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Core Insights - COMEX gold, silver, and copper prices experienced a decline, while aluminum prices rose over 3%, indicating strong performance in aluminum-related stocks [1] - As of the end of November, COMEX gold has appreciated over 52% this year, but the volatility has increased significantly, leading to a widening divergence in market sentiment [1] - Central bank activities regarding gold purchases or sales are identified as the primary explanatory variable for current gold prices, with recent sales by the Philippine and Russian central banks raising concerns about overvaluation [1] Group 1 - COMEX gold prices have seen a significant increase of over 52% year-to-date as of November [1] - The volatility in gold prices has intensified, with a notable increase in market divergence [1] - Central banks' gold purchasing and selling activities are crucial factors influencing gold price movements, with recent sales by the Philippine and Russian central banks indicating potential overvaluation [1] Group 2 - The outlook for central bank gold purchases and increased investment demand is expected to support higher precious metal prices in the medium to long term [2] - Short-term factors such as low inventory levels and potential demand release are likely to increase price elasticity, with silver recently reaching new highs [2] - Key resistance levels for London gold are identified at 4250 and 4400, with support at 4000 [2]