申银万国期货：‌数据扰动难撼央行购金潮，金银高位整固酝酿新机

Macro News - The Shanghai gold futures price is currently at 921.26 CNY per gram, with an increase of 0.72%, opening at 920.30 CNY and reaching a high of 922.84 CNY and a low of 912.00 CNY [1] - Federal Reserve Governor Milan anticipates a rate cut in December, suggesting a preference for 50 basis points towards a neutral rate, while most colleagues favor 25 basis points [1] - The U.S. government has reached a price reduction agreement for GLP-1 weight loss drugs with Eli Lilly and Novo Nordisk, with Eli Lilly investing $27 billion and Novo Nordisk $10 billion in new U.S. factories, reducing drug prices to $245 per month [1] - NVIDIA's CEO Jensen Huang claims that China will win the AI race due to a more favorable regulatory environment and lower energy costs, criticizing Western cynicism that hinders progress [1] - OpenAI's founder Sam Altman projects annual revenue exceeding $20 billion in 2024, potentially reaching several hundred billion by 2030, discussing loan guarantees for semiconductor manufacturing [1] Institutional Perspectives - Recent fluctuations in gold and silver prices have been noted, with a significant increase in liquidity risk due to ongoing U.S. government shutdown concerns [2] - The U.S. ADP employment numbers for October increased by 42,000, significantly surpassing the expected 30,000, while the ISM services PMI rose to 52.4, the highest in eight months [2] - The U.S. Federal Reserve cut rates by 25 basis points and plans to end quantitative tightening on December 1, with Powell indicating a hawkish stance on future rate cuts [2] - Geopolitical risks, particularly related to Russia and Ukraine, have eased, with recent U.S.-China talks reaching a basic consensus [2] - Amid rising global distrust in the financial system and worsening U.S. fiscal deficits, central banks are increasing gold reserves, enhancing gold's perception as a safe-haven asset [2] - Following rapid price increases, gold is experiencing a correction phase as driving factors weaken [2]