金瑞期货：‌美联储宽松预期未改 金银逢低受撑

Macro News - The U.S. government revised down the non-farm employment numbers by 911,000 for the year ending in March, averaging a decrease of nearly 76,000 jobs per month, marking the largest downward revision since 2000 [1] - The U.S. Supreme Court will hear oral arguments in a significant trade dispute during the first week of November [1] - French President Macron appointed 39-year-old Defense Minister Sébastien Lecornu as the new Prime Minister amid a €3 trillion debt crisis [1] - Israel reported precision strikes against Hamas leaders in Qatar, confirming the deaths of five members in airstrikes, while Khalil al-Hayya was not assassinated [1] Institutional Perspectives - Precious metal prices generally retreated in the previous trading day, with COMEX gold futures down 0.37% at $3,663.80 per ounce and COMEX silver futures down 1.31% at $41.36 per ounce [1] - The downward revision of U.S. non-farm employment data exceeded market expectations, further confirming the weakness in the U.S. job market, leading to a short-term correction in precious metals [1] - Current bullish factors for gold include expectations of liquidity easing, as August non-farm data fell short of expectations, with the market fully pricing in rate cuts starting in September and three cuts within the year [1] - Concerns over the independence of the Federal Reserve were heightened by a court ruling declaring Trump's tariff policy illegal and the dismissal of Fed Governor Cook, alongside political instability in France and Japan, which increased uncertainty in non-U.S. markets and boosted safe-haven demand for gold [1] - Looking ahead, with declining employment and rising inflation, expectations for liquidity easing are likely to provide support for gold and silver prices, with limited downside potential in the short term [1] - The expected trading range for Comex gold is between $3,500 and $3,750 per ounce, while the Shanghai gold range is between ¥795 and ¥835 per gram [1] - The expected trading range for Comex silver is between $39 and $42 per ounce, and for Shanghai silver, it is between ¥9,500 and ¥10,000 per kilogram [1]