黄金早参｜小非农数据疲软，降息预期回温，金价止跌回升

Core Viewpoint - Gold prices experienced a slight decline but rebounded due to rising risk aversion and expectations of a Federal Reserve rate cut, closing at $4,067.40 per ounce on COMEX [1] Economic Data Summary - The ADP weekly employment report indicated an average weekly decrease of 2,500 jobs in the U.S. private sector for the four weeks ending November 1 [1] - The U.S. Department of Labor reported initial jobless claims at 232,000 for the week ending October 18, with continuing claims slightly rising to 1.957 million. The initial claims for the week ending September 20 were revised up from 218,000 to 219,000, and the four-week average was adjusted from 237,500 to 237,750, highlighting weak data that increased market expectations for a rate cut in December [1] Market Analysis - CITIC Futures noted that the high levels of initial and continuing jobless claims, coupled with the prolonged government shutdown, further elevate the risks in the labor market. U.S. stock markets continued to show weakness, while U.S. Treasury bonds slightly strengthened [1] - Attention is focused on the upcoming U.S. GDP and non-farm payroll data releases, with gold and silver expected to experience short-term fluctuations. However, the long-term bullish trend for precious metals remains intact [1] - The ongoing issues of excessive debt issuance and de-globalization are key drivers of the decline in U.S. dollar credibility, positioning gold as the preferred asset for hedging against dollar credit risk [1]