1203黄金点评：隔夜贵金属涨跌不一，黄金维持高位震荡

Core Viewpoint - The gold market is experiencing a slight decline, with COMEX gold futures down by 0.84% and SHFE gold down by 0.85%, amid expectations regarding the new Federal Reserve chair and geopolitical developments related to the Russia-Ukraine conflict [2][5]. Group 1: Federal Reserve and Monetary Policy - The new Federal Reserve chair is expected to be announced in early next year, with market speculation pointing towards a dovish candidate, likely Hassett, which could strengthen market expectations for dovish monetary policy [2][5]. - As of the report, the probability of a 25 basis point rate cut in December is at 87.4%, indicating strong market anticipation for a shift in monetary policy [2][5]. Group 2: Geopolitical Context - Recent discussions between the U.S. and Russia lasted nearly five hours, with the U.S. expressing a desire to end the Russia-Ukraine conflict, which may influence market sentiment and gold prices [2][5]. Group 3: Market Dynamics and Risks - While precious metals are performing well under the dovish narrative from the Federal Reserve, investors should be cautious as the anticipated rate cut is largely priced in, and geopolitical tensions are easing, which could lead to a technical correction in the market [2][5]. - The potential for a "buy the rumor, sell the news" scenario could trigger rapid adjustments in precious metal prices, particularly for silver, platinum, and palladium, which are expected to be more volatile than gold [2][5].