On November 13, gold prices continued to strengthen but experienced a sharp intraday plunge due to hawkish remarks from Federal Reserve officials, followed by a slight recovery toward the close. The daily fluctuation exceeded $100. By the close, COMEX gold futures fell 0.93% to $4,174.5 per ounce. At the end of the Asian market session, the China Gold ETF (518850) rose 1.6%, while the Gold Stock ETF (159562) increased by 3.07%.

On the news front, the U.S. ended its longest-ever federal government shutdown, which lasted 43 days. Federal Reserve officials delivered hawkish remarks, with Fed President Kashkari stating that he did not support the Fed’s previous decision to cut interest rates but has yet to decide on the appropriate action for the December policy meeting. Fed President Musalem emphasized that, given inflation remains above the Fed’s 2% target, policymakers should exercise caution regarding further rate cuts. Fed President Hammad suggested that the Fed should keep interest rates unchanged to continue reducing inflation.

Related analysis points out that after the U.S. government ended the shutdown, market attention has shifted to economic data, and divergences in Fed policies have increased market uncertainty. Weak economic data in the Eurozone and an uncertain global economic outlook continue to support gold’s safe-haven demand.