贵金属周报：金价牛市未结束-20251013

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - The bull market for gold prices continues, and the upward trend for silver prices remains unchanged, although silver's short - term upward momentum is weaker than that of gold [4][5]. 3. Summary by Related Content - Market Performance Last Week: Due to the National Day holiday, there were only two trading days last week. During the holiday, the overseas gold price soared, breaking through $4000 per ounce, and silver approached the $50 per ounce mark. After the domestic futures market opened, gold and silver prices rose significantly to catch up, but then the market reversed due to the cease - fire agreement in the Israel - Palestine conflict [3]. - Reasons for Market Fluctuations: The rise in precious metal prices was mainly driven by the expectation of the Fed's interest rate cut and the U.S. government shutdown. The cease - fire in the Israel - Palestine conflict led to a short - term decline in market risk - aversion sentiment. The new round of the Sino - U.S. trade war caused the U.S. stock market to fall on Friday, increasing market risk - aversion and potentially causing U.S. inflation to get out of control, which is beneficial for the rise of gold prices [3][5]. - Analysis of the Market Top: There is no evidence from either the technical or fundamental aspects to conclude that the gold price has reached its historical peak. The current situation is more likely a mid - rise pause. Geopolitical conflicts, central banks' reduction of the U.S. dollar and increase of gold reserves, and the Fed's potential for further interest rate cuts all support the precious metal prices [4][5].