沪金沪银：2025.10.13行情及后市策略分析

Core Viewpoint - Federal Reserve officials support two more interest rate cuts this year, each by 25 basis points, and believe that tariffs will not lead to sustained inflation [1] Economic Outlook - The U.S. GDP growth forecast for this year has been revised up to 1.8% from the previous 1.3% [1] - Employment growth is still expected to remain weak [1] Market Movements - On October 13, 2025, the Shanghai gold futures opened at 904.88 CNY/g and closed at 927.56 CNY/g, a change of 2.88% [1] - The Shanghai silver futures opened at 11,189.00 CNY/kg and closed at 11,531.00 CNY/kg, a change of 4.05% [1] - The trading volume for gold contracts was 618,953, an increase of 100.67% [1] - The trading volume for silver contracts was 2,823,544, an increase of 161.01% [1] Bond Market - The U.S. 10-year Treasury yield closed at 4.057%, an increase of 0.38 basis points [1] - The yield spread between the 10-year and 2-year Treasury bonds was 0.531%, an increase of 0.18 basis points [1] Precious Metals ETF - As of October 13, 2025, gold ETF holdings remained at 1,017.16 tons, while silver ETF holdings increased by 310 tons to 15,754 tons [1] Trading Strategy - The strategy for gold is cautiously bullish, with the Au2512 contract expected to fluctuate between 925 CNY/g and 955 CNY/g [1] - The strategy for silver is also cautiously bullish, with the Ag2512 contract expected to fluctuate between 11,500 CNY/kg and 11,800 CNY/kg [1]