黄金点评：非农数据喜忧参半，金价振幅拉大

Core Viewpoint - The article discusses the recent trends in the gold market and U.S. employment data, highlighting a mixed economic outlook that affects market expectations for Federal Reserve interest rate cuts [2][6]. Employment Data Summary - In November, the U.S. non-farm payrolls increased by 64,000, surpassing market expectations of 50,000 [2][6]. - Manufacturing employment has dropped to its lowest level since March 2022 [2][6]. - The unemployment rate unexpectedly rose to 4.6%, the highest since September 2021, although this increase coincided with a rise in labor force participation [2][6]. - The October non-farm payrolls were revised down significantly by 105,000, with August and September also revised down by a total of 33,000 [2][6]. - Average hourly earnings in November grew by 3.5% year-on-year, marking the slowest growth since May 2021, indicating a deceleration in real wage growth [2][6]. Market Reactions and Expectations - Despite the weak employment data, the market has not reached a consensus on expectations for Federal Reserve interest rate cuts, leading to increased volatility in gold prices [2][6]. - Upcoming U.S. CPI data is anticipated to provide further guidance on inflation and its impact on rate cut expectations [2][6]. - The market is approaching the Bank of Japan's meeting with caution, suggesting that short-term gold prices may remain volatile [2][6].