金价短期调整承压，长期支撑仍存

Overview - The recent trend in gold and silver prices shows a slowdown in the downward movement, with prices stabilizing near early October levels, indicating a shift towards a more rational market sentiment [1] Core Influencing Factors - Progress in US-China trade talks has reduced safe-haven demand, as both sides reached a basic consensus on key economic issues, leading to decreased concerns over geopolitical risks and increased selling pressure on gold and silver [2] - The Federal Reserve's recent decision to cut interest rates by 25 basis points to a target range of 3.75% to 4.00% reflects a risk management approach, with internal divisions on future rate cuts, contributing to a stronger US dollar and lower gold and silver prices [3][4] Market Dynamics and Outlook - Gold and silver price fluctuations are primarily driven by policy expectations, geopolitical risks, and market sentiment, with recent easing of previously supportive factors leading to price adjustments [5] - The ongoing uncertainty in global economic and geopolitical landscapes may continue to impact gold and silver prices in the short term, while the Fed's rate cut cycle and existing supply-demand gaps provide long-term support [5] - Central bank gold purchasing trends are crucial; a reported increase of 28% in global central bank gold purchases in Q3 2025 could bolster market sentiment and limit price adjustments [6]