市场风险偏好下降，黄金震荡走弱

Report Industry Investment Rating - The investment rating for gold is "Bearish" [1] Core Viewpoints - The gold price is oscillating around the $4,000 mark, lacking the momentum to break through and rise. When it falls, it attracts bottom - fishing funds, but overall, it has not escaped the range - bound pattern. The employment market in the US is cooling, and the Fed's monetary policy is short - term bearish for gold. Also, some countries may sell gold due to fiscal pressure, increasing its volatility. Short - term gold prices may face a callback risk [1][2][3] Summary by Directory 1. Gold High - Frequency Data Weekly Changes - The domestic basis (spot - futures) decreased by 18.4% week - on - week to - 4.26 yuan/gram. The internal - external futures price difference (internal - external) dropped by 108.8% to - 1.82 yuan/gram. The inventory of the Shanghai Futures Exchange remained unchanged, while the COMEX gold inventory decreased by 1.65%. The SPDR ETF holdings decreased by 0.33% to 1040.57 tons, and the CFTC gold speculative net long positions decreased by 10.3%. The US Treasury yield decreased by 1.9% to 4.06%, and the US dollar index increased by 0.87% to 100.15 [12] 2. Financial Market - Related Data Tracking 2.1 US Financial Market - The US overnight secured financing rate was 3.91%. Oil prices fell by 2.2%, and the US inflation expectation was 2.25%. The US dollar index rose by 0.89%, and the US Treasury yield dropped to 4.06%. The S&P 500 index fell by 1.95%, and the VIX index rose to 23.4. The real interest rate oscillated and closed at 1.83%, and the gold price fell by 0.5%. The spot commodity index declined, and the US dollar index rose by 0.89% [18][20][21] 2.2 Global Financial Market - Stocks, Bonds, Currencies, and Commodities - Most developed and developing country stock markets fell, with the S&P 500 down 1.95% and the Shanghai Composite Index down 3.9%. US and German bonds declined, with a US - German spread of 1.38%. The UK Treasury yield was 4.56%, and the Japanese bond yield was 1.778%. The euro depreciated by 0.94%, the pound by 0.55%, the yen by 1.2%, and the Swiss franc by 1.8%. The US dollar index rose by 0.89% to 100.2, and most non - US currencies depreciated [23][29][32] 3. Gold Trading - Level Data Tracking - The gold speculative net long position data resumed publication, and the SPDR gold ETF holdings slightly decreased to 1040 tons. The RMB slightly depreciated, and the Shanghai gold premium narrowed. Gold and silver prices fell, and the gold - silver ratio rose to 83 [35][38] 4. Weekly Economic Calendar - Monday: US November Dallas Fed Business Activity Index. Tuesday: US September retail sales, PPI, housing price index, and November Conference Board Consumer Confidence Index. Wednesday: US weekly initial jobless claims, September durable goods orders, new home sales, and November Chicago PMI. Thursday: Eurozone November economic sentiment index, Fed's Beige Book, and ECB October interest rate meeting minutes. Friday: France and Germany's October CPI [39]