申银万国期货：昨夜贵金属下跌，白银跌幅较大

Core Viewpoint - Precious metals have declined, with silver experiencing a significant drop due to a decrease in market risk appetite and liquidity shocks impacting prices [1] Economic Data - The U.S. added 130,000 non-farm jobs in January, significantly exceeding the expected 70,000 [1] - The unemployment rate stands at 4.3%, lower than the anticipated 4.4% [1] - Following the data release, expectations for interest rate cuts have cooled, although the overall U.S. job market is trending towards a slowdown [1] Federal Reserve Outlook - The U.S. economy is expected to require interest rate cuts for support, particularly after the new Federal Reserve Chair takes office mid-year [1] Long-term Factors - Long-term supportive factors for gold, such as de-dollarization, geopolitical risks, and central bank gold purchases, remain intact [1] - The People's Bank of China has increased its gold holdings for the 15th consecutive month [1] Market Expectations - After sufficient market adjustments and accumulation of new positive factors, gold is anticipated to return to a steady upward trend [1] - Due to the higher volatility of silver compared to gold and the current low gold-silver ratio, investors are advised to adopt a wait-and-see approach [1]