Macro Messages - The expectation of interest rate cuts by the Federal Reserve remains, with a combination of "easing expectations + weak dollar" continuing to support the recovery channel [1] - Increased risk aversion is noted due to factors such as U.S. debt expansion, de-dollarization, escalating geopolitical conflicts, and the reshaping of economic patterns, enhancing the strategic allocation value of gold [1] - Central bank gold purchases are seen as a necessary step for the internationalization of the Renminbi, with gold expected to remain a long-term asset allocation choice amid a damaged U.S. credit system and global monetary system restructuring [1] Institutional Views - The main contract performance shows that Shanghai gold fell by 0.31% to 1002.2, while Shanghai silver dropped by 2.99% to 19020; platinum decreased by 2.47% to 598.5, and palladium increased by 1.71% to 475.95 [1] - As of the end of December, China's gold reserves stood at 74.15 million ounces, an increase of 30,000 ounces, marking the 14th consecutive month of growth [1] - The U.S. ISM services PMI index rose by 1.8 points to 54.4 in December 2025, the highest level since October 2024, while the ADP employment figure increased by 41,000, below the expected increase of 47,000 [1]
广州期货：美ISM服务业PMI上升 金银涨势暂歇
Jin Tou Wang·2026-01-08 07:07