短期金价震荡难改，长期逻辑变了吗？

Core Viewpoint - The gold market is experiencing a "first decline then stabilization" trend, influenced primarily by Federal Reserve policy expectations, with short-term price fluctuations expected but long-term support remaining strong due to central bank purchases and geopolitical risks [1][2]. Group 1: Current Market Situation - International gold prices opened lower at $4049.64 per ounce and have since recovered to $4078.59 per ounce, reflecting a decrease of 0.92% from the previous day [1]. - Domestic gold T+D reported at 925.59 yuan per gram, down 29.12 yuan, a decline exceeding 3%, while the Shanghai gold main contract fell by 3.27% to 927.78 yuan per gram [1]. Group 2: Influencing Factors - The primary reason for gold price fluctuations is the impact of Federal Reserve policy expectations, with recent hawkish statements from several officials leading to a drop in December rate cut expectations to around 41% [1]. - High interest rates or low expectations for rate cuts increase the "opportunity cost" of holding gold, making it less attractive to investors [1]. Group 3: Long-term Outlook - Despite short-term declines, the long-term logic supporting gold prices remains intact, particularly due to ongoing purchases by global central banks, especially in emerging markets like China and India [1]. - Geopolitical risks in regions such as the Middle East and Ukraine may trigger a flight to safety, potentially causing a rebound in gold prices [1]. - The RSI indicator for London gold is nearing the "oversold" zone, suggesting that some investors may begin to enter the market for bottom-fishing [1]. Group 4: Future Price Movements - In the short term, gold prices are likely to remain volatile, with key economic data releases in the coming weeks expected to influence market expectations regarding Federal Reserve interest rate decisions [2]. - The upcoming December FOMC meeting will be crucial, as discussions on inflation and interest rates will directly impact the medium-term trajectory of gold prices [2].