博时基金王祥：黄金市场窄幅震荡，短期缺乏新的催化因素

Market Overview - The gold market experienced narrow fluctuations from December 1 to December 5, with the Federal Reserve's December rate cut expectations fully priced in, and trading sentiment in silver and copper providing limited support to gold [1][13] - The Bank of Japan's hawkish stance has led to a marginal tightening of global liquidity, with rising bond yields suppressing investor participation in gold [1][14] Economic Indicators - 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 [2][14] - The U.S. September PCE inflation was in line with expectations at 0.3% month-on-month, but the actual PCE consumption showed no growth, falling short of the expected 0.1% [2][14] Central Bank Actions - The Bank of Japan's hawkish comments have reinforced rate hike expectations, contributing to a tightening of market liquidity and rising bond yields in both Europe and the U.S. [2][15] - The People's Bank of China increased its gold reserves by 30,000 ounces in November, maintaining a low pace of gold purchases but keeping the direction unchanged [1][14] Investment Products - Bosera Gold ETF (159937) and its linked funds (002610, 002611) track the performance of gold prices in RMB through investments in Shanghai Gold Exchange spot contracts, providing investors with diverse investment options in gold [2][15]