#美联储重启降息步伐 The latest initial jobless claims in the US have dropped to their lowest level in nearly two years, with continuing claims also down to 1.939 million and the insured unemployment rate steady at 1.3%—all these figures are sending the same signal: the job market is showing resilience beyond expectations.

Interestingly, this is a stark contrast to the disappointing ADP report for November, which showed a decrease of 32,000 jobs. However, the timeliness of the weekly official data speaks for itself, and the four-week moving average has also declined significantly, indicating the labor market still has a solid foundation.

For gold, short-term pressure is inevitable. But don’t jump to conclusions just yet—the market’s expectation for a rate cut in December is close to 90%, and we’ll have to see how the delayed nonfarm payrolls report plays out next. Where gold prices ultimately go will only become clear once we have a full picture from multiple data points.