贵金属期货：避险挥之不去，震荡偏多

Report Industry Investment Rating - The report gives a "volatile and bullish" rating for the precious metals futures industry [2] Core View - The U.S. is deploying troops to Iran, imposing sanctions on entities related to Iran, and threatening to impose a 25% tariff on countries trading with Iran. Along with the ongoing Greenland issue, these factors increase market volatility and the bullish factors for gold. The U.S. weather conditions may dampen risk appetite, but silver follows gold's rise due to gold's increase and the U.S. GDP growth in Q3 2025. Overall, the bullish factors for precious metals increase, but risk management is needed [2] Summary by Relevant Catalog 1. Futures Market Review - The report presents figures on the internal and external prices of gold and silver futures, as well as the trading volume and open interest of Shanghai gold and silver futures, with data from Flush and Ningzheng Futures [4][7] 2. Interest Rates and Exchange Rates - Figures on the U.S. dollar index, U.S. interest rates, and their relationship with the gold price are provided, with data from Flush and Ningzheng Futures [9] 3. Macro Data - The report shows various U.S. macro - data figures, including CPI and PCE inflation data, initial jobless claims, unemployment rate, new non - farm employment, PMI, retail sales, personal disposable income, new private housing starts, and new housing sales, with data from Flush and Ningzheng Futures [14][21][22] 4. Fund Holdings and Ratios - Figures on the total holdings of silver and gold ETFs, the holding ratios of gold and silver asset management institutions, and the gold - silver ratio and gold - copper ratio are presented, with data from Flush and Ningzheng Futures [25][31] Attention Factors - The report suggests paying attention to the evolution of geopolitical risks in the Middle East, the change of the Fed's top management, and U.S. economic data [3]