20251203-华泰期货-贵金属日报_美国ADP就业数据表现弱势_巩固降息预期_7页_1mb

Market conditions are influenced by weak US ADP employment data, which reinforces expectations for Federal Reserve interest rate cuts. ISM services PMI is at a nine-month high but shows mixed signs in new orders and price pressures. Trade tariffs remain a concern, with legal challenges ongoing.

Gold trading closed at 956.7, declining slightly by 0.18% amid slowened volume, while silver increased by 1.18% with higher volume. ETF holdings saw silver gain 61 tons, gold unchanged. Strategies for both metals suggest cautious bullishness due to rate cut hopes, with a recommended spread play to sell the gold-silver ratio, though options are to be held off.

Risks highlighted include potential overseas liquidity issues and the ongoing departure of speculator positions.