机构看金市：11月4日

Group 1 - The long-term bullish logic for precious metals remains unchanged despite short-term pressures on gold prices due to hawkish signals from Powell and a decline in safe-haven demand [1] - The ongoing U.S. government shutdown reflects fiscal pressures and bipartisan conflicts, which may negatively impact the global dollar credit system [1] - Concerns over global debt and monetary policy are driving central banks and investors to continue purchasing gold, supporting future price increases [1] Group 2 - The recent dovish statements from Fed officials, including Cook and Daly, suggest a potential rate cut in December, influenced by weak economic data [2] - The latest U.S. manufacturing PMI of 48.7 indicates a contraction, reinforcing market expectations for interest rate cuts and providing short-term support for gold and silver prices [2] - UBS maintains that gold is a resilient investment strategy amid ongoing economic and geopolitical uncertainties, with a price target of $4,700 per ounce [2] Group 3 - Citi reports that new tax regulations may increase gold procurement costs for jewelers by up to 7%, potentially impacting the profitability of major players in the industry [2] - The industry is currently analyzing the implications of the new tax policy, which could lead to price increases to offset cost pressures [2] - The competitive landscape may favor leading companies if they can effectively manage the increased costs associated with the new regulations [2]