Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - Gold started to adjust this week. The SHFE gold futures contract 2512 reached a high of 1001.96 yuan/gram, then dropped sharply due to the potential short - term cease - fire in the Russia - Ukraine war, which cooled the risk - aversion sentiment. The December main contract of COMEX gold fell 376.8 dollars/ounce, a decline of 8.57%, and the December main contract of SHFE gold fell 78.34 yuan/gram, a decline of 7.82%. [1] - After a sharp and rapid short - term rise, it is highly likely that gold will adjust after reaching a key resistance level. Considering the 1000 - dollar/ounce increase in the past two months, the adjustment needs time and space. The short - term adjustment does not change the long - term upward trend due to central bank gold purchases in emerging markets and global de - dollarization. [1] Group 3: Summary by Directory (1. Disk Situation) - Last week, gold showed signs of exhaustion after continuous sharp upward movements. The December main contract of COMEX gold rose for the second time on Monday and hit a record high, then declined for two consecutive days on Tuesday and Wednesday, and hovered at the bottom on Thursday and Friday. The SHFE gold futures generally followed the COMEX trend, with a slightly smaller decline due to the RMB exchange rate. [2] - Based on the K - lines of the COMEX main December contract, the adjustment of gold may not be over. Although there is capital entering the SHFE market to push up the price after the decline, the adjustment of SHFE gold is hard to end before the external market stabilizes. [2] Group 4: Market Data - The table shows the weekly market data of SHFE gold futures, including the opening price, high price, low price, closing price, change, open interest, open interest change, settlement price, trading volume, and trading amount of different delivery months such as au2511, au2512, etc. [3]