市场风险偏好回升，金价承压

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - Last week, the gold price rose first and then fell, dropping by more than 7% from the high during the week and then stabilizing and rebounding. The decline was due to the easing of Sino-US trade tensions, the expectation of a ceasefire in Russia-Ukraine, and strong profit-taking intentions after the significant increase since September. The short - term easing of Sino - US trade friction reduced the safe - haven demand and increased market risk appetite, which was negative for the gold price. The lower - than - expected US CPI in September made the market expect a steady progress of US interest rate cuts, which was positive for the gold price. The sharp decline in the gold price increased the profit - taking intention of previous long positions, breaking the short - term strong pattern. Attention should be paid to the support of the 20 - day moving average [5][23] Group 3: Summary by Relevant Catalog 1. Market Review 1.1 Weekly Trend - The report presents a graph showing the linkage between the US dollar index and COMEX gold futures closing price [9] 1.2 Indicator Changes | Indicator | 10/24 | 10/17 | Weekly Change | | --- | --- | --- | --- | | COMEX Gold | 4,126.90 | 4,267.90 | -3.30% | | COMEX Silver | 48.41 | 50.63 | -4.38% | | SHFE Gold Main Contract | 938.10 | 999.80 | -6.17% | | SHFE Silver Main Contract | 11,332.00 | 12,249.00 | -7.49% | | US Dollar Index | 98.94 | 98.55 | 0.39% | | USD/CNH | 7.13 | 7.13 | -0.02% | | 10 - Year US Treasury Real Yield | 1.73 | 1.75 | -0.02 | | S&P 500 | 6,791.69 | 6,664.01 | 1.92% | | WTI Crude Oil Continuous | 61.44 | 57.64 | 6.59% | | COMEX Gold - Silver Ratio | 85.25 | 84.30 | 1.12% | | SHFE Gold - Silver Ratio | 82.78 | 81.62 | 1.42% | | SPDR Gold ETF | 1,046.93 | 1,047.21 | -0.28 | | iShare Gold ETF | 484.26 | 487.19 | -2.93% | [10] 2. Gold Price Rise and Fall - Last week, the US dollar index and Treasury yields stabilized and rebounded, and the gold price fell from a high level. The overall market risk appetite increased, and the risk - aversion sentiment decreased significantly [14][15] 3. Tracking of Other Indicators - Last week, international gold ETFs showed outflows. Precious metals rose and then fell, silver had a larger decline, and the gold - silver ratio fluctuated and rebounded [18][22] 4. Conclusion - The conclusion is consistent with the core viewpoints, emphasizing the reasons for the rise and fall of the gold price, the impact of Sino - US trade and US economic data on the gold price, and the change of the short - term pattern of the gold price, as well as suggesting to pay attention to the support of the 20 - day moving average [23]