美国私营部门就业表现偏弱支撑贵金属价格：贵金属日评20251112-20251112

Report Industry Investment Rating - Not provided in the report Core View - The weak performance of the US private - sector employment supports the precious metal prices. The expected end of the US federal government shutdown, the decrease in US private - sector employment data, and the increase in the probability of the Fed's December interest - rate cut, along with geopolitical risks and central banks' gold - buying, may support precious metal prices [1] Summary by Relevant Catalogs Precious Metal Market Data - Gold: Shanghai gold's closing price was 933.02 yuan/g, with a trading volume of 63,048. COMEX futures active contract's closing price was 4,133.20 dollars/ounce, and the London gold spot price was 4,123.30 dollars/ounce. SPDR gold ETF holding was 1,041.78 tons [1] - Silver: Shanghai silver's closing price was 11,865 yuan/10g, COMEX futures active contract's closing price was 51.08 dollars/ounce, and the London silver spot price was 51.24 dollars/ounce. US iShare silver ETF holding was 15,088.63 tons [1] Important Information - From Oct 25, the US private sector lost an average of 11,250 jobs per week in four weeks. The White House National Economic Council Director said some US October data might be lost forever [1] Multi - and Short - Logic - Republicans' agreement to vote on extending ACA subsidies may end the government shutdown, leading to cash - outflow expectations. Weak employment data in October has increased the probability of the Fed's December interest - rate cut. Geopolitical risks and central banks' gold - buying may support precious metal prices [1] Trading Strategy - It is advisable to go long when prices fall. For London gold, pay attention to the support at 3,850 - 3,950 and resistance at 4,180 - 4,384; for Shanghai gold, support at 870 - 890 and resistance at 960 - 1,000. For London silver, support at 38 - 45 and resistance at 55 - 60; for Shanghai silver, support at 9,500 - 10,500 and resistance at 12,000 - 12,500 [1]