贵?属调整?情延续

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - Precious metals continued the adjustment trend on Wednesday, with the decline narrowing compared to the previous day. They may enter a monthly - level adjustment, but the long - term bull market trend remains intact. The key factors to watch are Fed's monetary policy, personnel changes, geopolitical and trade changes [1][3] Group 3: Summary of Key Information from Different Sections 1. Key News - Trump said that China and the US would reach a trade agreement at the APEC summit next week, but the two heads of state may not meet. The Chinese Foreign Ministry responded that they maintain close communication, and no specific information is available [2] - New Japanese Prime Minister Kaochi Sanae is preparing an economic stimulus plan worth over 13.9 trillion yen (about $92.19 billion) to help families cope with inflation. The plan focuses on anti - inflation measures, investment in growth industries, and national security. The specific scale is being finalized and may be announced next month [2] - UK's September CPI increased 3.8% year - on - year (expected 4%, previous 3.8%), and was flat month - on - month (ending the growth since February 2025, expected 0.2%, previous 0.3%). Core CPI increased 3.5% year - on - year (expected 3.7%, previous 3.6%) [2] 2. Price Logic - Precious metals continued the adjustment on Wednesday, with better performance during the Asian trading session. The price difference between domestic and overseas markets continued to repair upwards. Future focuses include Fed's monetary policy (the expectation of three rate cuts this year is well - priced, but 2026's rate - cut expectation is not), personnel changes (new Fed chair nomination may be confirmed after Thanksgiving), and the potential impact of Kaochi Sanae's right - wing tendency. In the long run, the bull market remains due to the shrinking of the US dollar's credit [3] 3. Outlook - This week, the price range of spot London gold is expected to be between $3900 and $4400 per ounce, and that of spot London silver is expected to be between $46 and $55 per ounce [3] 4. Commodity Index - The comprehensive index is not detailed. The special indices include the commodity index (2234.80, - 0.20%), the commodity 20 index (2531.94, - 0.48%), and the industrial products index (2204.41, + 0.87%) [42] 5. Sector Index - For the precious metals index on October 22, 2025, the daily decline was 3.94%, the decline in the past 5 days was 2.56%, the increase in the past month was 12.63%, and the increase since the beginning of the year was 50.14% [44]