Report Summary 1) Report Industry Investment Rating - Gold and silver are rated ★★★, indicating a clearer long/short trend and a relatively appropriate current investment opportunity [1]. 2) Core View of the Report - Overnight, precious metals fluctuated with sharp intraday movements. The Fed's October meeting minutes showed significant differences among officials, and the market's expectation of a December interest rate cut dropped below 40%. The market is waiting for the belatedly released September non - farm payroll data to weigh the economic and monetary policy outlook. However, the October data will not be released, the November data is postponed, and the Fed's December meeting resolution still faces a dilemma of lacking data support. Precious metals are oscillating at high levels, waiting for new drivers and technical directional guidance [1]. 3) Other Key Information - It is reported that the US and Russia secretly drafted a 28 - point peace negotiation framework, which requires Ukraine to cede territory, disarm, and restrict weapons. The discussion of this framework hardly consulted Ukraine or Europe. White House officials expect Russia and Ukraine to reach a framework agreement before the end of November, but Ukraine opposes the agreement [2]. - The US authorities canceled the October non - farm payroll report, and the November report is rescheduled to be released on December 16th. That is, the Fed will lack the latest non - farm data reference during its December interest rate meeting. Milan said there is a "possibility" of further reducing its balance sheet in the future. Trump's joke about the Treasury Secretary insinuated Powell. The Fed's October meeting minutes showed that officials had significant differences: during the October interest rate cut, several people opposed the cut, and some others were in favor of a cut but also accepted keeping the interest rate unchanged. Several people thought that the interest rate should be cut again in December, and many people thought it should remain unchanged [2].
国投期货贵金属日报-20251120
Guo Tou Qi Huo·2025-11-20 11:23