Group 1 - Gold prices have retreated to above $4200, attempting to hold support levels between $4170 and $4180 but rebounding above $4200 after losing momentum [1][3] - If gold prices close above $4250, they may advance towards recent resistance levels of $4370-$4380 [3] - Silver is under pressure as traders took profits after failing to break through resistance levels of $58.60-$58.80, with a potential drop below $56.50 opening the path to test support levels of $52.60-$52.80 [6] Group 2 - Platinum is losing momentum as traders focus on silver market performance, with a potential drop below $1620 leading to a move towards the 50-day moving average at $1591 [9] - A drop below the 50-day moving average could push platinum towards support levels of $1520-$1530 [9] - As of December 4, the iShares Silver Trust held 16,094.45 tons of silver, an increase of 95.9 tons from the previous trading day, while the SPDR Gold Trust held 1,050.58 tons of gold, an increase of 4 tons [9]

Core Viewpoint - The recent geopolitical tensions in the Middle East, particularly the U.S. airstrikes on Iranian nuclear facilities, have heightened demand for gold as a safe-haven asset, while the Federal Reserve's decision to maintain interest rates has added to market uncertainty [1][2][4]. Geopolitical Tensions - The U.S. confirmed successful strikes on three Iranian nuclear sites, escalating concerns over regional stability and prompting fears of further conflict [2]. - Iranian officials have threatened to close the Strait of Hormuz, a critical shipping route, in response to U.S. actions, indicating potential for increased military engagement [2]. Gold Market Dynamics - Gold prices experienced a decline of $64.95 or 1.89% last week, closing at $3468.52 per ounce, following a brief surge due to geopolitical tensions [1]. - Despite the recent drop, the demand for gold is expected to rise as investors seek refuge amid escalating geopolitical risks [3]. Federal Reserve Policy - The Federal Reserve maintained its benchmark interest rate, with 7 out of 19 officials suggesting no rate cuts are advisable this year, marking the fourth consecutive meeting without a change [4][5]. - The Fed's latest dot plot indicates a median federal funds rate of 3.9% for 2025, suggesting potential for future rate cuts depending on economic conditions [4]. Market Sentiment and Expectations - Market expectations for a rate cut by the end of the year hover around 50 basis points, with any hawkish comments from Fed officials likely to impact the dollar and interest rate outlook [6]. - Investors are closely monitoring upcoming testimonies from Fed Chairman Jerome Powell for insights into future monetary policy [5]. Gold Holdings and Investment Trends - Central banks are expected to increase their gold reserves, with 95% of surveyed banks anticipating growth in their holdings over the next 12 months [7]. - The SPDR Gold Trust, the largest gold ETF, saw an increase in holdings by 9.75 tons, reaching a total of 950.24 tons, marking the fifth consecutive week of accumulation [7]. Technical Analysis - Gold prices are currently in a bullish trend, with key resistance levels identified between $3400-$3424 and $3450-$3500 per ounce, while support levels are noted at $3372-$3360 and $3315-$3300 per ounce [7]. Domestic Market Insights - In the domestic market, gold futures have shown resilience, with key support at 775 CNY per gram and resistance levels identified between 790-795 CNY per gram [8].