Report Investment Ratings - Gold: ☆☆☆ [1] - Silver: ☆☆☆ [1] Core Viewpoints - Overnight, precious metals rose. The positive progress in the US government shutdown negotiation is expected to restart soon. Although it weakens the impact on the economy, it is beneficial to the release of short - term liquidity. After the official data is released, the market will continue to weigh the economic and Fed policy prospects. Precious metals currently lack a strong driver and may continue to build a high - level shock platform. The international gold price should focus on the resistance around $4150 per ounce [1] Other Key Points US Temporary Appropriation Bill Progress - The US Senate voted to pass the temporary appropriation bill and submitted it to the House of Representatives for review [1] - The US House of Representatives is expected to vote on the bill at 5 am Beijing time on Thursday [1] Fed Officials' Views - Fed Governor Milan: The possibility of the end of the government shutdown has not significantly changed the outlook. A 50 - basis - point interest rate cut in December is appropriate, and at least a 25 - basis - point cut should be made [2] - Fed's Musalem: The labor market is close to full employment and is currently cooling. The room for further policy easing is limited. Caution must be exercised [2] - Fed's Daly: There is no inflation pressure from labor costs. Policymakers need to keep an open mind about further interest rate cuts [2] Trade Agreement News - Foreign media said that Switzerland is close to reaching an agreement with the US, and the tariff rate will be reduced to 15%. Trump responded that he is discussing an agreement to lower tariffs with Switzerland, and the figures are not determined [2] - Trump: Close to reaching a trade agreement with India, which is very different from past agreements [2] China's Gold Production and Consumption Data - In the first three quarters of 2025, domestic raw material gold production was 271.782 tons, an increase of 3.714 tons or 1.39% year - on - year. Imported raw material gold production was 121.149 tons, a year - on - year increase of 8.94%. The total gold production from domestic and imported raw materials was 392.931 tons, a year - on - year increase of 3.60% [2] - In the first three quarters of 2025, China's gold consumption was 682.730 tons, a year - on - year decrease of 7.95%. Among them, gold jewelry consumption was 270.036 tons, a year - on - year decrease of 32.50%; gold bars and coins consumption was 352.116 tons, a year - on - year increase of 24.55%; industrial and other gold consumption was 60.578 tons, a year - on - year increase of 2.72% [2]
贵金属日报-20251111
Guo Tou Qi Huo·2025-11-11 11:16