Report Summary 1. Report Industry Investment Rating There is no mention of the industry investment rating in the report. 2. Core View of the Report The precious metals market may continue to experience wide - range fluctuations. The tariff policy narrative has uncertainties, the ongoing US government shutdown and central bank gold - buying expectations provide bottom support for gold prices, but the strengthening of the US dollar and long - term yields pose potential suppression. The weakening of the short - term interest - rate cut expectation and the strengthening of the US dollar may resist the upward movement of gold prices. If the narrative about the end of the US government shutdown heats up, it may also suppress the upward expectation of gold prices. It is recommended to adopt an interval - band trading strategy. The Shanghai Gold 2512 contract should focus on the range of 890 - 950 yuan/gram, and the Shanghai Silver 2512 contract should focus on the range of 11,000 - 11,600 yuan/kilogram [2]. 3. Summary by Relevant Catalogs a. Market Data - **Futures Market**: The closing price of the Shanghai Gold main contract was 912.26 yuan/gram, down 3.32 yuan; the closing price of the Shanghai Silver main contract was 11,276 yuan/kilogram, up 38 yuan. The positions of the Shanghai Gold and Shanghai Silver main contracts decreased by 3,174 hands and 12,816 hands respectively. The net positions of the top 20 in the Shanghai Gold and Shanghai Silver main contracts increased by 117 hands and 2,931 hands respectively. The warehouse receipts of gold remained unchanged at 87,816 kilograms, while those of silver decreased by 9,440 kilograms to 656,170 kilograms [2]. - **Spot Market**: The Shanghai Non - ferrous Metals Network's gold spot price was 907.49 yuan/gram, down 8.51 yuan; the silver spot price was 11,159 yuan/kilogram, down 184 yuan. The basis of the Shanghai Gold main contract was - 4.77 yuan/gram, down 5.19 yuan; the basis of the Shanghai Silver main contract was - 117 yuan/kilogram, down 222 yuan [2]. - **Supply and Demand**: Gold ETF holdings decreased by 3.15 tons to 1,038.63 tons; silver ETF holdings decreased by 22.18 tons to 15,167.64 tons. The non - commercial net positions of gold and silver in CFTC increased by 339 and 738 respectively. The quarterly total supply of gold was 1,313.01 tons, up 54.84 tons; the annual total supply of silver was 987.8 million troy ounces, down 21.4 million troy ounces. The quarterly total demand for gold was 1,313.01 tons, up 54.83 tons; the annual global total demand for silver was 1,195 million ounces, down 47.4 million ounces [2]. - **Options Market**: The 20 - day historical volatility of gold was 36.03%, up 0.07%; the 40 - day historical volatility was 26.84%, down 0.12%. The implied volatility of the at - the - money call option for gold was 25.03%, up 0.07%; the implied volatility of the at - the - money put option was 25.02%, down 0.81% [2]. b. Industry News - The US Congress Senate failed to pass the federal government's temporary appropriation bill again, and the US federal government's "shutdown" has entered the 35th day, tying the longest record in US history. The two parties in Congress have been deadlocked, and the temporary appropriation bill proposed by the Republicans failed to pass in 13 votes in the Senate [2]. - There are signs that investor buying remains strong. In the third quarter, the holdings of gold exchange - traded funds (ETF) increased by about 222 tons, and the demand for gold bars and coins exceeded 300 tons for the fourth consecutive quarter, reaching 316 tons. Jewelry demand also exceeded expectations [2]. - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in December is 70.1%, and the probability of keeping interest rates unchanged is 29.9%. By January next year, the probability of a cumulative 25 - basis - point interest - rate cut is 55.8%, the probability of keeping interest rates unchanged is 19.3%, and the probability of a cumulative 50 - basis - point cut is 24.8% [2]. c. Impact on the Market - The recent statements of Fed officials have shaken the expectation of a December interest - rate cut. The ISM manufacturing index in the US in October continued to decline, and tariff policies still suppress the manufacturing outlook. FOMC officials have different views on future interest - rate cuts. The weakening of the interest - rate cut expectation and the strengthening of the US dollar may resist the upward movement of gold prices. However, the ongoing US government shutdown and central bank gold - buying expectations provide bottom support for gold prices [2].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Although in the medium - to long - term, central bank gold purchases and growing investment demand will push up the precious metal price, in the short term, the market has entered an adjustment phase. There is expected to be no strong driving force in November. Attention should be paid to mid - term opportunities to buy on dips, and existing long - position bottom positions should be held cautiously. London gold has resistance at 4050 - 4100, support at 3900, and strong support in the 3800 - 3850 area; silver has resistance at 49.5 - 50, support at 47.5, and strong support at 45.5 [4] 3. Summary by Relevant Catalogs 3.1 Market Quotes Review - On Tuesday, precious metal prices declined. The US dollar index rose, the 10 - year US Treasury yield fell, the US stock market, Bitcoin, crude oil, and the Nanhua Non - ferrous Metals Index all dropped. The COMEX gold 2512 contract closed at $3941.3 per ounce, down 1.81%; the US silver 2512 contract closed at $46.895 per ounce, down 2.4%. The SHFE gold 2512 main contract closed at 908.92 yuan per gram, down 1.14%; the SHFE silver 2512 contract closed at 11238 yuan per kilogram, down 1.33% [2] 3.2 Interest Rate Cut Expectations and Fund Holdings - Interest rate cut expectations rebounded slightly. According to CME "FedWatch" data, the probability of the Fed keeping interest rates unchanged on December 11 is 29.9%, and the probability of a 25 - basis - point cut is 70.1%. The SPDR Gold ETF's holdings decreased by 3.15 tons to 1038.63 tons; the iShares Silver ETF's holdings decreased by 22.2 tons to 15167.6 tons. SHFE silver inventory increased by 6.7 tons to 665.6 tons, and SGX silver inventory decreased by 145.4 tons to 905.2 tons as of the week ending October 24 [3] 3.3 This Week's Focus - Data: Focus on the US non - farm payrolls report on Friday night. There will also be ISM manufacturing and services PMI, ADP small non - farm data during the week. Also, pay attention to whether the US government shutdown will delay data releases. Events: The Bank of England will announce its interest rate decision, meeting minutes, and monetary policy report on Thursday at 08:00. On Friday, multiple FOMC members will give speeches at different times [4] 3.4 Price and Spread Data - The report provides the latest prices, daily changes, and daily change rates of various gold and silver contracts such as SHFE gold and silver futures, SGX gold and silver TD, CME gold and silver futures, as well as the COMEX gold - silver ratio [5] 3.5 Inventory and Position Data - It shows the latest inventory and position data of SHFE and CME gold and silver, including SHFE gold inventory (87816 kg), CME gold inventory (1178.2529 tons), SHFE gold position (144602 lots), etc. [13][14] 3.6 Other Asset Data - Presents the latest values, daily changes, and daily change rates of other assets such as the US dollar index, US stocks, crude oil, LME copper, and US Treasury yields [17]

Core Viewpoint - The gold price is experiencing a short-term decline due to various factors, but there are indications of potential recovery in the near future. Short-term Negative Factors - Federal Reserve's interest rate cut expectations have cooled, with Powell hinting at a pause in actions, leading to a stronger dollar that suppresses gold prices [2] - Easing of risk aversion as signs of de-escalation in US-China trade tensions and geopolitical conflicts emerge [2] Technical Analysis - Gold price has broken below the short-term support formed by the 5-day and 10-day moving averages, with MACD indicators showing a bearish crossover and increasing bearish momentum [2] - KDJ indicator has entered the oversold zone (J value below 20), suggesting a potential technical rebound [2] - Daily RSI has dropped to 46.35, below the 50 midline, while weekly RSI remains in the overbought territory (around 53), indicating that short-term adjustment pressure is not fully released [2] Medium to Long-term Positive Outlook - Global central banks have continued to purchase gold, with a net purchase of 902 tons in the first three quarters of 2025, providing a bottom support for gold prices [4] - The trend of de-dollarization among various central banks is ongoing [4] - Institutions like UBS believe that after the current correction, gold prices may still return to the high of $4200 within the year [4] Daily Dynamics - On November 5, gold prices continued to decline in the morning but rebounded by over 1% in the afternoon, likely due to renewed safe-haven demand triggered by a drop in the stock market [4] Market Focus - Investors are closely monitoring upcoming US employment data for clues on the next steps in Federal Reserve policy [5] Short-term Strategy - If gold prices find support at the current level ($3966) with increased trading volume, a light long position may be considered, targeting around $4000, with a stop loss set below $3950 [6] - If gold effectively breaks below the $3950 support, further declines may occur, and short-term buying should be approached cautiously with stop losses in place [7] Medium to Long-term Strategy - The current decline is viewed more as a correction rather than a trend reversal, suggesting a "pyramid" buying strategy where the amount added decreases with each purchase as prices fall [8] - Initial positions may be established if gold retreats to the $3900-$3850 range, with better opportunities to add positions if it drops to around $3800, a key support level [9][10] Holding Mindset - Focus should be on long-term trends such as global central bank gold purchases and US debt issues, rather than short-term fluctuations [11]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints The report presents a comprehensive overview of the agricultural and energy futures markets, including overnight and spot prices, important fundamental information, macro - economic news, and capital flow data. It also provides forecasts on the supply and demand of key agricultural products such as palm oil and soybeans. 3) Summary by Relevant Catalogs Overnight行情 - Overnight closing prices, previous day's and overnight percentage changes are given for various futures including palm oil, Brent crude, US crude, soybeans, soybean meal, and soybean oil. For example, the closing price of BMD palm oil 01 is 4139.00 with a previous day's increase of 0.70% and an overnight decrease of 0.12% [1]. - Latest prices and percentage changes are provided for multiple currencies such as the US dollar index, Chinese yuan, Malaysian ringgit, etc. For instance, the US dollar index is at 100.20 with a 0.34% increase [1]. 现货行情 - Spot prices, basis, and basis changes for DCE palm oil 2601, DCE豆油 2601, and DCE豆粕 2601 in different regions are presented. For example, the spot price of DCE palm oil 2601 in North China is 8720 with a basis of 100 and no change in basis [3]. - CNF升贴水 and CNF报价 for imported soybeans from different regions are shown. The CNF升贴水 for Brazilian soybeans is 235 cents per bushel and the CNF报价 is 503 dollars per ton [5]. 重要基本面信息 - **产区天气**: Rainy weather has returned to central Brazil, which is beneficial for soybean crops. Different states in Brazil have different weather conditions and temperature trends [6]. - **国际供需** - MPOB月报前瞻: Malaysian palm oil inventory is expected to rise 3.5% to 2440000 tons in October, with production reaching 1940000 tons (up 5.6% from the previous month) and exports increasing 3.8% to 1480000 tons [8]. - StoneX: Reduced the US 2025 soybean yield forecast from 53.9 to 53.6 bushels per acre, and the production forecast to 4.303 billion bushels [8]. - S&P Global Commodity Insights: Predicted the 2025 US soybean average yield at 53.0 bushels per acre and production at 4.260 billion bushels [8]. - StoneX: Kept the forecasts for Brazil's 2025/26 soybean and summer corn harvests largely unchanged, with a 0.1% increase in the 2025/26 soybean production forecast [9]. - Imea: The soybean crushing profit in Mato Grosso state from October 27 - 31 was 502.44 Brazilian reals per ton [9]. - Deral: The soybean planting area in Parana state reached 79% of the expected area, with 93% of the evaluated area having good growth [9]. - EU: As of November 2, the 2025/26 palm oil, soybean, soybean meal, and rapeseed imports were 960000 tons, 3.81 million tons, 6.11 million tons, and 1.26 million tons respectively, all lower than the previous year [10][11]. - Kazakhstan: Exports of livestock feed meal in September 2025 reached a record high of 305000 tons, 2.5 times the previous year [11]. - Baltic Dry Index: Rose 13 points or 0.7% to 1958 points due to increased demand for Capesize vessels [11]. - **国内供需** - On November 4, soybean oil and palm oil total sales were 23200 tons, a 121% increase from the previous day [13]. - On November 4, the total soybean meal sales of major domestic oil mills were 70100 tons, a decrease of 34200 tons from the previous day. The national oil mill operating rate was 51.51%, a 2.37% decrease [13]. - As of November 4, the national soybean oil port inventory was 1199000 tons, a decrease of 35000 tons from October 28 [13]. - The average prices of piglets, live pigs, and pork in China changed compared to the previous week and the same period last year [13]. - On November 4, the "Agricultural Product Wholesale Price 200 Index" decreased by 0.13 points, and the "Vegetable Basket" product wholesale price index decreased by 0.16 points [14]. 宏观要闻 - **国际要闻** - The probability of the Fed cutting interest rates by 25 basis points in December is 70.1%, and the probability of keeping rates unchanged is 29.9% [17]. - The US Red Book commercial retail sales annual rate increased 5.7% in the week ending November 1 [17]. - The US Senate failed to pass the federal government's temporary appropriation bill on November 4, and the government "shutdown" is set to become the longest in history [18]. - The US API crude oil inventory in the week ending October 31 was 6.521 million barrels [18]. - The Reserve Bank of Australia kept the benchmark interest rate at 3.60% and is cautious about further easing [18]. - **国内要闻** - On November 4, the US dollar/Chinese yuan exchange rate was 7.0885, up 18 points [20]. - On November 4, the People's Bank of China conducted 117.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 357.8 billion yuan [20]. - On November 5, the People's Bank of China will conduct 700 billion yuan of 3 - month (91 - day) outright reverse repurchase operations [20]. 资金流向 On November 4, 2025, the futures market had a net capital outflow of 15.329 billion yuan, including a net outflow of 9.065 billion yuan in commodity futures and 6.369 billion yuan in stock index futures, and a net inflow of 0.01 billion yuan in treasury bond futures [23]. 套利跟踪 No specific content is provided in the given report.

Group 1 - International gold is currently trading around $3,980, with a recent price of $3,973.69 per ounce, reflecting a 1.08% increase, and has seen a high of $3,974.89 and a low of $3,929.01 [1] - The ongoing U.S. government shutdown has entered its sixth week, potentially becoming the longest fiscal deadlock in U.S. history, which is driving investors towards safe-haven assets like gold [1] - Geopolitical tensions are also providing support for gold's safe-haven appeal [1] Group 2 - Gold prices are facing dual resistance from a strengthening U.S. dollar and a slowing expectation for interest rate cuts by the Federal Reserve [2] - The Federal Reserve maintained the federal funds target rate at 3.75%-4.0% during the October meeting, with Chairman Powell indicating that further rate cuts this year are "not a certainty" [2] - The probability of a rate cut in December has dropped from 93% to approximately 70%, according to CME FedWatch [2] Group 3 - Technically, gold maintains a bullish structure, trading above the 100-day exponential moving average, but short-term momentum appears neutral, suggesting potential consolidation [3] - Key resistance is noted at the psychological level of $4,000, with further targets at $4,046 and $4,150 if breached [3] - Short-term support is identified at $3,835, with a potential drop to $3,722 if this level is broken [3] - The current market dynamics reflect a balance of safe-haven support from geopolitical risks and the U.S. government shutdown, countered by the strong dollar and tempered Fed rate cut expectations, leading to a likely short-term consolidation phase for gold [3]

Fundamental Analysis - Gold prices are currently hovering around $3,948 after a decline of 1.7% on November 4, closing at $3,931.78 per ounce, while December U.S. futures fell 1.3% to $3,960.50 [1][3] - The divergence among Federal Reserve officials has increased, cooling market expectations for a rate cut in December, which has helped the U.S. dollar index surpass the 100 mark, reaching a three-month high [1][3] - The ongoing U.S. government shutdown, now in its 35th day, raises concerns about economic data availability, providing some support for gold prices as a safe haven [1][4] Technical Analysis - The gold price recorded a bearish candle on the previous day, indicating pressure on recent rebounds, with a key support level around $3,920 [6] - Short-term trading is currently within a range of $3,920 to $4,030, with recent attempts to break above $4,030 failing, leading to further weakness [6] Trading Strategy - A trading strategy is suggested within the $3,925 to $4,025 range, with a stop loss of $10 and a target profit of $30 to $50 [7]

| 工G国留留信 | 投资咨询业务资格:证监许可【2012】31号 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 色金属数据目报 | | | | | | | | | | | | | | | | 投资咨询号:Z0015300 从业资格号:F3043701 | 国贸期货研究员 | 方言詞 | 2025/11/05 | 投资咨询号:Z0015788 从业资格号:F3040017 | 有色金属研究中心 谢灵 | | | | | | | | | | | 价格指标 | 变化（%） | 变化 (%) | 15:00期货价格 | 现货价格 | 图表 | 10872. 5 | -0. 3 | -0. 27 | 10855. 5 | 铜 | LME有色金属期货库存(吨) | | | | | 0.8 | 锌 | 3190 | 0. 63 | 3090 | 1500000 | LME | 品 | -0. 25 | 1995 | 2893 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Short - term pressure on precious metal prices due to factors like tightened inter - bank liquidity in the US, increased CMBS default rate, and reduced probability of Fed rate cut in December; long - term support from geopolitical risks and central bank gold purchases [1] Summary According to Related Catalogs Market Data - **Shanghai Gold**: Closing price on 2025 - 11 - 04 was 912.42 yuan/gram, down 4.52 from the previous day; trading volume was 64372, and open interest was 255692 [1] - **Shanghai Silver**: Closing price on 2025 - 11 - 04 was 11242 yuan/ten - grams, down 200 from the previous day; trading volume was 605454, and open interest was 4270780 [1] - **COMEX Gold Futures**: Closing price on 2025 - 11 - 04 was 3941.30, down 72.40 from the previous day; trading volume was 244620, and open interest was 327592 [1] - **International Gold**: London gold spot price on 2025 - 11 - 04 was 4025.25 dollars/ounce, down 74.15 from the previous day; SPDR gold ETF holding was 1041.78, down 3.15 [1] - **COMEX Silver Futures**: Closing price on 2025 - 11 - 04 was 47.91, up 1.08 from the previous day; trading volume was 60177, and open interest was 19 [1] - **International Silver**: London silver spot price on 2025 - 11 - 04 was 47.76 dollars/ounce, down 1.02 from the previous day; iShare silver ETF holding was 15167.64, down 22.18 [1] Important Information - The fate of Trump's tariffs depends on three Supreme Court justices appointed by him; the US Senate failed to pass the appropriation bill, leading to a potential record - breaking government shutdown [1] - US job openings in October dropped to the lowest since April 2021, and the office real estate crisis accelerated with the CMBS default rate exceeding 11.8% [1] Trading Strategy - Hold previous short positions; for London gold, focus on support around 3580 - 3860 and resistance around 4180 - 4384; for Shanghai gold, support around 830 - 860 and resistance around 950 - 1000; for London silver, support around 39 - 42 and resistance around 50 - 55; for Shanghai silver, support around 9400 - 10000 and resistance around 11600 - 12400 [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The Sino-US reached a one-year economic and trade agreement, and there are production disturbances in multiple overseas copper mines. However, due to the Fed's more hawkish stance on interest rate cuts, the strengthening of the US dollar index and the tightening of liquidity may lead to an adjustment in the price of Shanghai copper [2]. 3. Summary by Relevant Catalogs Market Data - **Shanghai Copper**: On November 4, 2025, the closing price was 85,740, a decrease of 1,560 compared to the previous day. The trading volume was 166,742 lots, an increase of 16,145 lots. The open interest was 227,549 lots, a decrease of 21,213 lots. The inventory was 41,147 tons, an increase of 1,081 tons [2]. - **LME Copper**: On November 4, 2025, the 3 - month copper futures closing price (electronic trading) was 10,649, a decrease of 170 compared to the previous day. The LME copper futures 0 - 3 - month contract spread was -30.45, a decrease of 4.75 [2]. - **COMEX Copper**: On November 4, 2025, the closing price of the active copper futures contract was 4.9255, a decrease of 0.19 [2]. Supply - Demand - Inventory Analysis - **Supply**: There are production disturbances in multiple domestic and foreign copper mines, resulting in a continuous negative import index of copper concentrates in China, leading to a tight supply - demand expectation of domestic copper concentrates. The supply of scrap copper has increased, and the processing fees for domestic crude copper or anode plates have risen. The maintenance capacity of copper smelters in November has decreased month - on - month [2]. - **Demand**: The capacity utilization rates of refined copper rods, copper wires and cables, and copper enameled wires have decreased compared to last week, while the capacity utilization rates of recycled copper rods, copper strips, and copper tubes have increased [2]. - **Inventory**: The social inventory of electrolytic copper in China has increased compared to last week. The inventory of electrolytic copper in the London Metal Exchange has decreased compared to last week, and the inventory of COMEX copper has increased compared to last week [2]. Trading Strategy - Short - term: Lightly short the main contract on rallies. Pay attention to the support level of 81,000 - 83,000 and the resistance level of 86,000 - 89,000 for Shanghai copper. For LME copper, the support level is around 10,200 - 10,500 and the resistance level is around 11,500 - 12,000. For US copper, the support level is around 4.5 - 4.8 and the resistance level is around 5.5 - 6.0 [2].

Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Group 2: Core Views of the Report - In October, after hitting record highs, the prices of gold and silver retreated. The sharp rise in precious metal prices had fully priced in many positive factors. With the easing of Sino - US economic and trade relations and the weakening of the Fed's interest - rate cut expectations, gold and silver prices have entered a phase of adjustment, which is expected to be long - term and significant. Short - term rebounds do not change the medium - term adjustment trend [3][45]. - In the long run, the safe - haven attribute of precious metals is strengthening, and their monetary attribute is returning. The logic for the long - term rise of gold and silver remains solid [3][45]. Group 3: Summary According to the Table of Contents 1. Precious Metals Market Review - In October 2025, due to the US government shutdown and Trump's tariff threats, the prices of international gold and silver reached new highs. COMEX gold futures hit a record high of $4398 per ounce on October 20, and COMEX silver futures reached a record high of $53.76 per ounce on October 17. After the easing of Sino - US economic and trade relations, the prices of gold and silver declined. By the end of October, the monthly increase of COMEX gold futures was 3.24%, and that of COMEX silver futures was 3.01% [8]. - Domestic gold and silver prices followed the trend of the international market. Shanghai gold futures reached a record high of 1001.96 yuan per gram on October 21 and then declined. Shanghai silver futures were less volatile than international silver prices [9]. 2. Analysis of Factors Affecting Precious Metals Prices 2.1 Sino - US Economic and Trade Relations - Trump's tariff threats in October quickly eased. The Trump administration relaxed some tariff policies, and Sino - US economic and trade teams reached a framework agreement in mid - to - late October and a final agreement on October 30. The US will cancel a 10% tariff on Chinese goods and suspend other measures for one year, and China will make corresponding adjustments. However, the game between the two countries continues, and future tariff policies may change [14][15]. 2.2 US Government Shutdown - The US federal government shutdown has lasted for 34 days, which may be the longest in history. It has affected various fields, and limited economic data indicate a weakening US economy. For example, the ISM manufacturing PMI has contracted for eight consecutive months, and corporate layoffs have reached a new high since 2020 [16][18]. 2.3 Fed's Interest - Rate Policy - The Fed cut interest rates by 25 basis points in October, ending the balance - sheet reduction from December 1. After the meeting, the market's expectation of future interest - rate cuts decreased. The probability of a 25 - basis - point cut in December dropped to 67%, and there is still about two cuts expected in 2026. However, the uncertainty of next year's interest - rate cuts has increased due to factors such as tariff - inflation transmission and the change of the Fed chairman [19][20]. 3. Analysis of Market Structure and Capital Flows 3.1 Gold - Silver Ratio - In October, the COMEX gold - silver ratio fluctuated greatly, first dropping from 85 to around 80 and then rebounding to 86 before falling again. The Shanghai gold - silver ratio first rose to around 84 and then dropped to 80. It is expected that the gold - silver ratio may rise in the future [26]. 3.2 Futures - Spot and Domestic - Foreign Price Differences - In October, international gold and silver prices reached new highs, and there was a significant premium of foreign markets over domestic markets. The London silver spot shortage led to a price inversion. After the end of the London silver squeeze in late October, the price differences returned to normal [28]. 3.3 Central Banks' Gold Purchases - Since 2010, global central banks have been net buyers of gold. In 2024, they bought more than 1000 tons of gold, and in the third quarter of 2025, they accelerated their gold - buying, with a net purchase of 220 tons. China's central bank has increased its gold reserves for 11 consecutive months. In the future, central banks are expected to continue to increase their gold holdings [31][32]. 3.4 Gold and Silver ETF Holdings - In 2025, investment demand drove the growth of gold demand. In the third quarter, global gold investment demand increased by 47% year - on - year, and gold ETFs were the main driving force. However, Chinese gold ETFs had an outflow of about $5.4 billion in the third quarter. By the end of October, the holdings of the world's largest gold ETF - SPDR increased by 20 tons, and the holdings of the world's largest silver ETF - ishares decreased by 453 tons [35][36]. 3.5 Precious Metals Inventory - As of October 31, 2025, the COMEX gold inventory was about 1187 tons, a 4.69% decrease from the previous month but a 123% increase from the same period last year. The COMEX silver inventory was about 16428 tons, a 1.89% increase from the previous month and a 72% increase from the same period last year. The silver inventories of domestic exchanges decreased significantly in October, and it is expected that some domestic silver flowed to London [39][40][41]. 4. Market Outlook and Trading Strategies - In the short - to - medium term, gold and silver prices are in a phase of adjustment. In the long term, the safe - haven and monetary attributes of precious metals support their upward trend [45].