Core Viewpoint - The overnight market for gold showed a strong fluctuation, with COMEX February gold futures rising by 0.44% and SHFE gold increasing by 0.20%, influenced by positive U.S. employment data and upcoming Federal Reserve meetings [2][4]. Economic Data - U.S. JOLTS job openings increased slightly from 7.66 million to 7.67 million in October, which is better than expected [2][4]. - The latest ADP data indicates that the private sector added an average of 4,750 jobs per week over the four weeks ending November 22, ending a previous four-week trend of job losses, signaling a positive outlook for the labor market [2][4]. Federal Reserve Insights - The potential future chair of the Federal Reserve, White House National Economic Council Director Hassett, stated that there is "ample room" for further rate cuts, although rising inflation could alter this perspective [2][4]. - There is a consensus on a rate cut in December, with market focus shifting to the future path of rate cuts and whether the Federal Reserve will implement additional short-term liquidity tools [2][4]. Geopolitical Context - The President of Ukraine mentioned ongoing negotiations with the U.S. and Europe regarding three key documents, which may impact market sentiment [2][4]. Market Behavior - There was a notable market fluctuation before the Federal Reserve meeting, particularly in the silver market, which showed strong upward movement, indicating potential short-covering dynamics [2][4]. - The market remains cautious ahead of the Federal Reserve meeting, anticipating significant short-term volatility [2][4].

光大期货指出，昨晚美联储议息会议前市场突现异动，特别是外盘白银走势，虽有金银比回归预期，但连续强 势且大幅拉涨之势大有挤仓意味，关注近期的消息面。不过，美联储议息会议召开在即，短线或有较大波动， 仍应谨慎为上。 地缘政治方面，乌克兰总统表示正与美、欧磋商三项关键文件。 此外，据CME"美联储观察"：美联储12月降息25个基点的概率为87.6%，维持利率不变的概率为12.4%。美联储 到明年1月累计降息25个基点的概率为69.3%，维持利率不变的概率为9.3%，累计降息50个基点的概率为 21.3%。 12月10日，沪银期货主力合约日内涨幅扩大至5.31%，现报14356元/千克，续创历史新高。 经济数据方面，美国10月职位空缺数不降反而升至5个月高点，但招聘减少，裁员人数创下两年多来新高。同 时，小非农ADP周度就业数据也有所回暖，结束了此前连续四周的就业流失。 ...