Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In the short - term, precious metal prices are generally prone to rise and difficult to fall, and the precious metal sector will continue to operate strongly. Investors are advised to maintain a bullish stance, and short - hedgers should appropriately reduce their positions. Attention should be paid to the impact of the US economic, employment, and inflation situation on the Fed's interest - rate cut expectations. This week, focus on China's November economic data, the US November non - farm payrolls, and the central bank meetings of the EU, UK, and Japan [4]. - In the medium - term (2026), the continued strong operation of the global political and economic system restructuring and the abundant monetary liquidity environment will support the precious metal prices. The report predicts that the price of London gold will reach $4800 - 5000 per ounce, London silver will reach $73.5 - 77.5 per ounce, London platinum will reach $2000 - 2100 per ounce, and London palladium will reach $1620 - 1700 per ounce. Investors are advised to maintain a bullish stance, short - hedgers should appropriately reduce the hedge ratio, and conservative investors can focus on the arbitrage opportunity of going long on silver and platinum and short on gold [5]. 3. Summary by Directory 3.1 Precious Metal Market Quotes and Outlook - **Intraday Quotes**: Weak US employment market and retail sales data have boosted the Fed's interest - rate cut expectations. Factors such as the shadow Fed factor, the tense situation in Venezuela, and the peak season for jewelry consumption have provided positive support for the precious metal sector. The abolition of the EU's 2035 fuel - vehicle ban has boosted the industrial demand expectations for platinum and palladium. The data shows that the intraday increase of the Shanghai Gold Index was 0.85%, the Shanghai Silver Index was 5.73%, the Guangzhou Platinum Index was 8.55%, and the Guangzhou Palladium Index was 7.36% [4][5]. - **Medium - term Quotes**: The continued strong operation of the global political and economic system restructuring and the abundant monetary liquidity environment will support the precious metal prices in 2026. However, the Trump 2.0 new - deal optimization and the decline in the intensity of Sino - US competition will suppress the upward momentum of gold prices. Silver, with stronger industrial attributes and higher volatility, will have greater upward momentum. The consumption and investment demand for platinum as a substitute for gold and silver will continue to increase. Palladium will basically follow the trend of gold, but the electrification transformation of the global automotive market is not favorable to its fundamentals [5]. 3.2 Main Macro Events/Data - **US Economic Data**: In November, the number of non - farm payrolls in the US increased by 64,000, and the unemployment rate rose to 4.6%, the highest level in more than four years. In October, non - farm payrolls decreased by 105,000, the largest decline since December 2020. Federal government employment decreased by 162,000, the largest since June 2010. In October, retail sales were flat, after a 0.1% increase in September. In December, the preliminary value of the US Composite Purchasing Managers' Index (PMI) dropped to 53.0, the lowest since June, with both manufacturing and services PMIs declining [17]. - **Fed - Related Information**: White House economic advisor Hassett said that the Fed's independence is very important, and the US economy still has a lot of room to cut interest rates, which is the direction Trump has been pushing since he took office again. Trump will interview Fed Governor Waller for the position of Fed Chairman on Wednesday [17]. - **Venezuela Situation**: On the 16th, US President Trump ordered a full - scale blockade of all sanctioned oil tankers entering and leaving Venezuela. The US is strengthening its military presence in the Caribbean Sea near Venezuela, deploying F - 35A fighter jets and EA - 18G "Growler" electronic warfare aircraft to Puerto Rico [17].