金价震荡运行：贵金属周报-20251110

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - Recently, the gold price has shown a volatile consolidation pattern. New York gold fluctuates around the $4,000 mark, and the corresponding Shanghai gold fluctuates around 915 yuan [6][23]. - Factors influencing the gold price recently include: Fed policy divergence leading market sentiment, with multiple officials making hawkish statements, reducing the expectation of a December interest rate cut and pressuring the gold price; the risk of a US government shutdown and the delay in key economic data release weakening the US dollar's fundamentals and providing some safe - haven support for the gold price; the US dollar index hitting a three - month high, suppressing the gold price, but a short - term pullback in the US dollar index and pressure at the 100 mark corresponding to a recovery sign in the gold price [6][23]. - In the short term, the gold price is under pressure. Continuously monitor the long - short game of New York gold at $4,000. In the medium - to - long term, the safe - haven allocation demand for gold still exists. If it declines, pay attention to the support at $3,900 and the 60 - day moving average [6][23]. Group 3: Summary by Directory 1. Market Review 1.1 Weekly Trend - The report presents a chart of the US dollar index linkage, but no specific content about the weekly trend is described [10]. 1.2 Indicator Changes | Indicator | November 7 | October 31 | Weekly Change | | --- | --- | --- | --- | | COMEX Gold | $4,007.80 | $4,013.40 | - 0.14% | | COMEX Silver | $48.23 | $48.25 | - 0.05% | | SHFE Gold Main Contract | 921.26 yuan | 921.92 yuan | - 0.07% | | SHFE Silver Main Contract | 11,484.00 yuan | 11,441.00 yuan | 0.38% | | US Dollar Index | 99.55 | 99.73 | - 0.18% | | US Dollar against Off - shore RMB | 7.12 | 7.12 | 0.03% | | 10 - year US Treasury Real Yield | 1.83 | 1.81 | + 0.02 | | S&P 500 | 6,728.80 | 6,840.20 | - 1.63% | | US Crude Oil Continuous | $59.84 | $60.88 | - 1.71% | | COMEX Gold - Silver Ratio | 83.11 | 83.18 | - 0.09% | | SHFE Gold - Silver Ratio | 80.22 | 80.58 | - 0.45% | | SPDR Gold ETF | 1,042.06 tons | 1,039.20 tons | + 2.86 tons | | iShare Gold ETF | 481.84 tons | 483.00 tons | - 1.16 tons | [11] 2. Gold Price Volatility - Last week, the US dollar index rose and then fell, once breaking through the 100 mark and the high in late July. As the US dollar pulled back, the gold price gradually strengthened in the short term [13]. - Last week, market risk appetite declined, and the US stock market declined and then stabilized [15]. 3. Tracking of Other Indicators - Last week, the gold price stabilized with fluctuations, and the outflow from ETFs slowed down [17]. - Last week, precious metals stabilized with fluctuations, and the gold - silver ratio fluctuated weakly [19]. 4. Conclusion - The conclusion is consistent with the core viewpoints, stating the current consolidation pattern of the gold price, influencing factors, short - term pressure, and medium - to - long - term safe - haven demand [23].