Macro News - The Shanghai gold futures price is reported at 937.00 CNY per gram, with an increase of 1.09%. The opening price was 922.54 CNY per gram, with a daily high of 938.32 CNY and a low of 922.54 CNY [1] - Liu Jinsong, Director of the Asian Department of the Ministry of Foreign Affairs, expressed dissatisfaction with the results of consultations with Japan's Foreign Ministry, indicating a serious atmosphere during the meeting [1] - U.S. President Trump stated he has narrowed down candidates for the next Federal Reserve Chair, including current Fed governors and executives from BlackRock [1] Institutional Insights - Today's gold price closed at 4080.47 USD, with an intraday fluctuation of -105.53 USD. The 10-year TIPS real interest rate rose by 0.02% to 4.14%, which has a weak impact on gold [1] - The nominal interest rate changed by 0.03, and the dollar index changed by 0.1115, indicating a short-term strong pressure on gold prices. Since Q3, there has been a divergence between nominal interest rates and the dollar index, leading to a neutral outlook for gold prices [1] - As of the end of October, global gold ETF holdings stood at 3892.6 tons, which is relatively high for the year, indicating a positive performance in terms of capital [1] - Key macro events to watch include U.S. housing starts and building permits for October. Strong housing starts may suggest a robust economy, leading to upward pressure on nominal interest rates and gold prices. Conversely, weak data could support a decline in real interest rates, benefiting gold [1] - Concerns about data delays following the U.S. government shutdown continue to exist, amplifying demand for gold as a safe haven [1]
国海良时期货：黄金期货短期回调 中期避险需求仍在
Jin Tou Wang·2025-11-19 09:32