On December 5, gold prices fluctuated and adjusted in the morning session but rebounded strongly in the afternoon. New York gold prices once again climbed above the $4,250 mark. By the close of A-shares, COMEX gold futures were trading around $4,257 per ounce. The ChinaAMC Gold ETF (518850) rose 0.81%, the Gold Stock ETF (159562) rose 2.25%, and the Nonferrous Metals ETF Fund (516650) rose 2.21%.

Recent labor market data has presented mixed signals: Thursday's data showed initial jobless claims last week fell to a more than three-year low, but Wednesday's ADP report indicated a decrease in private sector employment. Market attention has now fully shifted to the U.S. September PCE price index to be released tonight, which is the Federal Reserve's preferred inflation gauge.

Jan Hatzius, Chief Economist at Goldman Sachs, believes that the recently delayed September non-farm payroll report shows clear signs of cooling in the U.S. labor market. This likely means a 25-basis-point Fed rate cut in December is almost a done deal. Goldman Sachs believes that the rise in the U.S. inflation rate is unlikely to disrupt their forecast for the federal funds rate. Underlying inflation in the U.S. has fallen to about 2%, and once the tariff passthrough effects end around mid-2026, actual core PCE inflation should decline further.