Core Viewpoint - The market remains optimistic about the Federal Reserve's interest rate cut, with gold prices rising despite strong U.S. employment data, driven by expectations of a rate cut and a surge in silver prices [1][2][4]. Group 1: Gold Market Analysis - On December 9, gold prices increased by 0.39%, closing at $4206.59 per ounce, while silver prices surged by 4.34%, reaching a milestone of $60.67 per ounce due to supply constraints [2]. - The U.S. job openings report indicated a slight increase to 7.67 million in October, significantly above the expected 7.15 million, highlighting strong labor demand despite a sluggish hiring environment [4]. - Market participants are anticipating a 25 basis point rate cut from the Federal Reserve, with an 88% probability, which is expected to provide further support for gold prices [4]. Group 2: Federal Reserve's Policy Implications - If the Federal Reserve emphasizes economic resilience or persistent inflation during the rate cut announcement, it may lead to a "hawkish rate cut," potentially exerting short-term pressure on gold prices [5]. - Investors are advised to monitor the Federal Reserve's future policy signals, particularly regarding the 2026 policy trajectory and the pace of global central bank gold purchases, as these factors will influence gold's structural demand [8][9]. Group 3: Geopolitical Factors - Geopolitical risks are contributing to gold's appeal, with ongoing tensions in Ukraine and Russia's planned ban on gold bar exports by 2026, which may further support gold prices amid global uncertainties [6]. - The attractiveness of gold as a safe-haven asset is increasing due to rising geopolitical tensions, such as border conflicts between countries [6]. Group 4: Oil Market Overview - Oil prices have been under pressure, with WTI crude oil falling by 0.78% to $58.28 per barrel, influenced by the recovery of Iraqi production and significant declines in U.S. crude oil inventories [9][11]. - The American Petroleum Institute (API) reported a substantial decrease in U.S. crude oil inventories by 4.8 million barrels, exceeding market expectations, which may provide short-term support for oil prices [9][11].