美国通胀压力增加，黄金先扬后抑

Market Overview - London gold rose by 0.3% to $2,643 per ounce, while the 10-year U.S. Treasury yield increased to 4.4%[1] - U.S. inflation expectations rose to 2.35%, with actual rates at 2.05%[1] - The S&P 500 index fell by 0.64%, and the U.S. dollar index increased by 0.89% to 107[1] Inflation and Economic Indicators - November U.S. CPI increased from 2.6% to 2.7% year-on-year, with a month-on-month rise of 0.3%[1] - PPI exceeded expectations, rising from 2.6% to 3% year-on-year, and 0.4% month-on-month[1] - The U.S. government budget deficit for November was $367 billion, higher than expected[1] Gold Market Dynamics - Gold prices initially rebounded above $2,700 per ounce but then corrected significantly due to rising inflation data and reduced rate cut expectations for 2025[1] - COMEX gold prices normalized after initial widening due to tax concerns on gold and silver[1] Investment Recommendations - Short-term gold prices are expected to remain weak and volatile, awaiting the Federal Reserve's rate cut decisions[2] - Continued pressure on the RMB exchange rate may provide some support for domestic gold prices[2] Risk Factors - Potential geopolitical risks, hawkish Federal Reserve signals, and liquidity shocks could trigger further corrections in gold prices[2]