As of November 22, the gold market shows sharp volatility amid conflicting factors centered on Fed policy and economic trends. Spot gold soared to a high of $4,101 per ounce driven by Fed rate - cut expectations, then pulled back to close slightly down 0.28% at $4,065.7 per ounce.
 
The rally was fueled by dovish Fed comments. Some officials advocated a 25 - basis - point cut in December, pushing the market's expected probability of a rate cut from 31% to 71%. However, opposing voices soon emerged, with other officials emphasizing maintaining restrictive policies to assess inflation impacts. Mixed U.S. economic data also added uncertainty—services PMI exceeded expectations, while manufacturing PMI and consumer confidence remained weak.gay massage
 
In contrast to the volatile international market, China's gold jewelry prices moved oppositely, rising by 10 yuan per gram overnight, with major brands quoting between 1,111 yuan and 1,307 yuan per gram. Gold recycling prices stayed stable at 915 yuan per gram.
 
Long-term support for gold remains solid. Global central banks have continued massive gold purchases for three consecutive years, with China's central bank increasing holdings for seven straight months. Factors like U.S.'s huge debt and weakened dollar credit also underpin gold prices. Short-term focus will be on the Fed's December meeting, as clearer policy signals may end the current volatile pattern.