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1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On Monday, precious metals fluctuated steadily, and the market was calm ahead of the FOMC meeting. In the short term, the market has fully priced in the expectation of a 25 - basis - point interest rate cut at the December FOMC meeting. After the decision is announced, there may be some downward pressure, but the adjustment range is likely to be limited. The precious metals are expected to continue their upward trend with fluctuations within the month. In the long run, the narrative of the shrinking US dollar credit will continue to drive the upward trend of precious metals [1][3] 3. Summary According to Related Catalogs 3.1 Precious Metals Market - Price Logic: The expectation of loose liquidity remains the core driver at the quarterly level. The probability of the relatively dovish candidate Hasset being nominated as the Fed Chair is increasing. The period from nomination to taking office may be the most favorable time for trading the expectation of loose liquidity and the risk of the Fed's independence. Also, the leading effect of silver is supporting the gold price, and the squeeze - trading is spreading from silver to copper, which may remain a hot trading topic this month. In the long run, the US monetary expansion and the global fiscal expansion are expected to drive the economic cycle towards a mild recovery, and silver may have greater elasticity. The price of London gold is expected to be in the range of [4000, 4400], and that of London silver in the range of [53, 60] this week [3] - Index Performance: On December 8, 2025, the precious metals index had a daily decline of 0.13%, a 5 - day increase of 0.66%, a 1 - month increase of 6.42%, and a year - to - date increase of 59.17% [45] 3.2 Key News - Japan's Economy: Japan's real GDP annualized quarterly growth rate in Q3 was revised down to - 2.3% (expected - 2%, initial - 1.8%), and the quarterly growth rate was revised down to - 0.6% (expected - 0.5%, initial - 0.4%), indicating the first economic contraction in six quarters. The Japanese government submitted a supplementary budget for 2025 to the temporary parliament. Under the "responsible and active fiscal" policy, the general accounting expenditure reached 18.3034 trillion yen, a post - COVID high. More than 60% of the fiscal revenue will be filled by issuing additional national bonds [2] - US Economy: US Treasury Secretary Bessent said that the US GDP growth rate will reach 3% this year, and the inflation rate is expected to drop significantly next year. The bond market will have its best performance since 2020 [2] 3.3 Commodity Index - Comprehensive Index: On December 8, 2025, the commodity index was 2267.05, down 0.18%; the commodity 20 index was 2588.87, down 0.37%; the industrial products index was 2216.09, down 0.16% [43]