黄金周报：中东局势边际缓和，但美联储12月降息预期升温，金价先跌后涨

Group 1: Market Overview - The geopolitical situation in the Middle East has eased, significantly reducing risk aversion, but expectations for a Federal Reserve rate cut in December have increased, leading to fluctuations in gold prices[1] - On November 29, the Shanghai gold futures price fell by 1.45% to 618.80 CNY/gram, while COMEX gold futures dropped by 1.63% to 2673.90 USD/ounce[1] - Gold T+D spot prices decreased by 1.39% to 614.93 CNY/gram, and London gold spot prices fell by 2.41% to 2650.33 USD/ounce[1] Group 2: Economic Indicators - The U.S. October core PCE price index rose to 2.8%, matching expectations and marking the highest level since April[22] - U.S. October durable goods orders increased by 0.2%, below the expected 0.5% but higher than the previous -0.7%[25] - The Eurozone's November harmonized CPI rose to 2.3%, exceeding the European Central Bank's target of 2%[26] Group 3: Market Trends - The gold market is expected to face downward pressure this week due to anticipated strong U.S. non-farm payroll data, which may temper rate cut expectations for next year[2] - Despite current economic resilience in the U.S. and weakness in Europe, geopolitical tensions from the Russia-Ukraine conflict and the Middle East may continue to support gold prices in the medium to long term[2] - The international gold basis (spot-futures) rose significantly by 17.60 USD/ounce to 2.05 USD/ounce, while the Shanghai gold basis slightly decreased by 0.34 CNY/gram[9]