20231206-建信期货-贵金属日评_5页_2mb

Summary of Precious Metals Market Report

Date: 2023年12月6日

• Daily Market Overview: During the trading day, gold prices experienced significant volatility due to lack of liquidity, pushed higher by empty bids to near historical record levels but retreated amid dollar strength and profit-taking, resulting in a daily wave exceeding 100 dollars, the first such move since November 2020.

• Mid-term Outlook for 2024: Anticipate cautious US Federal Reserve policies, leading to fewer interest rate changes; maintained high US Treasury yields and dollar index levels potentially lower than 2023, providing persistent economic risk factors that may support gold but limit strong gains. For China, fiscal stimulus could foster a modest economic recovery, with limited yuan depreciation amid narrow US-China rate disparities, sustaining a slow upward trajectory in domestic gold prices.

• Key Macro Events: Notable recent events include ongoing Israel-Gaza conflict reports, European Central Bank official statements on inflation and rate patience, and US economic data indicating softer factory orders, reflecting global uncertainties affecting precious metals markets.

By: CITIC Futures Macroeconomic Research Team (Researchers, qualifications listed)