金价，突然猛涨！

Core Viewpoint - The precious metals market experienced a significant rally on November 10, with gold and silver prices rising over 2% and 4% respectively, driven by factors such as declining consumer confidence in the U.S. and ongoing central bank gold purchases [1][4]. Price Movements - As of the report, the following prices and changes were noted: - London Gold: $4101.06, up 2.51% - COMEX Gold: $4113.5, up 2.59% - London Silver: $50.018, up 3.50% - COMEX Silver: $50.065, up 3.99% - Spot Platinum: $1582.50, up 2.59% - Spot Palladium: $1424.88, up 3.14% [2]. Consumer Confidence and Economic Indicators - The U.S. consumer confidence index fell to 50.3 in November, down from 53.6 in October and significantly lower than the previous year's 71.8, indicating ongoing concerns about employment and inflation [3]. - The decline in consumer confidence is attributed to a 17% drop in personal financial conditions and an 11% decrease in expectations for business prospects [3]. Central Bank Gold Purchases - Global central banks purchased a net total of 220 tons of gold in Q3, a 28% increase from Q2 and a 10% increase year-on-year, with total net purchases reaching 634 tons in the first three quarters of the year [4]. - The World Gold Council reported that global gold demand reached a record high of 1313 tons in Q3, with a total value of $146 billion [4]. Investment Demand for Gold - Investment demand for gold surged to 537 tons in Q3, a 47% year-on-year increase, driven by geopolitical uncertainties, a weakening dollar, and investor fears of missing out [5]. - Gold ETF holdings increased by 222 tons in Q3, with a total inflow of $26 billion, contributing to a total increase of 619 tons (approximately $64 billion) in the first three quarters of 2025 [5]. - Analysts suggest that the ongoing liquidity environment and persistent risk aversion will support precious metal prices, with expectations for a rebound in gold and silver prices in the coming quarters [5].