central bank gold purchases, and structural supply-demand imbalances are key supports for gold's price increase [1] - The recent decline does not alter the fundamental logic of gold's upward trend, suggesting that the long-term bull market for gold will continue [1]

Core Viewpoint - COMEX gold, silver, and copper prices have experienced a decline, with various related products also retreating, indicating a bearish trend in the precious and industrial metals market [1] Group 1: Market Performance - As of 13:40, the non-ferrous metal ETF (516650) fell by 3.06%, with major holdings like Guocheng Mining down by 8.92% and Shengxin Lithium Energy down by 7.61% [1] - The gold stock ETF (159562) decreased by 3.44%, while the Huaxia Gold ETF (518850) saw a smaller decline of 0.75% [1] Group 2: Economic Indicators - Recent statements from several Federal Reserve officials regarding interest rate cuts have created uncertainty about a potential rate cut in December, with inflation data remaining a focal point for many officials [1] - Economic and liquidity expectations are anticipated to improve marginally, potentially supporting the prices of cyclical commodities like copper and aluminum through Q4 2025 [1] Group 3: ETF Focus - The non-ferrous metal ETF (516650) tracks the CSI segmented non-ferrous metal industry theme index, focusing on gold, copper, aluminum, rare earths, tungsten, molybdenum, and energy metals like lithium and cobalt [1]

Core Viewpoint - Gold futures prices have rebounded after hitting a low, with COMEX gold futures maintaining around 3990 points, influenced by easing US-China trade negotiations and fluctuations in US Treasury yields, which have suppressed short-term safe-haven demand while supporting long-term value due to expectations of Federal Reserve easing [1] Market Performance - Gold ETF Huaxia (518850) declined by 3.5%, while gold stock ETF (159562) fell by 3.62% [1] - Gold prices are expected to fluctuate between 900-945 yuan per gram, and silver between 10,700-11,800 yuan per kilogram [1] Price Predictions - The London Bullion Market Association (LBMA) predicts gold prices will rise to $4,980 per ounce, silver to $59 per ounce, platinum to $1,816, and palladium to $1,709 within the next 12 months [1] Market Drivers - Current gold prices are driven by geopolitical tensions, uncertainty regarding US tariffs, and a "fear of missing out" sentiment [1] - Anlin Futures views the recent price correction as a healthy "technical correction" rather than a trend reversal, with a solid long-term macro backdrop supporting gold price increases [1] Central Bank Actions - The Federal Reserve's interest rate cut cycle has begun, with expectations of further cuts this week, and a continuous trend of global central banks purchasing gold provides a strong demand foundation for the market [1] - The global uncertainty environment, including concerns over US dollar credit and debt issues, has not fundamentally changed [1]