The number of non-farm payrolls in the United States increased significantly by 256,000 in December, far exceeding the market expectation of 160,000, and the unemployment rate also dropped from 4.2% to 4.1%, reflecting the continued hot job market. Although this data usually puts pressure on gold prices, gold rebounded quickly after a brief decline, with an increase of more than $30. Considering that December is the peak season for employment and is affected by natural disasters, it is expected that non-farm data will remain strong in the future. After the release of non-farm data, U.S. stocks performed poorly, U.S. bond yields rose, and the market’s expectations for the Fed’s interest rate cut in 2025 weakened. Some analysts even believe that the interest rate hike cycle may be restarted.