国投期货贵金属日报-20251127

Report Industry Investment Rating - Gold: ★☆☆ (One star, indicating a bullish bias but limited operability in the market) [1] - Silver: ★★★ (Three stars, indicating a clearer bullish trend and relatively appropriate investment opportunities) [1] Core View - Overnight, the number of initial jobless claims in the US for the week ending November 22 was 216,000, lower than the expected 225,000 and the revised previous value of 222,000, reaching the lowest level since the week of April 12, 2025. The economy shows resilience, with gold fluctuating and silver relatively strong. Russia has received the latest version of the US - Ukraine peace plan, but it's too early to say an agreement is imminent. Due to uncertainties in interest rate cuts and geopolitical prospects, precious metals are in high - level oscillations waiting for a directional breakthrough [1]. - On the first day of the platinum - palladium futures listing, speculative funds pushed up the market in the short term. Compared with the spot price, platinum - palladium futures were significantly overvalued, and the domestic platinum - palladium futures had a lower cost - effectiveness for further long positions. As funds returned to rationality, the market rose and then fell, with sharp intraday fluctuations. On Friday, platinum - palladium options will be listed, and attention should be paid to the strategy of shorting volatility under high - volatility conditions [2]. Summary by Related Topics Peace Talks Situation - US: Trump loosened the deadline for the Russia - Ukraine peace talks; the US - proposed peace plan was said to borrow from Russian documents; an alleged leaked conversation showed the US Middle - East envoy's suggestion to Russia; US Secretary of State Rubio told European allies that the US hopes to reach a peace agreement before providing security guarantees to Ukraine [3]. - Ukraine: Denied in principle agreeing to the US peace plan [3]. - Europe: EU officials called for continued pressure on Russia, submitted legal texts on using frozen Russian assets, and opposed restrictions on the Ukrainian armed forces; German Defense Minister said Ukraine should not be forced to cede territory unilaterally [3]. - Russia: Representatives had meetings in Abu Dhabi; Russia received the latest version of the US peace plan; it's too early to conclude a peace agreement; Russia - US relations are in the early stage of normalization, and Russia won't make concessions on key issues [3]. US - Japan Relations - Trump criticized Japanese Prime Minister Kaochi Sanae during a call, asking her not to provoke China on the Taiwan Strait issue. Japanese officials found this information "worrisome". Trump asked Kaochi to soften her tone but did not pressure her to withdraw her remarks [4].