非农数据喜忧参半，金价冲高回落，美联储降息的门槛提高

Group 1 - Gold prices experienced a slight decline, with COMEX gold futures down 0.07% to $4,332.2 per ounce, and related ETFs also showing losses [1] - The U.S. non-farm payrolls increased by 64,000 in November, surpassing market expectations of around 50,000, although October's data was significantly revised down to a decrease of 105,000 [1] - The unemployment rate rose to 4.6% in November, the highest level since September 2021, indicating a cooling labor market [1] Group 2 - The outlook for the U.S. economy remains uncertain, with signs of a cooling labor market, but resilient consumer spending and slowing wage growth provide the Federal Reserve with more observation space [2] - Institutions generally expect that the Federal Reserve's easing measures will remain moderate until 2026, unless there is a sustained rise in unemployment or a significant contraction in consumer spending [2] - In the context of shifting interest rate expectations towards easing and a potentially weaker dollar, the long-term trend for gold remains supported, although caution is advised regarding future data revisions and unexpected geopolitical events [2]