On November 6, driven by rising risk aversion, gold prices climbed during the session. However, consecutive hawkish comments from Federal Reserve officials cooled expectations for interest rate cuts, causing gold prices to retreat from their highs. By the close, COMEX gold futures fell 0.20% to $3,984.80 per ounce. At the end of the Asian market session, the Gold ETF Hua Xia (518850) rose 0.55%, and the Gold Stock ETF (159562) rose 1.47%.

On the news front, data showed that according to the employment consulting firm Challenger, Gray & Christmas, U.S. companies announced 153,074 layoffs in October, a year-on-year increase of 175.3%, hitting a seven-month high, compared to a previous decrease of 25.8%; month-on-month, it increased by 183%, compared to a previous decrease of 37.11%. On Thursday local time, Federal Reserve officials, including 2026 FOMC voting member and Cleveland Fed President Mester, and Chicago Fed President Goolsbee, delivered relatively hawkish remarks, expressing discomfort with continuing to cut rates.

CITIC Futures analysis pointed out that precious metal prices currently lack significant drivers and are expected to maintain a volatile pattern in the short term. Focus is on the trading window in December; around the December FOMC meeting, there might be positioning for next year's rate cut possibilities. Additionally, a U.S. Treasury official mentioned that the nomination for the new Fed Chair is expected to be confirmed before Christmas, and the independence risks associated with the personnel change might then become a positive driver again. In the long term, excessive debt issuance and deglobalization are core factors driving the decline in U.S. dollar credibility. Gold, as a supra-sovereign currency, remains the preferred asset for hedging against U.S. dollar credit risk. The trend of global central banks purchasing gold continues, and the long-term price center for gold is expected to maintain an upward trajectory.