贵金属日评20251117：多位美联储官员放鹰使贵金属价格承压-20251117

Report Industry Investment Rating - No relevant information provided. Core View - Multiple Fed officials' hawkish remarks have increased the uncertainty of future expectations, causing short - term adjustments in precious metal prices. However, factors such as global debt expansion, fiscal deficit, central bank gold - buying, and geopolitical risks may support precious metal prices in the medium - to - long term [1]. Summary by Relevant Catalogs 1. Market Data - Shanghai Gold: The closing price was 947.98 yuan/gram, with a daily change of - 10.69 yuan and a weekly change of 14.96 yuan. The trading volume was 45,922, with a daily decrease of 20,686 and a weekly decrease of 5,282. The open interest decreased by 16,690 [1]. - Shanghai Silver: The closing price of the futures active contract was 12,351 yuan/ten - gram, with a daily change of - 237 yuan and a weekly change of 632 yuan. The trading volume was 1,026,209, with a daily decrease of 104,492 and a weekly increase of 10,299 [1]. - COMEX Gold Futures: The closing price of the active contract was 4,174.50 dollars/ounce, with a daily change of 99.60 dollars and a weekly change of - 90.10 dollars. The trading volume was 332,490, with a daily increase of 30,017 and a weekly increase of 148,845 [1]. - International Gold and Silver: London gold spot price was 4,071.10 dollars/ounce, down 124.55 dollars from the previous day. SPDR Gold ETF holdings were 1,044 tons, an increase of 3.65 tons from the previous day [1]. 2. Important Information - Fed hawks oppose a December rate cut, and as of last Friday, the market's expectation of a December rate cut has dropped to 40%. The US will release important economic data on November 20 (September non - farm payrolls) and November 26 (Fed - preferred indicator PCB) [1]. 3. Trading Strategy - Wait for the price to fall before placing long orders. For London gold, focus on the support level around 3,850 - 3,950 dollars/ounce and the resistance level around 4,180 - 4,384 dollars/ounce. For Shanghai gold, focus on the support level around 870 - 890 yuan/gram and the resistance level around 960 - 1,000 yuan/gram [1].