俄乌和谈取得进展，降息预期升温，金价维持震荡

Core Viewpoint - The gold price continues to fluctuate due to a combination of easing geopolitical tensions and dovish comments from the Federal Reserve, with COMEX gold futures dropping 0.67% to $4052.3 per ounce as of the close of A-shares [1] Market Performance - Gold-related ETFs show mixed performance: 华夏 Gold ETF (518850) increased by 0.25%, while the Gold Stock ETF (159562) remained flat, and the Non-ferrous Metals ETF (516650) decreased by 0.67% [1] Geopolitical Developments - On November 23, the U.S. White House announced a joint statement indicating significant progress in talks between the U.S. and Ukrainian delegations regarding a new 28-point plan to end the Russia-Ukraine conflict [1] Federal Reserve Policy - New York Fed President John Williams described the current policy as "moderately restrictive" and indicated potential room for interest rate cuts in the near future, while other Fed officials maintain a hawkish stance, with Dallas Fed President Lorie Logan advocating for keeping the policy rate unchanged [1] Market Analysis - Galaxy Futures analysis highlights increasing divergence within the Federal Reserve regarding interest rate cuts, with the high dollar index putting pressure on precious metals; however, expectations for rate cuts limit the downside potential for precious metals as the market awaits key economic data such as the November PMI from the U.S. [1]