贵金属日评：美国出现局部信贷危机或支撑贵金属价格-20251017

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The emergence of a partial credit crisis in the US is likely to support the prices of precious metals. Issues such as bad commercial mortgages and other loans in some enterprises have led to significant losses for banks and non - bank financial institutions. The Fed's potential future interest - rate cuts, possible halt of balance - sheet reduction, the uncertainty of the US federal government shutdown and Sino - US tariff policies, the expansion of fiscal deficits in many countries, geopolitical risks, and continuous gold purchases by central banks around the world will support precious metal prices in the medium and long term [1] 3. Summary by Relevant Catalogs Market Data - Shanghai Gold: On October 16, 2025, the closing price was 967.29 yuan/gram, up 8.79 yuan from the previous day and 69.55 yuan from the previous week. The trading volume was 87,610, and the open interest was 237,192 [1] - Shanghai Silver: On October 16, 2025, the closing price was 11,981 yuan/ten - grams, up 20 yuan from the previous day. The trading volume was - 334,170, and the open interest was 3,689,574 [1] - COMEX Gold Futures: On October 16, 2025, the closing price was 4,344.30, up 283.70 from the previous week. The trading volume was 366,807, and the open interest was 372,229. The inventory was 39,148,090.82 troy ounces [1] - COMEX Silver Futures: On October 16, 2025, the closing price was 53.43, up 0.91 from the previous day. The trading volume was 22,066, and the open interest was 130,385. The inventory was - 548,170.82 troy ounces [1] - London Gold Spot: On October 16, 2025, the price was 4,261.95 dollars/ounce, up 57.35 from the previous day [1] - London Silver Spot: On October 16, 2025, the price was 53.02 dollars/ounce, up 0.44 from the previous day [1] Important Information - Two US banks disclosed loan fraud and bad - debt problems, triggering a sell - off due to a credit crisis [1] - There are differences in the Fed's interest - rate cut pace. Waller advocates cautious rate cuts, while Milan calls for a larger 50 - basis - point rate cut [1] Investment Strategy - The main strategy is to place long positions after price pullbacks. For London gold, pay attention to the support level around 3600 - 3800 and the resistance level around 4383 - 4778; for Shanghai gold, the support level is around 790 - 810 and the resistance level is around 1000 - 1100. For London silver, the support level is around 40 - 47 and the resistance level is around 57 - 68; for Shanghai silver, the support level is around 9000 - 11000 and the resistance level is around 13000 - 14800 [1]