黄金，真正的危机来了！

Market Overview - Gold prices experienced a decline, closing down by $23.90 at $4171.36, after reaching a peak of $4244.94, the highest since October 21 [1] - The U.S. stock market saw all three major indices close lower, with the Dow Jones down 797.6 points (1.65%), S&P 500 down 113.43 points (1.66%), and Nasdaq down 536.10 points (2.29%) [1] Economic Data and Federal Reserve - The U.S. Labor Department failed to release the October CPI report, leading to uncertainty among Federal Reserve policymakers [3][4] - The absence of the non-farm payroll report may increase investor doubts regarding the U.S. economic outlook [5] - Market volatility is expected to rise in the absence of official data, with significant discrepancies likely among institutional forecasts [7] Federal Reserve's Stance - Several Federal Reserve officials expressed hawkish views, showing concern over inflation and adopting a cautious approach towards future rate cuts [8] - The probability of a 25 basis point rate cut in December dropped to 50.7%, down from 70% the previous week, indicating a shift in market expectations [10] - The overall sentiment suggests that the Federal Reserve is not inclined to compromise with market expectations regarding rate cuts [10] Stock Market Outlook - Despite high valuations in the U.S. stock market, there is potential for earnings to be revised upward as economic activity recovers [12] - The Federal Reserve's policy adjustments, including rate cuts and the planned cessation of balance sheet reduction, are expected to improve market liquidity [12] - The trend in AI industries remains a key investment theme for the U.S. stock market [12]