Report Industry Investment Rating - Gold: ☆☆☆ [1] - Silver: ☆☆☆ [1] Core View of the Report - Overnight precious metals rose. The US government shutdown negotiation made positive progress and is expected to restart soon. Although it weakens the impact on the economy, it is conducive to the release of phased liquidity. After the official data is restored and announced, the market will continue to weigh the economic and Fed policy prospects. Precious metals currently lack a strong driving force and may continue to build a high-level shock platform. The international gold price is concerned about the resistance around $4,150 per ounce [1] Summary According to Relevant Catalogs 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. The House of Representatives is expected to vote on the bill at 5 am Beijing time on Thursday [1] Fed Officials' Views - Fed Governor Milan believes that 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. Fed's Musalem thinks the labor market is close to full employment and is currently cooling down. The space for further policy easing is limited, and caution must be exercised. Fed's Daly says there is no inflation pressure from labor costs, and policymakers need to keep an open attitude towards further interest rate cuts [2] Trade Negotiations - 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 reduce tariffs with Switzerland, and the figures are not yet determined. Trump also said that he is close to reaching a trade agreement with India, which is very different from past agreements [2] China's Gold Production and Consumption - According to the latest statistics from the China Gold Association, in the first three quarters of 2025, domestic raw material gold production was 271.782 tons, an increase of 3.714 tons compared with the same period in 2024, a year-on-year increase of 1.39%. In addition, the production of imported raw material gold was 121.149 tons, a year-on-year increase of 8.94%. The total production of domestic and imported raw materials was 392.931 tons, a year-on-year increase of 3.60%. 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]
国投期货贵金属日报-20251111
Guo Tou Qi Huo·2025-11-11 13:21