On November 7, the three major A-share indices opened collectively lower, while COMEX gold futures prices fluctuated and strengthened, currently trading around $4,007.

Gold-related products showed mixed performance. As of 9:40, China Gold ETF (518850) rose 0.19%; Gold Stock ETF (159562) rose 0.29%, with its holdings such as Franco-Nevada Corporation, China Gold International Resources, Hunan Gold, Zhaojin Mining Industry, and Zijin Mining Group all strengthening; Nonferrous Metals ETF Fund (516650) fell 0.06%.

It is worth noting that while international gold prices have pulled back from highs and are currently fluctuating around $4,000, related ETF products continue to see capital allocation. Among them, China Gold ETF (518850) has seen continuous net capital inflows for 6 consecutive trading days, with cumulative net inflows reaching 287 million; Gold Stock ETF (159562) has accumulated net inflows of 175 million in the past 6 trading days.

Taking a longer-term view, as of the latest closing date, the spot gold (London Gold Spot) price has surged over 51% since the beginning of the year. Compared to the peak increase of 65% in October (as of October 20), it has pulled back over 8%.

However, Guosen Securities points out that in the long term, factors such as the restructuring of the global monetary credit system, the trend of de-dollarization, continuous gold purchases by central banks worldwide, and structural imbalances in supply and demand constitute the core support for gold's rise. This round of significant decline has not altered this fundamental logic for gold's appreciation, so the long-term bull market trend for gold is expected to continue.