金荣中国：现货黄金低开并回吐周五涨幅，至4470一线构成防守

Group 1 - The core viewpoint of the articles highlights the significant rise in gold prices driven by expectations of the Federal Reserve's monetary easing policy in 2026, with gold reaching a record high of $4549.71 per ounce [1] - Gold's performance in 2025 shows a cumulative increase of nearly 70%, marking its best annual performance since 1979, emphasizing its role as a safe-haven asset in a complex macroeconomic environment [1] - The geopolitical risks, particularly related to the ongoing Russia-Ukraine conflict, continue to provide medium to long-term support for gold prices [1][4] Group 2 - Recent discussions between U.S. President Trump and Ukrainian President Zelensky indicate progress in negotiations to end the Russia-Ukraine conflict, although territorial issues remain contentious [3] - The Kremlin has expressed opposition to temporary ceasefires during negotiations, suggesting that Ukraine must make bold decisions regarding the Donbas region to resolve the conflict [4] - The market anticipates that the Federal Reserve may lower interest rates twice in the coming year, with a short-term probability of an 18% chance of a rate cut in January [4] Group 3 - The recent drop in initial jobless claims in the U.S. to 214,000 indicates resilience in the labor market, which may influence market perceptions of the Federal Reserve's policy direction [4] - High gold prices may suppress physical demand, particularly in key markets like India, which could impact future price movements [5] - The technical analysis suggests that gold prices are currently supported around the $4470 level, with potential for further upward movement [6][8]