On November 12, driven by Canada's announcement of sanctions against Russia and the termination of Russia-Ukraine peace talks, risk aversion sentiment increased, and gold surged past $4,200, hitting a nearly three-week high. As of the close, COMEX gold futures rose 2.07% to $4,201.4 per ounce. By the close of the Asian market, the ChinaAMC Gold ETF (518850) fell 0.38%, and the Gold Stock ETF (159562) fell 0.38%.

According to CCTV News, on the 12th local time, Canadian Foreign Minister Anita Anand announced new sanctions against Russia. The sanctions list includes 13 individuals and 11 entities, involving personnel involved in the development and deployment of Russia's drone projects, entities providing cyber infrastructure for cyber attacks, several Russian liquefied natural gas enterprises, and 100 vessels from the shadow fleet. Additionally, the Ukrainian Ministry of Foreign Affairs announced that, due to a lack of results, Ukraine will cease peace negotiations with Russia at least until the end of this year.

Relevant analysis points out that the impending end of the U.S. government shutdown, concerns over a weak job market, and economic growth worries stemming from a prolonged government shutdown have led the market to increase bets on a Fed rate cut in December. Coupled with the recent intensification of geopolitical risks, this has further boosted gold prices.