光大期货0212黄金点评：强劲非农压制降息预期，金价涨幅收窄

Core Viewpoint - The article discusses the recent performance of gold prices and employment data in the U.S., highlighting the mixed signals from strong job growth and a significant downward revision in future employment projections, which may influence market expectations regarding interest rate decisions by the Federal Reserve [2][7]. Economic Data Summary - In January, the U.S. added 130,000 non-farm jobs, significantly exceeding the market consensus of 65,000, marking the largest monthly increase in over a year [2][7]. - The unemployment rate unexpectedly decreased to 4.3% in January, compared to expectations and the previous value of 4.4% [2][7]. - The U.S. Labor Department revised the total employment growth forecast for 2025 from an initial estimate of 584,000 down to 181,000, indicating an average monthly job addition of approximately 15,000, which would make 2025 the worst year for employment performance since 2003, excluding economic crises [2][7]. Market Reaction - Following the release of the employment data, the U.S. dollar showed some volatility but remained generally stable, which had a limited impact on gold prices [2][7]. - The market is now focusing on the upcoming U.S. Consumer Price Index (CPI) data, which may provide further guidance on interest rate expectations [2][7]. Geopolitical Context - Tensions in the Gulf region continue, with ongoing negotiations between the U.S. and Iran failing to reach effective consensus, maintaining the potential for conflict [3][8]. - The sell-off in precious metals is nearing its end, but there remains upward pressure in the market, complicating predictions due to the volatility of geopolitical situations [3][8].