金瑞期货：流动性宽松与央行购金共振 共筑金银价格支撑

Macro News - The total global M&A transaction volume has exceeded $4 trillion, reaching $4.5 trillion, marking the second-highest level in history, only behind the 2021 M&A surge. More than half of this volume comes from the United States, with transactions involving U.S. companies totaling $2.3 trillion [1] - The European Union reported a trade surplus of approximately €1.5 billion with Russia in Q3 2025, marking the second consecutive quarter of surplus in trade with Russia and the first such occurrence since 2002 [1] Institutional Views - Precious metals prices generally declined in the previous trading day, with COMEX gold futures rising by 1.31% to $4,562.00 per ounce and COMEX silver futures increasing by 11.15% to $79.68 per ounce. Weak non-farm payroll and CPI data have slightly revived market expectations for interest rate cuts, supporting gold and silver prices [1] - Silver continues to be influenced by both industrial and financial attributes, experiencing strong growth driven by supply-demand gaps and tight spot markets. Long-term core drivers for gold and silver prices remain robust, including sovereign debt issues, geopolitical risks, and central bank gold purchases driven by de-dollarization [1] - The operational range for Comex gold is projected between $4,500 and $4,600 per ounce, while the operational range for Shanghai gold is between ¥1,000 and ¥1,050 per gram. Comex silver is expected to operate between $72 and $80 per ounce, and Shanghai silver between ¥17,200 and ¥19,500 per kilogram [1]