联储放鹰，金价冲高回落

Core Viewpoint - The recent fluctuations in gold prices are influenced by various macroeconomic factors, including Federal Reserve officials' hawkish statements, the end of the U.S. government shutdown, and ongoing global uncertainties, which may support gold prices in the medium to long term [1][5][6]. Group 1: Gold Market Dynamics - As of November 14, the London spot gold price closed at $4,082.16 per ounce, with a cumulative increase of $81.87 per ounce since November 7, representing a 2.05% rise [1]. - Gold prices experienced volatility, reaching a high of $4,245.22 and a low of $3,997.20 during the week [1]. - The end of the U.S. government shutdown has reduced the short-term appeal of gold as a safe-haven asset [1][5]. Group 2: Economic Indicators - The U.S. economy shows resilience, with the Atlanta Fed's GDPNow indicating a 4.0% growth rate for Q3, although government shutdowns may affect data accuracy [2]. - Consumer spending remains stable, with a 3.4% annualized growth rate in personal consumption and a slight increase in retail sales [2]. - The employment market shows a slight decrease in initial jobless claims, indicating stability [2]. Group 3: Federal Reserve Policy - Multiple Federal Reserve officials have expressed concerns about inflation, leading to a decrease in interest rate cut expectations for December [3]. - The probability of a rate cut in December has dropped from 70% to below 50%, influenced by internal voting tendencies within the FOMC [3]. - The Fed's decision-making process is shifting towards a more collective approach rather than being dominated by the chair [3]. Group 4: Global Central Bank Gold Purchases - Global central banks continue to show strong demand for gold, with a net purchase of 220 tons in Q3 2025, a 30% increase from the previous quarter [4]. - Brazil and South Korea have made significant gold purchases, with South Korea signaling plans to increase its gold reserves for the first time since 2013 [4]. - China's central bank has also been increasing its gold reserves for twelve consecutive months, reaching 7,409 million ounces by the end of October [4]. Group 5: Long-term Outlook for Gold - In the long term, the demand for gold as a safe asset is expected to rise due to challenges to the U.S. dollar credit system and increasing geopolitical tensions [6][7]. - The trend of "de-dollarization" globally may position gold as a new pricing anchor, potentially enhancing its upward momentum [7]. - The Fed's current easing cycle may be prolonged due to resilient employment and inflation, providing a favorable environment for gold investments [7].