贵属策略：贵?属价格延续震荡运

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Precious metal prices are expected to maintain a short - term oscillating pattern, with a trading window in December. In the long run, the price center of gold is expected to move upward, and silver's price center is expected to follow gold's long - term upward trend [1][3][6]. - Gold is the preferred asset to hedge against US dollar credit risks, and the global central bank's gold - buying trend continues [6]. 3. Summary by Related Catalogs 3.1 Price Logic - On Monday, precious metal prices oscillated. After the domestic market opened, prices fell slightly and then recovered. The domestic gold tax adjustment policy had little impact on the gold market, but some spot gold prices increased due to tax transfer after the reform [1][3]. - After the phased easing of trade frictions and the October interest - rate meeting, there is no significant driver for precious metal prices this month. In December, there may be a game around next year's interest - rate cut space. Personnel changes at the Fed may become a positive driving factor. In the long run, over - issued debt and de - globalization drive the decline of the US dollar's credit, making gold a good hedge [3][6]. 3.2 Key Information - According to a poll, 52% of US voters think the Republican Party is responsible for the government shutdown, 42% blame the Democratic Party, and 4% think both are responsible. The proportion blaming the Democratic Party is the highest in nearly 30 years [2]. - The US Supreme Court will hold a hearing on Trump's "reciprocal tariff" policy. Trump believes it is one of the most important rulings in the court's history and warns of serious consequences if he has to abandon the policy [2]. - US Treasury Secretary Bessent said that parts of the US economy may be in recession due to high interest rates and called on the Fed to cut rates faster. Stephen Milan, a dovish Fed official, also called for more aggressive rate cuts [2]. 3.3 Market Outlook - This week, the price of London gold is expected to be in the range of [3800, 4200], and London silver in the range of [46, 52] [6]. 3.4 Index Performance - On November 3, 2025, the composite index of CITIC Futures commodities showed that the commodity index was 2250.33 (+0.10%), the commodity 20 index was 2546.82 (+0.02%), the industrial products index was 2237.50 (+0.09%), and the PPI commodity index was 1352.44 (+0.15%) [44]. - The precious metals index on November 3, 2025, was 3253.40, with a daily increase of 0.09%, a 5 - day increase of 2.76%, a 1 - month increase of 7.80%, and a year - to - date increase of 47.05% [45].