机构提示黄金、白银长假持仓风险，可能短期波动

Core Viewpoint - Since the end of August, gold and silver futures prices have been on a continuous rise due to heightened geopolitical risks and expectations of interest rate cuts by the Federal Reserve, with gold prices reaching historical records and silver prices approaching historical highs [1] Group 1: Market Dynamics - The market maintains an optimistic long-term outlook for precious metals despite warnings from several institutions about holding positions during the upcoming National Day holiday [1] - The Federal Reserve's interest rate cut cycle has begun, with expectations for two more cuts within the year, serving as a core driver for gold and silver prices [1] - Ongoing conflicts in the Middle East are increasing global risk aversion, further supporting precious metal prices [1] Group 2: Demand and Supply Factors - Continuous gold purchasing demand from global central banks and the strong industrial application prospects for silver are providing price support in the precious metals market [1] - Technical correction pressure exists for precious metals prices after a series of highs, indicating potential volatility in the short term [1] Group 3: Potential Risks - Recent hawkish signals from multiple Federal Reserve officials may lead to profit-taking by bullish investors, which could amplify short-term price fluctuations [1]