In overnight trading on February 11, spot gold in London showed a weak and fluctuating trend. COMEX April gold futures fell by 0.95%, while SHFE gold declined by 0.38%. The second round of U.S.-Iran negotiations is scheduled for next week, accompanied by renewed military threats from the United States. Additionally, disappointing U.S. retail data put pressure on the dollar index, providing some support for commodity prices. As the Spring Festival holiday approaches, gold traders are advised to observe more and act less.

Macroeconomic data fell short of expectations. Overnight, the U.S. released December retail sales figures, which unexpectedly stagnated with zero growth month-over-month, missing expectations of a 0.4% increase and the previous reading of 0.6%. Among 13 retail categories, eight showed declines. January employment data is set to be released this week, with market expectations for non-farm payrolls to reach 68,000. However, earlier this week, Hassett hinted that the figures might fall below expectations. Attention should be paid to fluctuations in the dollar index and precious metals. Geopolitical tensions show no signs of easing, as the U.S. announced that the second round of talks with Iran will take place next week, accompanied by a military threat: "If U.S.-Iran negotiations fail, an additional carrier strike group may be deployed to the Middle East." With only three trading days left before the long holiday, a cautious approach is recommended for short-term gold trading.