贵金属日报2025-10-31：贵金属-20251031

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core View of the Report - The precious metals market has returned to being influenced by the Fed's monetary policy expectations. Powell's statement on the expansion of the balance sheet is a significant positive factor for gold and silver prices [1]. - The discussion on the balance sheet in the recent interest - rate meeting exceeded market expectations in the medium term. Although the balance - sheet reduction will end on December 1st, later than expected, Powell clearly stated that the Fed will expand the balance sheet again [2]. - After Powell's hawkish statement, the prices of gold and silver declined in the short term. The release of the Fed's loose monetary policy expectations still requires a certain period. The interest - rate meeting sent a signal that the December interest rate cut is still uncertain while strengthening the subsequent "interest rate cut + balance - sheet expansion" monetary policy idea. In the loose monetary policy cycle, it is recommended to buy silver on dips. The reference operating range for the main contract of Shanghai gold is 880 - 966 yuan/gram, and for the main contract of Shanghai silver is 11001 - 12366 yuan/kilogram [3]. 3. Summary According to Related Catalogs 3.1 Market Quotes - Shanghai gold rose 1.11% to 920.40 yuan/gram, and Shanghai silver rose 1.47% to 11448.00 yuan/kilogram. COMEX gold was reported at 4031.70 US dollars/ounce, and COMEX silver was reported at 48.70 US dollars/ounce. The US 10 - year Treasury yield was reported at 4.11%, and the US dollar index was reported at 99.53 [1]. - The key data of gold and silver on October 30, 2025, showed that the closing price of COMEX gold's active contract was 4038.30 US dollars/ounce, up 2.45% from the previous day; the trading volume was 24.25 million lots, down 13.72%; the position was 52.88 million lots, up 2.43%. The closing price of COMEX silver's active contract was 48.73 US dollars/ounce, up 3.08%; the position was 16.58 million lots, up 1.75% [6]. 3.2 Policy Information - The US Treasury Secretary responsible for the selection of the new Fed Chairman said that the final list will be submitted to Trump around Thanksgiving (late November) for selection, and the selection of the Fed Chairman will be completed before Christmas (late December) [1]. - The interest - rate meeting decided that the balance - sheet reduction will end on December 1st, later than market expectations. Powell clearly stated that the Fed will expand the balance sheet again, which is his first key statement on balance - sheet expansion in this interest - rate cut cycle [2]. 3.3 Strategy Suggestions - In the loose monetary policy cycle, it is recommended to buy silver on dips. The reference operating range for the main contract of Shanghai gold is 880 - 966 yuan/gram, and for the main contract of Shanghai silver is 11001 - 12366 yuan/kilogram [3].