黄金早参|小非农数据疲软，降息预期回温，金价止跌回升

Group 1 - Gold prices continued to decline in early trading on November 18, with a slight rebound due to rising risk aversion and expectations of a Federal Reserve rate cut, closing at $4067.40 per ounce, down 0.17% [1] - The ADP weekly employment data indicated an average weekly decrease of 2500 jobs in the U.S. private sector for the four weeks ending November 1 [1] - Initial jobless claims in the U.S. for the week ending October 18 were reported at 232,000, with continuing claims slightly rising to 1.957 million, indicating a softening labor market and increasing expectations for a rate cut in December [1] Group 2 - The high levels of initial and continuing jobless claims, along with the prolonged government shutdown, are raising concerns about the downward risks in the labor market [1] - The U.S. stock market continues to show weakness, while U.S. Treasury bonds have strengthened slightly, with attention on upcoming GDP and non-farm payroll data [1] - The long-term bullish trend for precious metals remains intact, as factors like excessive debt issuance and de-globalization continue to drive down the credibility of the U.S. dollar, making gold a preferred asset for hedging against dollar credit risk [1]