Core Viewpoint - The article highlights the recent fluctuations in gold prices and the U.S. dollar index, driven by market expectations of a potential interest rate cut by the Federal Reserve, leading to a rise in gold and other precious metals prices [1][6]. Market Overview - As of November 27, the U.S. dollar index is trading below the 100 mark, while spot gold opened at $4162.46 per ounce and is currently around $4150 per ounce. Gold T+D is trading at approximately 940 yuan per gram, and the main Shanghai gold contract is around 946 yuan per gram [1]. - The previous trading day saw the dollar index decline by 0.24% to 99.569, with gold prices rising by 0.79% to close at $4162.35 per ounce, marking a new high in over a week [1]. Precious Metals Performance - Alongside gold, other precious metals also experienced price increases: - Spot silver rose by 3.60% to $53.31 per ounce - Spot platinum increased by 2.18% to $1588.15 per ounce - Spot palladium gained 2.59% to $1427.00 per ounce [1]. Inventory Data - As of November 26, COMEX gold inventory stands at 1137.35 tons, a decrease of 0.14 tons from the previous trading day. COMEX silver inventory is at 14248.10 tons, down by 35.79 tons [2]. - SPDR gold ETF holdings increased by 4.57 tons to 1045.43 tons, while SLV silver ETF holdings remained unchanged at 15582.33 tons [2]. Economic Indicators - The U.S. initial jobless claims for the week ending November 22 recorded 216,000, lower than the expected 225,000 and the revised previous value of 222,000, marking the lowest level since April 12, 2025 [6].

Core Insights - The initial jobless claims data in the U.S. is strong, highlighting the resilience of the labor market [1] - The number of continuing claims for unemployment benefits has been revised down, further supporting the positive outlook for the labor market [1] - Market attention is now shifting towards the employment component of the ISM Purchasing Managers' Index, ADP private employment data, and the U.S. non-farm payroll report [1]

Group 1 - The core viewpoint of the articles highlights the resilience of the U.S. labor market, with June non-farm payrolls exceeding expectations for the fourth consecutive month, leading to a decrease in the unemployment rate [2] - The U.S. added 147,000 non-farm jobs in June, surpassing the expected 106,000, with upward revisions of 16,000 jobs for April and May combined [2] - The unemployment rate fell to 4.1%, better than the expected 4.3% and previous value of 4.2%, indicating a slight downward trend in the unemployment rate over the first half of the year [2] Group 2 - The market anticipates that the Federal Reserve will likely cut interest rates by at least 25 basis points in the September meeting, while maintaining the current rates in July [2] - Treasury Secretary Mnuchin has questioned the Federal Reserve's judgment on interest rates, suggesting that the current overnight rates are too high based on the two-year Treasury yield [3] - The Federal Reserve's target range for the federal funds rate is currently between 4.25% and 4.5%, while the two-year Treasury yield stands at approximately 3.76% [3] Group 3 - Trump has called for an investigation into Fed Chair Powell, accusing him of significant violations related to the Fed's headquarters renovation project and suggesting that he should resign [4][5] - Powell has indicated that while there are many potential paths for monetary policy, the current economic data does not necessitate an immediate rate cut, emphasizing the strength of the economy [5] - The ongoing trade war and technological advancements are influencing the U.S. economy, with increased labor productivity potentially leading to low inflation and high growth [6]