多位美联储官员放鹰使贵金属价格承压：贵金属日评20251114-20251114

Report Investment Rating - No investment rating for the industry was mentioned in the report [1] Core View - Multiple Fed officials signaled a cautious approach or opposition to a December rate cut, reducing the probability of a December rate cut to around 45%. Along with the end of the US government shutdown and expectations of a large amount of economic data release, precious metal prices may adjust in the short term. However, factors such as global debt expansion, fiscal deficit, central bank gold - buying, and geopolitical risks will support precious metal prices in the medium and long term [1] Summary by Relevant Content Precious Metal Market Data - Shanghai Gold: On November 14, 2025, the futures active - contract closing price was 961.22 yuan/gram, up 15.46 yuan from the previous day and 39.96 yuan from last week. The spot Shanghai Gold T + D closing price was 944.31 yuan/gram, up 14.36 yuan from the previous day [1] - Shanghai Silver: The futures active - contract closing price was 12,588 yuan/ten - grams, up 515 yuan from the previous day and 1,104 yuan from last week. The spot Shanghai Silver T + D closing price was 12,563 yuan/ten - grams, up 471 yuan from the previous day [1] - COMEX Gold: The futures active - contract closing price was 4,174.50 dollars/ounce, down 26.90 dollars from the previous day but up 184.10 dollars from last week. The London Gold Spot price was 3,968.20 dollars/ounce, up 227.45 dollars from the previous day [1] - COMEX Silver: The futures active - contract closing price was 52.23 dollars/ounce, up 4.37 dollars from the previous day. The London Silver Spot price was 53.87 dollars/ounce, up 2.34 dollars from the previous day [1] Price Ratios - The price ratio of Shanghai Gold Futures to Shanghai Silver Futures was 76.36, down 3.86 from the previous day and 1.98 from last week. The ratio of London Gold Spot to London Silver Spot was 83.35, down 2.39 from the previous day [1] Other Market Data - Crude Oil: INE Crude Oil was 463.70 yuan/barrel, down 16.70 yuan from the previous day and 14.20 yuan from last week. ICE Brent Crude was 63.11 dollars/barrel, up 0.43 dollars from the previous day and down 0.44 dollars from last week [1] - Copper and Steel: Shanghai Copper Futures was 86,840 yuan/ton, up 710 yuan from the previous day and 1,610 yuan from last week. Shanghai Rebar was 3,046 yuan/ton, up 8 yuan from the previous day and 12 yuan from last week [1] Important Information - The US House of Representatives passed a temporary appropriation bill, ending the government shutdown. Trump's chief economic advisor estimated that the shutdown caused 60,000 job losses [1] - Fed officials signaled a hawkish stance before important economic data release. Some officials advocated caution, while others opposed the previous month's rate cut and said December's action would depend on data [1] Trading Strategy - Hold existing long positions. For London Gold, focus on support around 3,850 - 3,950 dollars/ounce and resistance around 4,180 - 4,384 dollars/ounce. For Shanghai Gold, focus on support around 870 - 890 yuan/gram and resistance around 960 - 1,000 yuan/gram. For London Silver, focus on support around 38 - 45 dollars/ounce and resistance around 55 - 60 dollars/ounce. For Shanghai Silver, focus on support around 9,500 - 10,500 yuan/ten - grams and resistance around 12,400 - 13,000 yuan/ten - grams [1]