地缘政治风险增加，黄金反弹收复失地

Market Overview - Gold prices rebounded significantly by 6% to $2,716 per ounce, recovering most losses since Trump's election[1] - The 10-year U.S. Treasury yield slightly decreased to 4.4%, while inflation expectations rose to 2.35%[1] - The U.S. dollar index increased by 0.81% to 107.6, and the S&P 500 index rose by 1.68%[1] Geopolitical Factors - Increased geopolitical tensions, particularly following Ukraine's use of U.S. weapons against Russia, have heightened market risk aversion[1] - Trump's hawkish cabinet nominations have raised concerns about potential tariffs on trade partners, especially China, further driving safe-haven demand for gold[1] Economic Indicators - U.S. manufacturing PMI slightly improved from 48.5 to 48.4, while services PMI rose from 55 to 57, exceeding expectations[2] - In contrast, Eurozone manufacturing PMI fell from 46 to 45.2, indicating greater economic pressure[2] - Initial jobless claims in the U.S. decreased to 213,000, suggesting a stable labor market[2] Investment Outlook - The report suggests that while gold has rebounded, further upward potential may be limited due to geopolitical risks stabilizing and a generally bearish outlook on fundamentals[3] - The upcoming Thanksgiving holiday in the U.S. is expected to lead to reduced trading activity, increasing the risk of short-term corrections in gold prices[3] Risk Factors - Potential easing of geopolitical tensions, a hawkish stance from the Federal Reserve, and liquidity shocks could trigger a pullback in gold prices[4]