Core Viewpoint - U.S. stock futures showed a slight increase as the Federal Reserve's two-day meeting is set to begin [1] Group 1 - The movement in U.S. stock futures indicates market anticipation ahead of the Federal Reserve's policy discussions [1]

支撑黄金高位震荡的关键：美国ADP就业数据疲软、美联储降息预期升温、美元走软。重点关注本周五 PCE通胀数据和下周美联储会议，可能引爆行情，想入手或变现的朋友别错过信号。 国内金价有变动，周大福、潮宏基等品牌金饰克价1328元，周生生跌6元、老凤祥跌2元，菜百1292元、 周六福1289元更划算。黄金回收价937元/克，工行金条972.23元、农行981.35元，实时变动记得盯紧。 12月4日黄金价格。 2025年12月4日黄金小幅回调，今日现货黄金差一度失守4200美元关口，目前现在伦敦现货报4201美元/ 盎司，美黄金4241美元/盎司。 ...

【汇金趋势掌乾坤，每日思路见真章】 周三黄金延续震荡洗盘，多数时间稳定在4200上方。疲软的美国就业数据成为短期推力，推动黄金触及4241高点，但尾盘涨幅尽数回吐，收于4203接近收 平。同时白银表现强势，持续刷新高58.95，为黄金提供了有效支撑，也印证了市场对美联储降息的强烈预期——预期主导下，美国债市收益率回落、美元 走软，gu市同步走强。 美国劳动力市场意外下滑和美联储宽松政策信号日渐明显，白银强势飙升，而黄金作为传统避险资产，可能正在蓄势待发。虽然短期内黄金可能追随白银轻 微回调，但中长期上涨大趋势不改。留意周五的PCE数据和下周美联储会议，这可能成为黄金突破新高的催化剂。 早盘弱势在4216先回落的话，继续关注测试昨日低点，破位关注二次摸低4175-63。有效站稳4216继续关注测试4230上！最近走势都没什么延续性，冲高回 落和测低反弹持续主节奏，回测支撑后多次都是冲高回落急跌，这也是多头动能不足的表现。蓄力不够，还需反复去回测蓄力，美指近期跌的厉害也带动了 部分其他货币波动起来了，做了其他币种注意下即可，目前短期也进入大支撑区需要关注一波修正了！短期支撑阻力都有作用，上方压力位4245附近，接 ...

美联储杰斐逊：会议召开前，目前尚不清楚会公布多少官方数据。 来源：滚动播报 ...

Core Insights - The US dollar experienced a slight rebound after a decline due to weak labor market data [1] - In October, US companies laid off over 150,000 employees, marking the largest monthly layoffs since 2003 [1] - The market is increasingly reliant on private data due to the absence of official data during the US government shutdown [1] - Jefferies economist Mohit Kumar noted that the outcome of the December Federal Reserve meeting is highly uncertain and largely dependent on labor market performance [1]

Core Viewpoint - Federal Reserve official Goolsbee believes that interest rates will eventually stabilize at a level significantly lower than the current one [1] Group 1 - The next actions of the Federal Reserve have not yet been decided, indicating uncertainty in monetary policy direction [1] - The threshold for rate cuts is currently higher than in the previous two Federal Reserve meetings, suggesting a more cautious approach to easing [1]

Core Viewpoint - The Federal Reserve's September meeting resulted in a 25 basis point reduction in interest rates, lowering the key Fed Funds rate to a range of 4.00-4.25% [1] Group 1: Interest Rate Changes - The Federal Open Market Committee (FOMC) decided to cut interest rates by 25 basis points [1] - The new Fed Funds rate is now set between 4.00% and 4.25% [1]

Group 1: Report Core View - The lead price is fluctuating without an obvious driving force [1] Group 2: Industry Data Summary Futures Price - The closing price of the main Shanghai lead futures contract was 17,055 yuan/ton, down 0.61% from the previous day; the closing price of the LME lead 3M electronic disk was 2,001.5 dollars/ton, down 0.87% [1] Trading Volume - The trading volume of the main Shanghai lead futures contract was 54,978 lots, a decrease of 3,688 lots; the trading volume of LME lead was 5,516 lots, a decrease of 964 lots [1] Open Interest - The open interest of the main Shanghai lead futures contract was 45,095 lots, a decrease of 1,961 lots; the open interest of LME lead was 165,625 lots, a decrease of 277 lots [1] Premium and Discount - The premium of Shanghai 1 lead was 0 yuan/ton, an increase of 25 yuan/ton; the LME CASH - 3M premium was -48 dollars/ton, a decrease of 2.5 dollars/ton [1] Import Profit and Loss - The spot import profit and loss of lead ingots was -363.9 yuan/ton, a decrease of 23.07 yuan/ton; the import profit and loss of Shanghai lead continuous three was -472.56 yuan/ton, a decrease of 94.45 yuan/ton [1] Inventory - The inventory of Shanghai lead futures was 59,417 tons, unchanged; the LME lead inventory was 227,850 tons, an increase of 2,225 tons [1] Other Prices - The price of waste electric vehicle batteries was 9,975 yuan/ton, an increase of 25 yuan/ton; the price of recycled refined lead was 16,875 yuan/ton, a decrease of 25 yuan/ton [1] Other Data - The comprehensive profit and loss of recycled lead was -19 yuan/ton, a decrease of 67 yuan/ton; the LME lead cancelled warrants were 29,350 tons, a decrease of 3,400 tons [1] Group 3: News Summary - The US Treasury Secretary said that the Fed has been lagging in response, and the market is digesting the expectation of a 75 - basis - point interest rate cut from now to the end of the year [2] - US retail sales in August increased by 0.6% month - on - month, exceeding expectations for three consecutive months, and real retail sales have increased for 11 consecutive months [2] - The lead trend strength is 0, indicating a neutral view [2]

Core Viewpoint - The upcoming Federal Reserve meeting is anticipated to be highly unusual, with significant discussions expected regarding interest rate cuts [1] Group 1 - The meeting is described as potentially the strangest in years, indicating a departure from typical proceedings [1]

Group 1: Gold Market Analysis - The current price of spot gold is around $3680 per ounce, having reached a historical high of $3685.47 per ounce due to a weaker dollar and declining U.S. Treasury yields [2][4] - The upcoming Federal Reserve meeting is expected to set the tone for the remainder of the year, influencing gold prices [2] - Technical analysis indicates that gold remains strong as long as it stays above the 5-day moving average, with potential resistance levels at $3686, $3704, and $3746 [4] Group 2: Oil Market Analysis - The price of U.S. crude oil is trading at approximately $63.32 per barrel, influenced by geopolitical events such as drone attacks on Russian refineries and U.S. pressure on NATO countries regarding Russian oil purchases [5] - The oil market is currently in a weak and volatile state, with prices fluctuating within a range of $61.20 to $64.40, indicating a lack of strong directional movement [5] - Short-term trading strategies suggest focusing on selling during price rebounds and buying on dips, with key resistance at $64.5-$65.5 and support at $62.0-$61.0 [5]