财达期货｜贵金属周报：短期横盘蓄势-20251110

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Gold prices are in a short - term consolidation phase and are expected to continue rising in the medium and long term. Short - term international gold prices are supported at around $4000 per ounce, and prices may reach new highs in the medium and long term [2][8] 3. Summary by Related Content Gold Market Performance - Last week, gold prices were mainly in a sideways trend, with international gold prices remaining around $4000 per ounce [3] Macroeconomic Data - As of the end of October 2025, China's foreign exchange reserve scale was $3343.343 billion, up about $470 million from the end of September, an increase of 0.14%. The central bank's gold reserve at the end of October was 74.09 million ounces (about 2304.457 tons), a month - on - month increase of 30,000 ounces (about 0.93 tons) [3] Geopolitical Factors - The Russia - Ukraine conflict continues, with Russia strengthening its attacks. The intensification of the conflict in the short term supports gold prices [4] US Economic Situation - The US government shutdown has lasted for 38 days, the longest on record, which has had a significant impact on the economy. In November, the consumer confidence index dropped to 50.3, about 3 percentage points lower than last month and about 30% lower than the same period last year. The US labor market is cooling, and the probability of the Fed cutting interest rates by 25 basis points in December is 62.5% [5][6] Dollar Index - The dollar index rebounded above 100 but then weakened again, falling back to around 99.50 last Friday. A weaker dollar is beneficial for the stabilization of gold prices [8]