黄金点评：本周关注日央行利率决议，黄金能否再次“破顶”？

Core Viewpoint - The recent fluctuations in the gold market are influenced by the Federal Reserve's actions to maintain liquidity and expectations regarding interest rate changes, with gold prices experiencing a weekly increase of 2.43% despite volatility [2][5]. Market Performance - Last week, London spot gold saw a weekly increase of 2.43%, but experienced significant volatility on Friday night, with gold prices rising nearly 2% before reversing [2][5]. - Spot silver also faced a sharp decline, closing down nearly 2% [2][5]. Federal Reserve and Interest Rates - The Federal Reserve's purchase of short-term bonds and the end of balance sheet reduction expectations have contributed to the recent strength in gold prices [2][5]. - There is a prevailing expectation of a potential interest rate cut by the Federal Reserve in January, which may limit the upward momentum for gold [2][5]. Geopolitical Factors - Recent geopolitical developments are also influencing the gold market, although the overall push for gold prices remains weak [2][5]. Upcoming Central Bank Decisions - The Bank of Japan is expected to decide on interest rates on December 19, with speculation that it may raise the policy rate from 0.5% to 0.75%, marking the first increase since January [2][5]. - This potential rate hike could trigger a wave of unwinding in "yen carry trades," putting significant pressure on global risk assets, particularly those denominated in USD [2][5].