Core Viewpoint - The global gold market experienced a strong upward trend, with international spot gold stabilizing above $4200 per ounce, driven by expectations of a Federal Reserve rate cut due to weak U.S. economic data [1][7] Group 1: International and Domestic Market Trends - As of November 13, the London spot gold price was reported at $4207.3 per ounce, with U.S. gold at $4211.7 per ounce, breaking through the key resistance level of $4160 and reaching a high of $4211, the highest since October 21 [3] - Domestic gold prices also rose, with the base gold price at 959.2 yuan per gram, silver at 12 yuan per gram, and platinum at 373.5 yuan per gram [3] Group 2: Retail Jewelry Price Adjustments - Retail gold jewelry prices have collectively increased, with several brands surpassing 1330 yuan per gram: Chow Tai Fook and King Fook reached 1333 yuan, a daily increase of 20 yuan; while other brands like Luk Fook and China Gold rose to 1331 yuan and 1320 yuan respectively [5] - Other brands such as Chow Sang Sang and Caibai saw price increases of 17 yuan, reaching 1326 yuan and 1285 yuan respectively [5] Group 3: Market Impact and Consumer Guidance - The recent price surge is attributed to the anticipation of a Federal Reserve rate cut due to weak economic data, prompting consumers and investors in mainland China and Hong Kong to make rational decisions based on demand [7] - The attractiveness of gold as a safe-haven asset has increased, although short-term volatility risks should be considered [7]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals. In the short - term, precious metals are strengthening. London gold's resistance has moved up to 4200, and if broken, it may retest the previous high of 4380. Its support is at 4120. Silver has skyrocketed due to the slow transfer of the COMEX 2512 main contract, with a resistance level moved up to 54.5, support at 51, and strong support at 49.5 - 50 [5]. 3) Summary by Relevant Catalogs **Market Quotes Review** - On Wednesday, precious metal prices rose strongly due to the expected passage of the US temporary spending bill and the Fed's internal personnel adjustment favoring loose - money expectations. However, the possible absence of the US October CPI and non - farm payroll reports restricts the Fed's possibility of cutting interest rates at the December FOMC meeting. COMEX gold 2512 contract closed at $4201.4 per ounce, up 2.07%; COMEX silver 2512 contract closed at $53.23 per ounce, up 4.9%. SHFE gold 2512 main contract closed at 945.76 yuan per gram, up 0.16%; SHFE silver 2512 contract closed at 12073 yuan per kilogram, up 2.02% [2]. **Interest Rate Cut Expectations and Fund Holdings** - Interest rate cut expectations have slightly rebounded. According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged on December 11 is 40.6%, and the probability of a 25 - basis - point cut is 59.4%. For January 29, the probability of keeping rates unchanged is 23.5%, a cumulative 25 - basis - point cut is 51.5%, and a cumulative 50 - basis - point cut is 25%. For March 19, the probability of unchanged rates is 13.4%, a cumulative 25 - basis - point cut is 39.4%, and a cumulative 50 - basis - point cut is 36.4%. SPDR Gold ETF holdings increased by 0.28 tons to 1046.64 tons, while iShares Silver ETF holdings remained at 15088.63 tons. SHFE silver inventory decreased by 8.8 tons to 583.1 tons, and SGX silver inventory decreased by 7.9 tons to 822.4 tons as of the week ending November 7 [3]. **This Week's Focus** - In terms of data, focus on the US CPI report on Thursday evening. Regarding events, on Friday at 01:15, 2025 FOMC voter and St. Louis Fed President Musalem will speak on monetary policy; at 01:20, 2026 FOMC voter and Cleveland Fed President Hammack will participate in a fireside chat; at 23:05, 2025 FOMC voter and Kansas City Fed President Schmid will speak on economic outlook and monetary policy. On Saturday at 03:30, 2026 FOMC voter and Dallas Fed President Logan will participate in a fireside chat [4]. **Price and Inventory Data Tables** - **Precious Metal Price Table**: It shows the latest prices, daily changes, and daily change rates of SHFE and SGX gold and silver futures, as well as the CME gold - silver ratio [6]. - **Inventory and Position Table**: It presents the latest values, daily changes, and daily change rates of SHFE, CME, and SGX gold and silver inventories, as well as SHFE and fund positions in gold and silver [16][18]. - **Stock - Bond - Commodity Summary Table**: It includes the latest values, daily changes, and daily change rates of the US dollar index, US dollar - RMB exchange rate, Dow Jones Industrial Average, WTI crude oil spot, LmeS copper 03, 10 - year US Treasury yield, 10 - year US real interest rate, and 10 - 2 - year US Treasury yield spread [21].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On November 12, the main contract of Shanghai gold futures closed up 0.16% to 945.76 yuan/gram, and the main contract of Shanghai silver futures closed up 2.02% to 12,073 yuan/kilogram [5] - The US Senate has officially passed the appropriation bill, and the market generally expects the US government to end the shutdown soon, which may mean that the US Treasury's TGA account will release liquidity. The decrease of 45,000 in the number of private - sector employees in the US in October, the largest decline in two and a half years, boosts the expectation of a Fed rate cut in December. With the dual expectations of fiscal and monetary liquidity easing, precious metal prices still have some support. However, there are still significant differences within the Fed regarding the December rate cut, so the rate - cut rhythm will affect the upward rhythm and short - term space of gold prices. Silver, with a tight supply, performs stronger than gold, and the domestic futures - spot spread has narrowed to near parity, so the silver price is expected to remain relatively strong in the short term. It is recommended to hold long positions or make long - term allocations by buying on dips [6] - In the long - term, the Fed is still in an interest - rate cut cycle. Global geopolitical uncertainties persist, the US debt is unsustainable, and great - power competition intensifies, which will increase the credit risk of the US dollar in the long run. The continuation of gold purchases by global central banks means that the long - term center of gravity of gold prices is likely to continue to rise. Long - term investors are advised to make allocations on dips [6] Group 3: Summary by Relevant Catalogs Price Tracking - **Internal and External Market Gold and Silver Prices**: On November 12, 2025, London gold spot was at $4,117.87/ounce, London silver spot was at $51.58/ounce, COMEX gold was at $4,123.00/ounce, and COMEX silver was at $51.46/ounce. Compared with November 11, the price of gold decreased by about 0.3%, and the price of silver increased by about 1.7% - 1.8%. The prices of domestic gold and silver futures and spot also changed accordingly, with gold down about 0.3% - 0.4% and silver up about 1.6% - 2.02% [5] - **Price Spread/Ratio Tracking**: On November 12, 2025, the gold TD - SHFE active price difference was - 2.9 yuan/gram, and the silver TD - SHFE active price difference was 0 yuan/kilogram. Compared with November 11, the gold price spread increased by 9.4%, and the silver price spread decreased by 100.0%. The SHFE gold - silver ratio was 78.34, and the COMEX gold - silver ratio was 80.12, showing a downward trend compared with November 11 [5] Position Data - As of November 11, 2025, the gold ETF - SPDR was 1,046.36 tons, with a 0.41% increase compared with November 10. The silver ETF - SLV was 15,088.6327 tons, with no change. The non - commercial long - position and short - position holdings of COMEX gold and silver also had corresponding changes, with the long - position of COMEX gold increasing by 1.85% and the short - position increasing by 9.43% [5] Inventory Data - On November 12, 2025, the SHFE gold inventory was 89,616.00 kilograms, with no change compared with November 11. The SHFE silver inventory was 583,060.00 kilograms, a 1.49% decrease. The COMEX gold inventory on November 11 was 37,575,140 troy ounces, a 0.41% decrease compared with November 10, and the COMEX silver inventory was 478,558,059 troy ounces, a 0.11% decrease [5] Interest Rate/Exchange Rate/Stock Market - On November 12, 2025, the US dollar/Chinese yuan central parity rate was 7.08, a 0.05% decrease compared with November 11. The US dollar index on November 11 was 99.48, a 0.14% decrease compared with November 10. The yields of 2 - year and 10 - year US Treasuries decreased, and the VIX index decreased by 1.82%, while the S&P 500 index increased by 0.21%, and NYMEX crude oil increased by 1.65% [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The short - term trend of precious metals is expected to be oscillating strongly, the medium - term trend is high - level oscillation, and the long - term trend is step - by - step upward. The core logic includes short - term hedging factors (Sino - US talks' negative impact is realized, geopolitical risks remain; US employment weakens and inflation is moderate, so the Fed's interest - rate cut expectation remains), hedging attributes (results of Sino - US economic and trade consultations are announced, and geopolitical risks in regions like Russia - Ukraine and the Middle East remain), monetary attributes (the expectation that the US government may end the shutdown and economic data recovery may create conditions for the Fed to cut interest rates next month boosts the market, with the US dollar index and US Treasury yields under pressure to fall), and commodity attributes (the CRB commodity index oscillates weakly, and the appreciation of the RMB is negative for domestic prices) [1]. - The gold price trend is the anchor for the silver price. In terms of capital, the net long position of CFTC silver and the iShare silver ETF have slightly increased positions. In terms of inventory, the recent explicit inventory of silver has slightly decreased [6]. 3. Summaries According to Relevant Catalogs Gold - **Data Summary**: International prices of Comex gold and London gold show different changes compared to the previous day and week. Domestic prices of Shanghai gold futures and gold T + D have increased. There are also various changes in basis, spreads, ratios, positions, inventories, and other data. For example, the Comex gold主力 contract's closing price is $4007.80 per ounce, up $23.00 (0.58%) from the previous day and down $5.60 (-0.14%) from the previous week [2]. - **Strategy**: Conservative investors should wait and see, while aggressive investors can buy low and sell high. It is recommended to manage positions well and set strict stop - loss and take - profit levels [3]. Silver - **Data Summary**: International prices of Comex silver and London silver have different changes. Domestic prices of Shanghai silver futures and silver T + D have increased. There are also changes in basis, spreads, positions, inventories, etc. For example, the Comex silver主力 contract's closing price is $48.23 per ounce, up $0.38 (0.79%) from the previous day and down $0.02 (-0.05%) from the previous week [7]. - **Strategy**: Conservative investors should wait and see, while aggressive investors can buy low and sell high. It is recommended to manage positions well and set strict stop - loss and take - profit levels [7]. Fundamental Key Data - **Fed - related Data**: The federal funds target rate ceiling, discount rate, and reserve balance interest rate have all decreased by 0.25%. The Fed's total assets are $66236.43 billion, down $135.35 billion (-0.00%) from the previous period. M2's year - on - year growth rate is 4.49%, up 0.01% [9]. - **Other Economic Data**: The ten - year US Treasury real yield, US dollar index, US Treasury yield spreads, inflation data, economic growth data, labor market data, real estate market data, consumption data, industrial data, trade data, and economic survey data all show different trends and changes [9][11]. - **Other Key Indicators**: There are also data on central bank gold reserves, IMF foreign exchange reserve ratios, geopolitical risk index, VIX index, CRB commodity index, and offshore RMB exchange rate [11][13].

Report Industry Investment Rating - Not provided in the report Core View - The weak performance of the US private - sector employment supports the precious metal prices. The expected end of the US federal government shutdown, the decrease in US private - sector employment data, and the increase in the probability of the Fed's December interest - rate cut, along with geopolitical risks and central banks' gold - buying, may support precious metal prices [1] Summary by Relevant Catalogs Precious Metal Market Data - **Gold**: Shanghai gold's closing price was 933.02 yuan/g, with a trading volume of 63,048. COMEX futures active contract's closing price was 4,133.20 dollars/ounce, and the London gold spot price was 4,123.30 dollars/ounce. SPDR gold ETF holding was 1,041.78 tons [1] - **Silver**: Shanghai silver's closing price was 11,865 yuan/10g, COMEX futures active contract's closing price was 51.08 dollars/ounce, and the London silver spot price was 51.24 dollars/ounce. US iShare silver ETF holding was 15,088.63 tons [1] Important Information - From Oct 25, the US private sector lost an average of 11,250 jobs per week in four weeks. The White House National Economic Council Director said some US October data might be lost forever [1] Multi - and Short - Logic - Republicans' agreement to vote on extending ACA subsidies may end the government shutdown, leading to cash - outflow expectations. Weak employment data in October has increased the probability of the Fed's December interest - rate cut. Geopolitical risks and central banks' gold - buying may support precious metal prices [1] Trading Strategy - It is advisable to go long when prices fall. For London gold, pay attention to the support at 3,850 - 3,950 and resistance at 4,180 - 4,384; for Shanghai gold, support at 870 - 890 and resistance at 960 - 1,000. For London silver, support at 38 - 45 and resistance at 55 - 60; for Shanghai silver, support at 9,500 - 10,500 and resistance at 12,000 - 12,500 [1]

Core Insights - The demand for precious metals, particularly gold and silver, is increasing as investors seek safe-haven assets amid global economic uncertainty and rising inflation [1] Group 1: Importance of Choosing a Precious Metals Trading Platform - The potential for high returns in precious metals investment makes the choice of a trading platform critical for success [2] - A suitable platform should have regulatory qualifications and security measures to protect investor funds [2] - Transparency in trading costs is essential, as hidden fees can significantly impact investment returns [3] - Platform stability and technical support are crucial for executing trades quickly, especially during market volatility [4] - Customer service and educational resources are important for assisting investors, particularly beginners [5] Group 2: Top Five Precious Metals Trading Platforms - **No.1: Huangyu Precious Metals** - Regulated by the Hong Kong Gold Exchange, ensuring investor fund safety [7] - Utilizes advanced MT4 trading system for fast order execution and risk management tools [7] - Offers personalized investment advisory services and educational resources [7] - **No.2: Lingfeng Precious Metals** - Regulated by the Hong Kong Gold Exchange, ensuring transparency and security [8] - Features low latency and high execution efficiency, suitable for high-frequency traders [9] - Provides comprehensive market analysis and 24/7 customer support [10] - **No.3: FXCM** - A globally recognized trading firm with competitive floating spreads and transparent order execution [11] - High platform stability and strong backend support, ideal for intermediate investors [11] - **No.4: ATFX** - Targets Asian users with low spreads and 24/7 Chinese customer support [12] - Compatible with MT4 and various technical analysis tools, suitable for intermediate traders [12] - **No.5: OANDA** - Known for high transparency and stability, with multiple regulatory licenses [13] - Offers comprehensive trading software catering to both beginners and experienced traders [13] Group 3: How to Choose the Right Precious Metals Platform - Investors should define their investment goals and risk tolerance before selecting a platform [14] - Prioritizing platforms regulated by international authorities, especially those with Hong Kong Gold Exchange qualifications, is essential for ensuring legality and fund safety [15] - Comparing trading fees and service quality is crucial, as some platforms may have hidden costs despite low spreads [16] - Testing platform stability through demo accounts can help verify order execution speed and reliability under extreme market conditions [17]

1. Report Industry Investment Rating - No relevant content provided in the report 2. Core Viewpoints - The weak performance of the US private - sector employment supports the precious metal prices. The probability of the Fed's interest - rate cut in December has increased due to factors such as the decrease in the number of private - sector employees in October. Geopolitical risks and the continuous purchase of gold by central banks around the world may support precious metal prices [1] 3. Summary by Related Catalogs 3.1 Precious Metal Market Data - **Shanghai Gold**: The closing price was 933.02 yuan/g, the trading volume was 63048.00, and the position volume was - 882.00. The spread between the near - month and far - month contracts was - 1.30, and the basis between the spot and futures was - 2.38 [1] - **Shanghai Silver**: The closing price was 11865.00 yuan/10g, the trading volume was 725114.00, and the position volume was 4243002.00. The spread between the near - month and far - month contracts was 40.00, and the basis between the spot and futures was - 15.00 [1] - **COMEX International Gold Futures**: The closing price was 4133.20 US dollars/ounce, the trading volume was 223800.00, and the position volume was 291850.00. The inventory was 37575139.58 troy ounces [1] - **London Gold Spot**: The price was 4123.30 US dollars/ounce, and the holdings of SPDR Gold ETF were 1041.78 tons, and iShare Gold ETF were 482.31 tons [1] - **COMEX International Silver Futures**: The closing price was 51.08 US dollars/ounce, the trading volume was 69857.00, and the position volume was 94353.00 [1] - **London Silver Spot**: The price was 51.24 US dollars/ounce [1] 3.2 Price Ratios - The price ratio of gold to silver: Shanghai gold spot/Shanghai silver spot was 79.87, New York gold/New York silver was 80.92, and London gold spot/London silver spot was 81.74 [1] 3.3 Other Commodity and Financial Market Data - **Crude Oil**: INE crude oil was 458.80 yuan/barrel, ICE Brent oil was 63.94 US dollars/barrel, and NYMEX crude oil was 60.05 US dollars/barrel [1] - **Copper**: Shanghai copper futures were 86630.00 yuan/ton, and LME spot copper was 10840.00 US dollars/ton [1] - **Steel and Iron Ore**: Shanghai rebar was 3044.00 yuan/ton, and Dalian iron ore was 763.00 yuan/ton [1] - **Interest Rates**: The inter - bank lending rate SHIBO was 1.32, and the 10 - year US Treasury nominal yield was 4.1300 [1] - **Exchange Rates**: The US dollar index was 99.4792, the US dollar to RMB central parity rate was 7.0866, and the euro to RMB central parity rate was 8.1986 [1] - **Stock Indexes**: The Shanghai Composite Index was 4018.5972, the S&P 500 was 6851.9700, the UK FTSE 100 was 9787.1500, etc. [1] 3.4 Important Information - According to ADP, the US private sector lost an average of 11250 jobs per week in the four weeks ending October 25th. The White House National Economic Council Director said that some US data for October may be lost forever [1] 3.5 Long - Short Logic - The Republican Party's agreement to vote on extending the ACA subsidies in December is expected to lead to some cash outflows from the US Treasury's general account. The decrease in private - sector employment in October has increased the probability of the Fed's interest - rate cut in December. Geopolitical risks, the expansion of fiscal deficits in many countries, and the continuous purchase of gold by central banks around the world may support precious metal prices [1] 3.6 Trading Strategy - It is advisable to go long when the price drops. For London gold, pay attention to the support level around 3850 - 3950 and the resistance level around 4180 - 4384. For Shanghai gold, the support level is around 870 - 890, and the resistance level is around 960 - 1000. For London silver, the support level is around 38 - 45, and the resistance level is around 55 - 60. For Shanghai silver, the support level is around 9500 - 10500, and the resistance level is around 12000 - 12500 [1]

Report Summary 1. Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] 2. Core Viewpoints - The U.S. Senate has passed the "Continuing Appropriations and Extension Act," taking a key step towards ending the government shutdown. The U.S. House of Representatives plans to vote on the temporary appropriation bill on Wednesday [1]. - The ADP employment data shows that the U.S. private sector has seen a significant decline in employment, with a reduction of 45,000 jobs in October, the largest monthly decline since March 2023 [1]. - Due to the increasing market risk sentiment, the safe-haven investment demand for gold may slightly increase. The gold price is expected to be in a slightly bullish oscillating pattern, with the Au2512 contract oscillating between 920 yuan/gram and 970 yuan/gram. Silver prices are also expected to maintain a slightly bullish oscillating pattern, with the Ag2512 contract oscillating between 11,600 yuan/kilogram and 12,100 yuan/kilogram [8]. 3. Summary by Relevant Catalogs Market Analysis - The U.S. Senate has passed the "Continuing Appropriations and Extension Act," and the House of Representatives plans to vote on it on Wednesday. The ADP employment data shows that the U.S. private sector has reduced 45,000 jobs in October [1]. Futures Quotes and Trading Volumes - On November 11, 2025, the Shanghai Gold main contract opened at 940.18 yuan/gram and closed at 948.88 yuan/gram, a change of 1.38% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 944.18 yuan/gram, down 0.50% from the afternoon close [2]. - On November 11, 2025, the Shanghai Silver main contract opened at 11,810.00 yuan/kilogram and closed at 11,880.00 yuan/kilogram, a change of 1.37% from the previous trading day's close. The trading volume was 675,734 lots, and the open interest was 233,702 lots. The night session closed at 11,921 yuan/kilogram, down 0.35% from the afternoon close [2]. U.S. Treasury Yield and Spread Monitoring - On November 11, 2025, the U.S. 10-year Treasury yield closed at 4.067%, a change of -4.67 BP from the previous trading day. The 10-year to 2-year spread was 0.516%, a change of -0.72 BP from the previous trading day [3]. Changes in Position and Trading Volume of Gold and Silver on the Shanghai Futures Exchange - On November 11, 2025, in the Au2512 contract, the long position changed by -4,804 lots compared to the previous day, and the short position changed by -245 lots. The total trading volume of Shanghai Gold contracts on the previous trading day was 457,338 lots, a change of -5.06% from the previous trading day [4]. - In the Ag2512 contract, the long position changed by -5,965 lots, and the short position changed by -6,656 lots. The total trading volume of silver contracts on the previous trading day was 1,370,140 lots, a change of -26.87% from the previous trading day [4]. Tracking of Precious Metal ETF Positions - The position of the gold ETF was 1,042.06 tons, unchanged from the previous trading day. The position of the silver ETF was 15,089 tons, unchanged from the previous trading day [5]. Tracking of Precious Metal Arbitrage - On November 11, 2025, the domestic gold premium was -7.97 yuan/gram, and the domestic silver premium was -1,168.12 yuan/kilogram. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was approximately 79.87, unchanged from the previous trading day, and the foreign market gold-silver ratio was 81.49, a change of 0.03% from the previous trading day [6]. Fundamental Analysis - On November 11, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 63,048 kilograms, a change of 23.13% from the previous trading day. The trading volume of silver was 725,114 kilograms, a change of 1.74% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 240 kilograms [7]. Strategy - Gold: Cautiously bullish, with the Au2512 contract oscillating between 920 yuan/gram and 970 yuan/gram [8]. - Silver: Cautiously bullish, with the Ag2512 contract oscillating between 11,600 yuan/kilogram and 12,100 yuan/kilogram [8]. - Arbitrage: Short the gold-silver ratio at high levels [9]. - Options: On hold [9]

Group 1 - The core viewpoint of the article highlights the recent upward trend in gold and silver prices, driven by market conditions and expectations regarding U.S. economic policy [1][2]. - On November 10, 2023, the most actively traded gold futures for December 2025 rose by $9.8, closing at $4,133.2 per ounce, marking a 0.24% increase [1]. - During the trading session, gold prices reached a three-week high of $4,155 per ounce, indicating strong market interest [2]. Group 2 - Analysts suggest that the potential end of the U.S. government shutdown may improve market risk appetite, but the anticipated economic impact could reinforce expectations for a Federal Reserve rate cut in December, providing significant support for precious metals [2]. - Despite limited demand for gold jewelry, the demand for gold allocation remains strong, as evidenced by a 4.3-ton increase in SPDR Gold ETF holdings on November 11 [2]. - UBS Group forecasts that gold demand in the next two years could reach its strongest level since 2011, with potential for gold prices to rise to $4,700 per ounce due to ongoing political and financial market risks [2]. Group 3 - On the same day, silver futures for December delivery increased by $0.67, closing at $51.075 per ounce, reflecting a 1.33% rise [3].

Report Investment Ratings - Gold: ☆☆☆ [1] - Silver: ☆☆☆ [1] Core Viewpoints - Overnight, precious metals rose. The positive progress in the US government shutdown negotiation is expected to restart soon. Although it weakens the impact on the economy, it is beneficial to the release of short - term liquidity. After the official data is released, the market will continue to weigh the economic and Fed policy prospects. Precious metals currently lack a strong driver and may continue to build a high - level shock platform. The international gold price should focus on the resistance around $4150 per ounce [1] Other Key Points US Temporary Appropriation Bill Progress - The US Senate voted to pass the temporary appropriation bill and submitted it to the House of Representatives for review [1] - The US House of Representatives is expected to vote on the bill at 5 am Beijing time on Thursday [1] Fed Officials' Views - Fed Governor Milan: The possibility of the end of the government shutdown has not significantly changed the outlook. A 50 - basis - point interest rate cut in December is appropriate, and at least a 25 - basis - point cut should be made [2] - Fed's Musalem: The labor market is close to full employment and is currently cooling. The room for further policy easing is limited. Caution must be exercised [2] - Fed's Daly: There is no inflation pressure from labor costs. Policymakers need to keep an open mind about further interest rate cuts [2] Trade Agreement News - Foreign media said that Switzerland is close to reaching an agreement with the US, and the tariff rate will be reduced to 15%. Trump responded that he is discussing an agreement to lower tariffs with Switzerland, and the figures are not determined [2] - Trump: Close to reaching a trade agreement with India, which is very different from past agreements [2] China's Gold Production and Consumption Data - In the first three quarters of 2025, domestic raw material gold production was 271.782 tons, an increase of 3.714 tons or 1.39% year - on - year. Imported raw material gold production was 121.149 tons, a year - on - year increase of 8.94%. The total gold production from domestic and imported raw materials was 392.931 tons, a year - on - year increase of 3.60% [2] - In the first three quarters of 2025, China's gold consumption was 682.730 tons, a year - on - year decrease of 7.95%. Among them, gold jewelry consumption was 270.036 tons, a year - on - year decrease of 32.50%; gold bars and coins consumption was 352.116 tons, a year - on - year increase of 24.55%; industrial and other gold consumption was 60.578 tons, a year - on - year increase of 2.72% [2]