美国政府最长停摆结束，静待数据催化贵金属价格上行

Core Viewpoint - The precious metals market has experienced a rebound followed by a decline, with gold and silver prices showing fluctuations while palladium and platinum have decreased in value [1][2]. Precious Metals Market Summary - In the past two weeks, London spot gold increased by 1.49% to $4,071.10 per ounce, while the Shanghai Futures Exchange (SHFE) gold rose by 3.39% to ¥953.20 per gram, with SHFE gold holdings up by 0.39% to 347,600 contracts [1]. - London spot silver saw a rise of 6.23% to $52.01 per ounce, and SHFE silver increased by 7.95% to ¥12,351 per kilogram, with SHFE silver holdings up by 9.89% to 763,000 contracts [1]. - Conversely, London spot palladium fell by 5.46% to $1,385 per ounce, and platinum decreased by 3.59% to $1,532 per ounce [1]. Economic Factors Influencing Precious Metals - The recent rebound in gold and silver prices has not surpassed previous highs, primarily due to the end of the longest government shutdown in U.S. history, which is expected to lead to the release of key economic data [2]. - Multiple Federal Reserve officials have expressed hawkish views, dampening expectations for a rate cut in December, which may impact precious metals prices [3]. - The Trump administration is pursuing trade agreements to alleviate domestic food price inflation, which could influence economic conditions and, subsequently, precious metals [3]. Future Outlook - In the medium term, the "Trump 2.0" agenda focusing on tariffs and tax cuts may stabilize, while "rate cut trades" are expected to provide strong momentum for gold prices [4]. - Key upcoming events include the release of the non-farm payroll report on November 20, actual wage data on November 21, and the revised GDP figures on November 26 [4]. - Long-term projections suggest that the combination of "rate cut trades" and "Trump 2.0" will continue to support gold prices, with central bank purchases expected to provide a strong foundation for price increases [5]. - Recent data indicates that the People's Bank of China has increased its gold reserves, further supporting the bullish outlook for gold [5]. Investment Recommendations - The precious metals sector is rated positively, with a focus on specific stocks such as Zijin Mining International, Chifeng Jilong Gold Mining, and others [5].