全球?险资产情绪?低，贵?属震荡延续

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - The precious metals market is expected to maintain a volatile pattern in the short - term, lacking significant drivers after the temporary easing of trade frictions and the outcome of the October interest - rate meeting. Attention should be paid to the trading window in December, when there may be a game around next year's interest - rate cut space before and after the December interest - rate meeting. [4] - The long - term price center of gold is expected to move upward as debt over - issuance and anti - globalization drive the decline of the US dollar's credit, and gold is the preferred asset to hedge against the US dollar's credit risk. Silver is expected to follow a similar trend, with its price center also moving up in the long run. [4] - The expected price range for London gold this week is [3800, 4200], and for London silver is [46, 52]. [4] 3) Summary by Related Catalogues a. Market Situation - On Tuesday, precious metal prices remained volatile. The US dollar index rebounded above 100 for the first time in nearly two months, the commodity market generally declined, and the global equity market declined in resonance. [2][4] - The US government shutdown has entered its 35th day, tying the 2018 record. The market anticipates a resumption of work in mid - November, and attention should be paid to subsequent US labor data. [2][3][4] b. Key Information - As of November 4th, the US federal government shutdown entered its 35th day, tying the longest shutdown record in US history. The Democratic and Republican parties have been deadlocked, and the Senate will hold its 14th vote on November 4th. [3] - US Treasury Secretary Bessent expects robust and high - speed growth next year without triggering inflation, and believes that inflation and interest rates will decline. [3] - Federal Reserve Governor Bowman said that implementing the Basel Accords is a priority, but capital standards cannot be considered in isolation from reality. [3] c. Index Data - On November 4, 2025, the comprehensive index of the CITIC Futures Commodity Index was 2229.67, down 0.92%; the Commodity 20 Index was 2521.83, down 0.98%; the industrial products index was 2213.57, down 1.07%. [45] - The precious metals index on November 4, 2025, was 3217.48, with a daily decline of 1.10%, a 5 - day increase of 0.09%, a 1 - month increase of 4.79%, and a year - to - date increase of 45.43%. [47]