美国就业数据趋弱，哈塞特再次放鸽

1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio at high levels [8] - Options: On hold [9] 2. Core Viewpoints - The weakening US employment data and dovish signals from Hassett are expected to lead to a slightly stronger and volatile pattern in the near - term gold prices. The Au2602 contract may oscillate between 930 yuan/gram and 980 yuan/gram. For silver, although the short - term sharp rise due to spot shortages has cooled, the macro - level logic remains unchanged, and the Ag2602 contract is expected to oscillate between 13000 yuan/kilogram and 13800 yuan/kilogram [8] 3. Summary by Related Catalogs Market Analysis - In the US employment market, the number of initial jobless claims last week unexpectedly decreased by 27,000 to 191,000, the lowest since September 2022. In November, private data showed a reduction of 9,000 non - farm jobs, and the October data was revised down to a reduction of 15,500. Challenger companies laid off 71,000 people in November, a 24% year - on - year increase, and the cumulative layoffs this year reached 1.17 million. White House National Economic Council Director Hassett said that real wage growth is now higher than inflation and there may be a 25 - basis - point interest rate cut at the next Fed meeting [1] Futures Quotes and Trading Volume - On December 4, 2025, the Shanghai Gold main contract opened at 958.00 yuan/gram and closed at 953.42 yuan/gram, a - 0.34% change from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 954.50 yuan/gram and closed at 958.46 yuan/gram, a 0.53% increase from the afternoon close. The Shanghai Silver main contract opened at 13,691.00 yuan/kilogram and closed at 13,424.00 yuan/kilogram, a - 1.16% change from the previous trading day's close. The trading volume was 2,280,887 lots, and the open interest was 452,403 lots. In the night session, it opened at 13,382 yuan/kilogram and closed at 13,366 yuan/kilogram, a - 0.43% decrease from the afternoon close [2] US Treasury Yield and Spread Monitoring - On December 4, 2025, the US 10 - year Treasury yield closed at 4.098%, unchanged from the previous trading day, and the 10 - year and 2 - year spread was 0.58%, a - 0.01% change from the previous trading day [3] Position and Trading Volume Changes of Gold and Silver on the Shanghai Futures Exchange - On December 4, 2025, in the Au2602 contract, the long positions changed by - 2,090 lots compared to the previous day, and the short positions changed by 1,347 lots. The total trading volume of the Shanghai Gold contract on the previous trading day was 385,011 lots, a 5.18% change from the previous trading day. In the Ag2602 contract, the long positions changed by - 7,725 lots, and the short positions changed by - 1,207 lots. The total trading volume of the silver contract on the previous trading day was 3,302,467 lots, a - 10.43% change from the previous trading day [4] Precious Metal ETF Position Tracking - For precious metal ETFs, the gold ETF position was 1,046.58 tons, unchanged from the previous trading day, and the silver ETF position was 15,999 tons, an increase of 136 tons from the previous trading day [5] Precious Metal Arbitrage Tracking - On December 4, 2025, the domestic gold premium was - 4.32 yuan/gram, and the domestic silver premium was - 1,353.77 yuan/kilogram. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was about 71.02, a 0.83% change from the previous trading day, and the overseas gold - silver ratio was 71.97, a - 1.24% change from the previous trading day [6] Fundamental Analysis - On December 4, 2025, the trading volume of gold on the Shanghai Gold Exchange T + d market was 41,664 kilograms, a 54.64% change from the previous trading day. The trading volume of silver was 848,996 kilograms, a - 13.77% change from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 120 kilograms [7]