黄金早参|非农就业大超预期，降息预期降温，金价冲高回落

Core Viewpoint - Gold prices surged due to geopolitical tensions and rising expectations for interest rate cuts, with COMEX gold futures reaching a high of $5144 before closing at $5107.80, reflecting a 1.53% increase [1] Economic Data - The U.S. Bureau of Labor Statistics reported that 130,000 non-farm jobs were added in January, significantly exceeding market expectations [1] - The unemployment rate fell to 4.3%, the lowest since August 2025, while hourly wages increased by 0.4% month-over-month, also surpassing expectations [1] Market Reactions - Following the employment data release, traders adjusted their expectations for the next Federal Reserve interest rate cut from June to July, leading to a slight drop in spot gold prices [1] - Gold ETFs, including Huaxia (518850) and gold stock ETF (159562), saw increases of 0.74% and 2.64% respectively, while the non-ferrous metals ETF (516650) rose by 2.56% [1] Expert Opinions - David Einhorn, founder and president of Greenlight Capital, criticized the market's interpretation of the employment data as a reason not to cut rates, suggesting it was a "mistake" [1] - Einhorn believes that Kevin Walsh, nominated by President Trump to the Federal Reserve, could persuade the committee to implement significant rate cuts, reinforcing the view that gold has become a key reserve asset for central banks globally [1]