贵金属日报2025-10-28-20251028

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core View of the Report - The significant decline in precious metal prices is mainly due to the weakening market confidence in short - term gold purchases by global central banks influenced by overseas central bank officials' speeches, but it is a "correction in the upward trend" rather than a "trend reversal" based on geopolitical risks, weakening dollar credit, and the start of the Fed's interest - rate cut cycle. It is recommended to maintain a long - position strategy, buy on dips, with the reference operating range of the main contract of Shanghai Gold at 901 - 960 yuan/gram and that of Shanghai Silver at 10937 - 11690 yuan/kilogram [2][3] 3. Summary by Related Content Market Quotes - Shanghai Gold dropped 2.25% to 919.70 yuan/gram, and Shanghai Silver fell 2.44% to 11150.00 yuan/kilogram. COMEX Gold was reported at 4005.20 dollars/ounce, and COMEX Silver at 46.84 dollars/ounce. The 10 - year US Treasury yield was 4.01%, and the US dollar index was 98.79 [2] - The remarks of the former central bank governor of the Philippines about the large proportion of gold reserves and the internal debate on gold purchase or profit - taking led to a significant decline in gold prices and a weak performance of international silver prices [2] US Economic Data and Policy Expectations - The US CPI data in September was lower than expected, boosting the expectation of the Fed's loose monetary policy. There may be a lack of inflation data in November due to the government shutdown in October. The market has almost fully priced in two 25 - basis - point interest rate cuts by the Fed in the next two policy meetings [3] Strategy Suggestions - It is recommended to maintain a long - position strategy for precious metals, buy on dips. The reference operating range of the main contract of Shanghai Gold is 901 - 960 yuan/gram, and that of Shanghai Silver is 10937 - 11690 yuan/kilogram. Attention should be paid to Fed Chairman Powell's statement on the subsequent monetary policy path, especially regarding the balance sheet [3] Key Data of Gold and Silver - For gold: COMEX gold's closing price (active contract) decreased by 3.15%, trading volume increased by 11.06%, and open interest increased by 2.43%. LBMA gold's closing price dropped by 3.26%. Shanghai Futures Exchange (SHFE) gold's closing price decreased by 0.42%, trading volume increased by 3.58%, and open interest decreased by 0.10%. The settlement funds flowed out by 0.52%. AuT + D's trading volume increased by 0.19%, and open interest increased by 0.49% [5] - For silver: COMEX silver's closing price (active contract) decreased by 3.26%, open interest increased by 1.75%, and inventory decreased by 0.88%. LBMA silver's closing price dropped by 1.33%. SHFE silver's closing price increased by 0.55%, trading volume decreased by 12.01%, and open interest decreased by 2.44%. The settlement funds flowed out by 1.91%. AgT + D's trading volume decreased by 31.62%, and open interest increased by 1.79% [5]