贵金属日报-20251217

Industry Investment Rating - Gold and silver investment rating: ★☆★ [1] - Platinum and palladium investment rating: ★☆☆ [1] Core View - US economic data validates the cooling trajectory, and the market maintains the expectation of two interest rate cuts in 2026. Gold is running strongly and approaching the historical high. If it breaks through, the strong performance of precious metals is expected to continue [1] Summary by Relevant Content US Economic Data - In November, the number of non - farm payrolls in the US increased by 64,000, better than the expected 50,000, but the unemployment rate rose to 4.6%, the highest since September 2021, and the employment in October decreased by 105,000 [1] - The preliminary value of the US S&P Global Services PMI in December was 52.9, the lowest since June, with an expected 54 and a previous value of 54.1. The preliminary value of the S&P Global Manufacturing PMI in December was 51.8, the lowest since July, with an expected 52.1 and a previous value of 52.2 [2] - US retail sales in October were flat compared to September, and the increase in the previous month was revised down to 0.1%, lower than the expected 0.1% increase [2] - According to the ADP weekly employment report, private - sector employers added an average of 16,250 jobs per week in the 4 weeks ending November 29 [2] Other Information - US media reported that Waller will be interviewed by Trump on Wednesday. After the report, the probability of Waller being a candidate for the Fed Chairman in the prediction market rose to 15% [2] - US Treasury Secretary Besent said that Warsh and Hassett have the ability to lead the Fed, and it is speculated that the candidate for the Fed Chairman will be announced in early January next year [2] - US White House National Economic Council Director Hassett said that there is still much room for interest rate cuts in the case of a positive supply - side shock [2]