聚焦黄金｜黄金市场窄幅震荡，短期缺乏新的催化因素

Core Viewpoint - The gold market experienced narrow fluctuations from December 1 to December 5, with the Federal Reserve's December rate cut expectations fully priced in, limiting upward momentum for gold despite strong performances in silver and copper [1][3]. Market Dynamics - The U.S. ADP employment data for November showed a decrease of 32,000 jobs, contrary to market expectations of an increase of 10,000, indicating a weakening U.S. economy and potentially boosting stimulus expectations [2][4]. - The Japanese central bank's hawkish stance has tightened global liquidity, leading to rising bond yields: 10-year Japanese government bonds increased by 13 basis points, while 10-year U.S. Treasuries rose by 12 basis points, and 10-year Chinese government bonds increased by 1 basis point to 1.85% [3][4]. - China's central bank increased its gold reserves by 30,000 ounces in November, maintaining a low purchasing speed but consistent buying direction, indicating a positive long-term outlook for gold despite short-term lack of catalysts [3].