流动性方面，黄金ETF基金盘中换手1.45%，成交5.76亿元。拉长时间看，截至11月25日，黄金ETF基金近1月日均成交15.01亿元。 周二（11月25日）纽约尾盘，现货黄金跌0.14%，报4130.59美元/盎司，日内交投于4159.30-4109.68美元区间。COMEX黄金期货涨0.81%，报4127.20美元/盎 司。 公布数据显示，美国9月PPI环比上涨0.3%，核心PPI环比上涨0.1%，均较前值明显加速，显示美国通胀在9月重新升温。同时，美国9月零售销售环比增长 0.2%，连续四个月正增长但显著放缓，且低于市场预期，汽车销售四个月来首次下滑，弱消费数据强化市场对12月降息的预期。 中信建投指出，黄金、白银和铜的VIX下降，原油的VIX抬升。经济偏弱、市场波动增加、物价波动增加、地缘政治威胁指数抬升，中长期依然看多黄金。 历史上黄金与美元指数负相关，黄金与美国实际利率负相关；近期美元指数抬升、实际利率抬升。地缘政治威胁指数抬升、黄金总需求抬升，助推黄金价 格。 截至2025年11月26日 11:19，黄金ETF基金(159937)上涨0.37%， 冲击3连涨。最新价报9.03元。拉长时间看，截 ...

截至2025年11月24日 10:10，黄金ETF基金(159937)上涨0.15%，最新价报8.83元。拉长时间看，截至2025年11月21日，黄金ETF基金近2周累计上涨0.48%。 流动性方面，黄金ETF基金盘中换手0.64%，成交2.48亿元。拉长时间看，截至11月21日，黄金ETF基金近1周日均成交15.75亿元。 平安证券指出，黄金市场受降息预期摇摆影响呈现震荡走势，短期金价或因预期不明朗维持较强震荡。长期来看，美国债务问题未解，美元信用走弱的主线 逻辑持续，叠加央行购金及黄金投资需求增长，贵金属价格重心或继续上移。海外宏观不确定性延续，中期黄金避险属性仍处于放大阶段；长期特朗普上任 后，美元信用走弱趋势愈加清晰，黄金货币属性加速凸显，持续看好黄金中长期走势。 从资金净流入方面来看，黄金ETF基金近5天获得连续资金净流入，最高单日获得3.65亿元净流入，合计"吸金"10.61亿元，日均净流入达2.12亿元。 11月17日-11月21日，上周周初美联储官员连续释放鹰派言论，非农就业数据高于预期，降息预期降温，金价震荡走低，随着周五纽约联储威廉姆斯做出鸽 派发言，金价止跌回升。截至收盘，COMEX黄金 ...

Group 1 - The core viewpoint of the articles indicates a mixed sentiment regarding gold and its ETFs, with a focus on the impact of U.S. monetary policy and market liquidity on gold prices and investment flows [1][2][3] Group 2 - As of November 20, 2025, the gold ETF (159937) has seen a decline of 0.75%, with a recent price of 8.87 yuan, while over the past two weeks, it has accumulated a rise of 2.88% [1] - The liquidity of the gold ETF shows a turnover of 1.75% with a trading volume of 6.81 billion yuan, and the average daily trading volume over the past week is 16.68 billion yuan [1] - On November 19, spot gold prices increased by 0.28% to $4,078.59 per ounce, reaching a daily high of $4,132.86 before retracting [1] - The Federal Reserve's October meeting minutes reveal significant divisions among officials regarding interest rate decisions, with some advocating for a potential rate cut in December if economic conditions align [2] - The U.S. Bureau of Labor Statistics will not release the October employment report, which will be included in the November report due on December 16 [2] - Analysts suggest that the market may exhibit cautious sentiment ahead of important earnings reports and economic data releases, with a focus on the long-term bullish trend for precious metals [2] - In the context of de-dollarization, gold's status as a monetary metal is rising, supported by U.S. liquidity easing and strong central bank gold purchases, indicating long-term price support for gold [3] - The gold ETF has experienced continuous net inflows over the past three days, with a peak single-day net inflow of 365 million yuan, totaling 886 million yuan and an average daily net inflow of 295 million yuan [3]

高盛表示，各国央行可能在11月份购买了大量黄金，这是多年来为分散储备以对冲地缘政治和金融风险的趋势。高盛在一份报告中重申，预计到2026年底金 价将达到4900美元，如果私人投资者继续分散投资组合，金价可能会进一步上涨。今年迄今为止，金价已上涨55%，主要受到经济和地缘政治担忧、交易所 交易基金流入增加以及对美国进一步降息预期的推动。高盛估计各国央行在9月份的购买量为64吨，高于8月份的21吨。 机构分析称，美联储官员鹰派表态直接修正了前期过度乐观的降息预期，叠加美国政府停摆结束后避险需求下降，双重因素导致金价回调。但 4000美元/盎 司附近存在较强支撑，一方面是全球央行购金的中长期托底，另一方面即将发布的9月非农数据仍有不确定性，若失业率上升或薪资增速放缓，可能重启降 息预期，短期可关注4000美元支撑位的有效性。 资金流入方面，黄金ETF基金最新资金净流入3.65亿元。拉长时间看，近5个交易日内有4日资金净流入，合计"吸金"10.00亿元，日均净流入达2.00亿元。 黄金ETF基金(159937)，场外联接(博时黄金ETF联接A：002610；博时黄金ETF联接C：002611；博时黄金ETF联接E：0 ...

Core Insights - The recent performance of gold ETFs shows a decline of 1.00% as of November 18, 2025, with a latest price of 8.78 yuan, while over the past two weeks, there has been a cumulative increase of 0.97% [2] - Morgan Stanley forecasts that gold prices will reach $4,500 per ounce by 2026, driven by weak supply-demand balance and expectations of economic downturns [3] Market Performance - As of November 17, 2025, gold ETF trading volume was 1.95%, with a transaction value of 7.42 billion yuan, and the average daily transaction over the past week was 16.32 billion yuan [2] - On November 17, gold prices fluctuated, hitting a low of $4,006.8 per ounce before closing at $4,045.1 per ounce, reflecting a 1.2% decline in COMEX gold futures [2] Economic Indicators - Federal Reserve official Jefferson expressed cautious views on interest rate cuts, indicating rising risks in employment and a slight decrease in inflation risks, with a 42.9% probability of a 25 basis point cut in December [2] - Morgan Stanley highlights that the recent pullback in gold prices is influenced by signals of a weak U.S. economy and expectations of Federal Reserve easing, with a need to monitor U.S. economic data and Fed policy [3] Fund Flows - The latest net inflow into gold ETFs was 321 million yuan, with a total of 651 million yuan net inflow over the past five trading days, averaging 130 million yuan per day [3]

Group 1 - The core viewpoint of the articles indicates a significant decline in the expectations for a Federal Reserve rate cut in December, influenced by hawkish comments from multiple Fed officials and the impact of the U.S. government shutdown on economic data [2][3] - As of November 17, 2025, the Gold ETF fund (159937) has decreased by 1.82%, with a recent price of 8.91 yuan, while it has seen a cumulative increase of 3.50% over the past week [2] - The trading volume for the Gold ETF fund was 3.91 billion yuan, with a turnover rate of 1.02%, and the average daily trading volume over the past week was 15.36 billion yuan [2] Group 2 - The COMEX gold futures price is currently fluctuating around 4100 USD per ounce, reflecting market adjustments [2] - The probability of a 25 basis point rate cut by the Federal Reserve in December has dropped to 44.4%, while the probability of maintaining the current rate is at 55.6%, marking a significant decline from a previous 67.3% expectation [2] - The recent end of the U.S. government shutdown has reduced the short-term appeal of gold as a safe-haven asset, leading to a sell-off in precious metals and a retraction of most gains made during the week [3] Group 3 - The Gold ETF fund has seen a net inflow of 2.45 million yuan over the last ten trading days, indicating stable investor interest despite market fluctuations [3] - The overall market sentiment remains cautious due to ongoing geopolitical tensions and economic uncertainties, suggesting that gold may test lower support levels in the short term while maintaining a long-term upward trend [3]

Group 1 - The core viewpoint is that despite a short-term pullback in gold prices, the long-term upward trend remains intact due to gold's strong safe-haven asset characteristics [3] - The recent end of the U.S. government shutdown has shifted market focus towards economic data, increasing uncertainty due to diverging views on Federal Reserve policy [2][3] - Gold ETF funds have seen significant net inflows, with a total of 3.31 billion yuan over three days, indicating strong investor interest [3] Group 2 - As of November 13, 2025, the gold ETF fund has experienced a 4.77% increase over the past week, with a current price of 9.13 yuan [1] - On November 13, spot gold prices fell by 0.54% to $4,172.84 per ounce, with a notable drop of over $100 during the day due to hawkish comments from Federal Reserve officials [2] - The trading volume for the gold ETF fund reached 5.39 billion yuan, with an average daily turnover of 13.43 billion yuan over the past week [1]

Core Viewpoint - Spot gold has surpassed $4,130 per ounce, with the gold ETF (159937) rising by 1.45% today and a year-to-date increase of 52.8% [1] Group 1: Market Developments - The U.S. government shutdown may come to an end, leading to improved market liquidity. The Senate has passed a temporary funding bill aimed at ending the 40-day government shutdown, with a potential resolution expected by the weekend [1] Group 2: Gold Market Dynamics - According to Debon Securities, the fundamental logic for rising gold prices remains unchanged due to global debt expansion, deepening de-dollarization trends, ongoing central bank gold purchases, and a declining real interest rate environment. Investors are advised to continue accumulating gold on dips [1] Group 3: ETF Investment Trends - Gold ETFs have become a significant tool for investors looking to gain exposure to gold. The China Gold Association reported that gold consumption in China for the first three quarters was 682.73 tons, a year-on-year decrease of 7.95%. However, domestic gold ETF holdings increased by 79.015 tons, a year-on-year growth of 164.03%, reaching a total of 193.749 tons by the end of September [1] - The gold ETF (159937) has seen a net inflow of 13.472 billion yuan this year, with a current scale of 37.758 billion yuan, ranking among the top in its category. It invests in gold spot contracts on the Shanghai Gold Exchange and closely tracks the price changes of major gold spot contracts, offering convenient T+0 trading [1]

黄金ETF基金(159937)连续获得资金流入，近2日流入额达3.27亿元，位居同标的第一；年内资金净流入 额137.99亿元，最新规模374.09亿元，位居同类前列，其投资于上海黄金交易所黄金现货合约，紧密跟 踪主要黄金现货合约的价格变化，一手(100份)黄金ETF基金对应1克黄金，交易便捷，支持T+0。 格隆汇11月10日｜金价上涨，纽约期金向上触及4060美元/盎司，日内涨1.06%。现货黄金站上4040美 元/盎司，日内涨1.09%。 中金公司研报表示，展望明年，黄金有望延续涨势，结构性和周期性机会或有望继续共振。 黄金ETF基金(159937)今日上涨，年内涨幅49.43%。 消息面上，央行连续12个月增持黄金。11月7日，央行公布最新官方储备资产。数据显示，截至10月 末，央行黄金储备规模为7409万盎司，较9月末增加3万盎司，为连续第12个月增持。 11月1日开始施行"黄金税"新政，新政规定，未发生实物交割出库的，交易所免征增值税。政策间接鼓 励个人通过银行虚拟黄金、ETF等渠道投资，这些产品属于金融工具，不在实物交割的税收范围内，交 易成本更低。 ...

Group 1 - Gold prices have risen, with New York futures reaching $4060 per ounce, up 1.06% for the day, while spot gold surpassed $4040 per ounce, increasing by 1.09% [1] - The gold ETF (159937) has increased by 49.43% year-to-date, reflecting strong market interest [2] - The central bank has increased its gold reserves for 12 consecutive months, with the latest data showing reserves of 7.409 million ounces as of the end of October, an increase of 30,000 ounces from the end of September [2] Group 2 - A new "gold tax" policy effective November 1 allows for exemption from value-added tax on transactions that do not involve physical delivery, encouraging investment in virtual gold and ETFs [2] - The gold ETF (159937) has seen significant inflows, with 327 million yuan in the last two days, leading the category, and a total net inflow of 13.799 billion yuan year-to-date, bringing its latest scale to 37.409 billion yuan [2] - According to a report from China International Capital Corporation, gold is expected to continue its upward trend next year, with structural and cyclical opportunities likely to resonate [2]