Group 1: Domestic Gold Prices - Domestic gold prices remain stable overall, with some stores experiencing slight declines. Notably, Chow Tai Fook, Chao Hong Ji, and Zhou Da Sheng maintain prices at 1305 CNY/gram, marking the highest price among gold stores [1] - The price differences between high and low quotes in gold stores continue to narrow, reported at 83 CNY/gram today [1] - Detailed gold prices from various brands show fluctuations, with Lao Miao and Lao Feng Xiang both dropping by 4 CNY/gram, while Zhou Liu Fu decreased by 7 CNY/gram [1] Group 2: Platinum Prices - Platinum prices have seen a significant drop, with Chow Tai Fook's platinum jewelry price falling by 17 CNY/gram to 616 CNY/gram [1] Group 3: Gold Recycling Prices - Today's gold recycling prices have decreased by 5.3 CNY/gram, with varying rates across different brands. The average recycling price is reported at 917 CNY/gram [2] - Specific recycling prices for brands include Cai Bai at 893 CNY/gram and Zhou Sheng Sheng at 882.30 CNY/gram [2] Group 4: International Gold Prices - The spot gold price fluctuated, reaching a high of 4109.54 USD/ounce before closing at 4076.86 USD/ounce, reflecting a slight decline of 0.01% [4] - As of the latest update, spot gold is reported at 4034.23 USD/ounce, with a decline of 1.02% [4] - Recent U.S. employment data showed an increase of 119,000 jobs in September, with the unemployment rate rising to 4.4%, the highest in four years, impacting gold prices [4] - Hawkish comments from Federal Reserve officials have suppressed market expectations for interest rate cuts, contributing to the downward pressure on gold prices [4]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - For gold, the short - term and mid - term views are both "oscillation", the intraday view is "oscillation with a slight upward bias", and the reference view is "wait - and - see". The core logic is that the Fed has turned hawkish, reducing the expectation of interest rate cuts [1][3]. - For copper, the short - term view is "oscillation", the mid - term view is "strong", the intraday view is "oscillation with a slight upward bias", and the reference view is "long - term bullish". The core logic is macro - level easing and mine - end production cuts [1][4]. 3. Summary by Related Catalogs Gold - **Price Movement**: Since Tuesday this week, the gold price has rebounded after hitting a low. New York gold rebounded after falling below $4000 and reached the $4100 mark last night. Shanghai gold once rebounded above 940 last night [3]. - **Driving Factors**: The recent decline in precious metals was mainly due to hawkish remarks from multiple Fed officials, which reduced the market's expectation of interest rate cuts. However, the downward revision of the interest - rate - cut expectation was largely due to the market's previous optimistic expectations, and its sustainability is not strong, and it will return to being data - driven. The market sentiment has improved significantly, and the market's sentiment of reduced interest - rate - cut expectation has been released, leading to short - term emotional repair [3]. - **Key Data**: Pay attention to the US non - farm payrolls data for September to be released on Thursday this week and subsequent economic data, which will directly affect the market's expectation of Fed policies and determine the short - term trend of precious metals [3]. - **Long - term Impact**: After the APEC meeting between Chinese and US leaders at the end of October, market risk appetite has increased. If there is significant progress in the Russia - Ukraine situation, the gold price may continue to be under pressure [3]. - **Technical Analysis**: Pay attention to the support at the $4000 mark below and the resistance at $4200 above [3]. Copper - **Price Movement**: Shanghai copper showed a slightly upward oscillation yesterday, and the main contract price stood above the 86,000 mark [4]. - **Driving Factors**: At the macro level, the market has warmed up, precious metals have rebounded significantly, and non - ferrous metals have also shown a rebound trend. The short - term market sentiment towards the Fed's hawkish stance has been released, and the market may experience emotional repair. In the industry, spot trading has also improved [4]. - **Technical Analysis**: Pay attention to the support at the 86,000 mark [4].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - For gold, due to the Fed turning hawkish, the gold price has declined in the short - term. It is recommended to take a wait - and - see approach as the downward revision of the interest - rate cut expectation may not be sustainable and subsequent economic data will be crucial for its short - term trend [1][3]. - For copper, although there is short - term volatility due to the Fed's hawkish stance and technical pressure at historical highs, in the long - run, it is expected to be strong as macro - economic easing and supply contraction are likely to support the copper price [1][4]. 3. Summary by Related Catalogs Gold - **Price Trends**: The New York gold hit the bottom and rebounded at the $4000 mark. The gold price is expected to be in a short - term shock, medium - term shock, and intraday shock - weak pattern [3]. - **Driving Factors**: Fed officials' hawkish remarks have led to a decline in the market's interest - rate cut expectation. As of November 18, the market's expectation of a December interest - rate cut has dropped below 50%, compared to over 70% in early November. The focus should be on the September US non - farm payroll data to be released this Thursday and subsequent economic data, which will determine the short - term trend of precious metals. Technically, the $4000 mark support should be monitored [3]. Copper - **Price Trends**: The copper price rebounded last night. The main contract price of Shanghai copper once recovered the 86,000 mark and then declined, with a slight increase in open interest. It is expected to be in a short - term shock, medium - term strong, and intraday shock - strong pattern [4]. - **Driving Factors**: The market's expectation of a December 2025 interest - rate cut has dropped below 50%. The London copper is at a near - 5 - year high and faces strong technical pressure. In the medium - to - long - term, macro - economic easing and supply contraction are expected to support the copper price. Technically, the long - short battle at the 86,000 mark should be monitored [4].

Group 1 - Gold (XAU/USD) shows initial signs of strength but quickly loses momentum as market sentiment shifts, influenced by hawkish signals from Federal Reserve officials [1][2] - The expectation for immediate interest rate cuts has diminished, with the probability of a December rate cut falling below 50%, putting pressure on gold prices [2][3] - The strengthening of the US dollar, driven by adjustments in interest rate expectations, increases the purchasing cost of gold for international buyers, adding further pressure on gold prices [2][3] Group 2 - Key support level around $4000 has become crucial, coinciding with the lower boundary of an expanding wedge pattern, indicating technical buying interest remains [6] - If the wedge pattern holds, gold may consolidate in this area before attempting another upward move, with mid-term resistance at approximately $4150 [6] - The interplay of macroeconomic uncertainty and technical pressures keeps gold in a state of volatility, with future movements dependent on upcoming data and policy signals [6]

Group 1: Market Overview - The largest gold ETF globally held 1,044.0 tons as of November 14, with a reduction of 4.93 tons from the previous day, but a net increase of 4.80 tons for the month [1] - Geopolitical tensions are rising, with China advising citizens against traveling to Japan and expressing serious concerns over Japan's military actions [2] - The ongoing conflict between Russia and Ukraine continues to impact energy and military sectors, with Ukraine launching coordinated strikes and Russia responding with large-scale counterattacks [2] Group 2: Economic Developments - The U.S. government has ended a 43-day shutdown, and key economic data is expected to be released soon, including the non-farm payroll report and personal income data [2][6] - The Federal Reserve's hawkish stance has dampened expectations for interest rate cuts, with the probability of a December rate cut dropping from 94% to 49% [2] - Recent trade agreements have been made, including a $350 billion investment deal between South Korea and the U.S., and a trade agreement between the U.S. and Switzerland that will reduce tariffs [2] Group 3: Investment Strategy - For gold, the daily chart shows a narrowing BOLL channel and a KD death cross, while the hourly chart indicates a potential short-term upward movement [5] - Recommended trading strategy for gold includes buying on dips between 4,084.1 and 4,090.1, with a stop loss at 4,079.1 and a target range of 4,094.1 to 4,100.1 [5] - For silver, a similar strategy is suggested, with buying on dips between 49.95 and 50.55, a stop loss at 49.85, and a target range of 50.65 to 51.25 [5]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - Fed officials' hawkish remarks cooled market risk appetite, causing significant drops in gold and silver prices. Gold prices retreated, erasing last week's gains, and the premium of Shanghai gold converged to -2 yuan/gram. Silver premium widened to 340 yuan/gram, and the sentiment for Shanghai silver remained strong. With the U.S. government reopening, waiting for data verification, gold prices will continue to fluctuate at high levels, and silver prices will oscillate [4][5]. Group 3: Summary by Directory 1. Previous Day's Review - **Gold**: Fed officials' hawkish remarks cooled risk appetite, leading to a significant drop in gold prices. U.S. stock indexes showed mixed performance, European stock indexes declined across the board, U.S. bond yields rose, the dollar index increased, and the offshore RMB depreciated slightly against the dollar. COMEX gold futures fell 2.62% to $4084.4 per ounce. The basis was -2.4, indicating a spot discount to futures. Gold futures warehouse receipts increased by 810 kilograms to 90426 kilograms. The 20 - day moving average was downward, and the K - line was above the 20 - day moving average. The main net position was long, but the long position decreased [4]. - **Silver**: Similar to gold, Fed officials' hawkish remarks led to a significant drop in silver prices. COMEX silver futures fell 5.21% to $50.4 per ounce. The basis was +9, indicating a spot premium to futures. Shanghai silver futures warehouse receipts decreased by 7120 kilograms to 576894 kilograms. The 20 - day moving average was upward, and the K - line was above the 20 - day moving average. The main net position was long, and the long position increased [5][6]. 2. Daily Tips - **Gold**: The support for gold prices has weakened significantly as the concerns about the Fed's interest rate cut and China - U.S. tariff escalation have improved. However, due to the global turmoil after Trump's inauguration, the inflation expectation has shifted to the economic recession expectation, making it difficult for gold prices to decline [10]. - **Silver**: Silver prices still mainly follow gold prices. The concerns about tariffs have a stronger impact on silver prices, and there is a risk of an enlarged increase. The factors affecting silver prices are similar to those of gold, with both positive and negative factors coexisting [14]. 3. Today's Focus - 07:50: Japan's preliminary quarterly GDP growth rate in Q3; Time TBD: The sixth "Diversity, Equality, and Inclusion in the Fields of Economy, Finance, and Central Banking" conference jointly hosted by the European Central Bank, Bank of France, Bank of Spain, Bank of Italy, Bank of Canada, and Bank of England; Time TBD: The 2025 China International Photovoltaic and Energy Storage Industry Conference from November 17 - 20; 16:15: Speech by the vice - president of the European Central Bank, de Guindos; 21:30: U.S. November New York Fed Manufacturing Index; 22:00: Welcome speech by FOMC permanent voter and New York Fed President Williams at the 2025 Governance and Culture Reform Conference; 22:30: Speech by Fed Vice - Chairman Jefferson; 22:45: Speech by the chief economist of the European Central Bank, Lane; 23:00: U.S. August construction spending; Next day 02:00: Fireside chat hosted by Minneapolis Fed President Kashkari; Next day 04:35: Speech by Fed Governor Waller [16]. 4. Fundamental Data - **Gold**: The basis was -2.4, indicating a spot discount to futures. Gold futures warehouse receipts increased by 810 kilograms to 90426 kilograms [4]. - **Silver**: The basis was +9, indicating a spot premium to futures. Shanghai silver futures warehouse receipts decreased by 7120 kilograms to 576894 kilograms [6]. 5. Position Data - **Gold**: The main net position was long, but the long position decreased. The net long position of the top 20 holders of Shanghai gold increased by 3308 to 105420. SPDR Gold ETF holdings fluctuated and decreased [4][32]. - **Silver**: The main net position was long, and the long position increased. The net long position of the top 20 holders of Shanghai silver increased by 8879 to 112852. Silver ETF holdings increased slightly and were still higher than the same period in the past two years. Shanghai silver warehouse receipts continued to decrease and were at the lowest level in the past six years, while COMEX silver warehouse receipts decreased slightly [6][34][43].

Group 1 - The weakening of the US dollar and geopolitical tensions have increased the attractiveness of gold, although hawkish comments from Federal Reserve officials have limited expectations for a rate cut in December, restricting the upward movement of gold prices [1][2] - Consumers are taking advantage of price discrepancies in the gold market, utilizing delivery services in Shenzhen's Shui Bei area to purchase gold bars at prices lower than the real-time market rate, saving significant amounts [1] - A joint statement from India and Canada emphasizes their commitment to securing critical minerals and clean energy supply chains, indicating a new phase in bilateral relations [1] Group 2 - Despite geopolitical risks and a weak dollar providing some support to the market, several Federal Reserve decision-makers have expressed caution, highlighting that inflation concerns remain and the labor market is stabilizing, suggesting no urgency for further rate cuts [2] - The probability of a 25 basis point rate cut by the Federal Reserve in December has decreased from 64% to 51% according to futures data [2] Group 3 - As of November 14, 2023, the spot gold price is reported at $4171.19 per ounce, with a marginal increase of 0.01% [3]

Core Viewpoint - Asian stock markets joined the global sell-off due to hawkish comments from Federal Reserve officials, diminishing hopes for a rate cut in December [1] Group 1: Market Reactions - The Nikkei 225 index fell over 2% at one point [1] - The Australian S&P 200 index dropped by 1.6% [1] - The South Korean Composite Index experienced a decline of 2.8% [1] Group 2: Economic Indicators - Confusing data schedules have heightened market anxiety, negatively impacting bonds, the dollar, and gold [1]

Group 1: Report Industry Investment Ratings - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core Views - The short - term and intraday views of both沪胶 (RU) 2601 and合成胶 (BR) 2601 are偏弱, and the medium - term view is震荡. The reference view for both is偏弱运行 [1][5][7]. Group 3: Summary by Relevant Content 沪胶 (RU) - Core Logic: Recent hawkish remarks from some Fed officials, the potential delay of October CPI data due to the US government shutdown, and the impact on US economic resilience have led to a weaker macro - atmosphere, offsetting the positive demand support in the rubber market. On the night of last Friday, the domestic沪胶 futures 2601 contract showed a slightly weaker trend, with the price closing 0.20% lower at 14,995 yuan/ton. It is expected to maintain a weaker trend on Monday [5]. 合成胶 (BR) - Core Logic: Similar to沪胶, recent hawkish remarks from Fed officials, the potential delay of October CPI data, and the impact on US economic resilience have made the market shift from "expectation - driven" to "reality - dominated", and investors have become more cautious. On the night of last Friday, the domestic合成胶 futures 2601 contract showed a weaker trend, with the price closing 0.73% lower at 10,160 yuan/ton. It is expected to maintain a weaker trend on Monday [7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The domestic crude oil futures 2512 contract is expected to show a weak - running trend. In the short - term, it is weak; in the medium - term, it is oscillating; and on the day, it is also weak. The market is dominated by weak supply - demand fundamentals [1][5] 3. Summary by Relevant Content Price and Trend - The domestic crude oil futures 2512 contract maintained an oscillating and stable trend in the night session last Friday, with the futures price slightly rising 0.59% to 459.6 yuan/barrel. It is expected to maintain a weak trend on Monday [5] Driving Logic - Some Fed officials have made hawkish remarks. The ongoing US government shutdown may delay the release of October CPI data and impact the US economic resilience. They suggest no interest - rate cuts before Powell's term ends in May 2026. As geopolitical sentiment fades, the domestic and foreign crude oil futures markets are back to the supply - demand fundamental - driven market [5]