贵金属逐步企稳，或继续构筑震荡平台

Group 1: Report Summary - Report title: "Precious Metals Weekly Report (AU, AG): Precious metals gradually stabilize and may continue to build a volatile platform" [1] - Report date: November 10, 2025 - Core view: In the short term, precious metal prices are expected to remain range - bound, but there is still upward potential in the long term. The underlying logic of the precious metals bull market remains solid. It is recommended to focus on long - term allocation by buying on dips [5] Group 2: Market and Influencing Factors - Market performance last week: Precious metals generally stabilized and built a volatile platform. In the first half of the week, the precious metal prices were affected by the rising US dollar index and the Fed's cautious attitude towards a December rate cut. Later, the prices rebounded due to increased market uncertainty and the alleviation of US dollar liquidity tensions [3] - Key influencing factors: The US dollar index breaking through 100, the Fed's attitude towards a December rate cut, the US employment market situation, consumer confidence, the US government shutdown, and the potential impact of Trump's tariff rulings [3][5] Group 3: Data Tracking Gold - related data - London spot gold: $4000.289/ounce, down $2.401 (- 0.06%) from the previous period [4] - Shanghai gold futures: 921.26 yuan/gram, down 0.66 yuan (- 0.07%) from the previous period [4] - Gold SPDR - ETF holdings: 1042.06 tons, up 2.86 tons (0.28%) from the previous period [4] Silver - related data - London spot silver: $48.3260/ounce, down $0.3302 (- 0.68%) from the previous period [4] - Shanghai silver futures: 11484 yuan/kg, up 43 yuan (0.38%) from the previous period [4] - Silver SLV - ETF holdings: 15089 tons, down 101 tons (- 0.67%) from the previous period [4] Group 4: Outlook and Strategy - Short - term outlook: Precious metal prices are expected to remain range - bound. It is recommended to pay attention to the progress of the US government shutdown and Trump's tariff rulings [5] - Long - term outlook: The precious metals bull market's underlying logic remains solid. The continuous rise in the US federal government debt, the Fed's rate - cut cycle, complex global geopolitical situations, and continued central bank gold purchases will support the upward movement of the gold price center [5] - Strategy: It is recommended to focus on long - term allocation by buying on dips [5] Group 5: Central Bank Gold Purchases - China's central bank: Increased gold reserves for the 12th consecutive month. As of the end of October, China's gold reserves were reported at 74.09 million ounces (about 2304.457 tons), a month - on - month increase of 30,000 ounces (about 0.93 tons) [89] - Global central banks: Net gold purchases of about 633.6 tons in the first three quarters of 2025, a year - on - year decrease of about 12.1%. The third - quarter purchases increased by 27.85% quarter - on - quarter to 219.9 tons [89]