Oil prices retreat, easing inflation concerns; precious metals rise across the board as the market awaits US inflation data.

⑴Spot gold rose by 0.68% to $4,092.10 per ounce, and December US gold futures simultaneously increased by 0.68% to $4,101.80 per ounce. The weaker US dollar combined with falling oil prices has eased inflation concerns. ⑵Trading data shows that the probability of a Fed rate hike in December has risen to 79%. Last Friday's robust non-farm payroll data fueled expectations of tightening; this Tuesday's CPI and Friday's PPI will be key for policy assessment. ⑶The market expects a de-escalation in the Middle East, combined with the results of the midterm elections, leading capital to anticipate a possible reconciliation between the US and Iran. At the same time, expectations of stricter regulation may slow down AI capital expenditures and curb inflation. ⑷Other precious metals also strengthened: spot silver rose by 1.15%, platinum by 0.76%, and palladium by 0.84%. ⑸Analysts pointed out that if inflation readings exceed expectations, it would further support rate hike expectations and suppress gold prices; if inflation falls short of expectations, it is likely to boost a continued rebound in gold prices.