机构看金市：11月12日

Core Viewpoint - The precious metals market is currently experiencing volatility and may continue to consolidate due to a lack of strong driving forces, with gold prices facing resistance at $4150 per ounce [1]. Group 1: Market Analysis - Guotou Futures indicates that the recent ADP report shows a significant decline in U.S. employment, which has raised expectations for further interest rate cuts by the Federal Reserve [1]. - Everbright Futures notes that the gold-silver ratio has decreased to around 80.7, and the weak employment data has bolstered the Fed's rate cut expectations, leading to fluctuations in gold prices [2]. - Zhongliang Futures states that gold has broken previous highs and is in a phase of seeking subsequent peaks, with expectations that gold prices could reach $4500 to $4800 per ounce by Q1 2026 [3]. Group 2: Future Projections - Commerzbank analysts predict that the reopening of the U.S. government will lead to the release of economic data indicating a slowdown, which may prompt the Fed to implement more aggressive rate cuts, supporting gold prices until 2026 [3]. - FXStreet highlights that the weak employment data has reignited speculation about further Fed policy easing, providing support for gold prices, although the reopening of the government may exert pressure on gold [4].