Analysis: The core impact of tonight's non-farm payroll data on the market lies in whether it will change the pace of the Federal Reserve's interest rate cuts.

The core impact of tonight's non-farm payrolls data on the market lies in whether it changes expectations regarding the pace of Fed rate cuts and the path of real interest rates: If employment and wages are significantly stronger than expected, rate cut expectations will be compressed, the dollar will strengthen, and gold will be under pressure; if the data largely meets expectations, the market will maintain a "soft landing" pricing, and the dollar and gold will mainly fluctuate; if non-farm payrolls are significantly weaker and wages slow in tandem, rate cut expectations will strengthen, the dollar will weaken, and gold will benefit. However, if a structural divergence emerges—weakening employment while wages remain relatively strong—then inflation stickiness and slowing growth will coexist, policy expectations will fluctuate, the dollar and gold will become more volatile, and gold will be more likely to be under pressure. (Jinshi)