Group 1: Report Investment Rating - No investment rating information provided in the report Group 2: Core Viewpoints - After the initial consensus was reached in the economic and trade consultations between China, the US, and Malaysia, and Wang Yi's phone call with US Secretary of State Rubio, market uncertainty was further alleviated, leading to a significant decline in safe - haven demand and continuous profit - taking by investors, which was negative for precious metal prices. The easing of physical tightness in London also put pressure on silver prices. In the short term, precious metal prices may still be under pressure due to the cooling of safe - haven demand, but the further decline space is relatively limited as the Fed is likely to cut interest rates in October and the US government shutdown continues. In the long term, the long - term upward logic of precious metals has not reversed, and investors can consider buying on dips [6]. - In the medium - to - long term, the Fed still has room to cut interest rates this year, 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. With the continuation of central bank gold purchases, the medium - to - long - term center of gold prices is likely to continue to rise. Long - term investors are advised to buy on dips [7] Group 3: Summary by Relevant Catalogs Market Price Tracking - **Precious Metal Price Changes**: On October 28, 2025, compared with October 27, 2025, London gold spot price dropped 3.4% to $3939.85 per ounce, London silver spot price fell 3.6% to $46.58 per ounce, COMEX gold price decreased 3.3% to $3955.70 per ounce, and COMEX silver price declined 3.6% to $46.60 per ounce. In the domestic market, AU2512 dropped 3.5% to 901.38 yuan per gram, AG2512 fell 3.0% to 11049 yuan per kilogram, AU (T + D) decreased 3.7% to 898.14 yuan per gram, and AG (T + D) declined 3.0% to 11035 yuan per kilogram [4]. - **Spread and Ratio Changes**: From October 27 to October 28, 2025, the spread of gold TD - SHFE active price increased 107.7% to - 3.24 yuan per gram, the spread of silver TD - SHFE active price decreased 22.2% to - 14 yuan per kilogram, the spread of gold internal - external market (TD - London) decreased 80.5% to 0.61 yuan per gram, and the spread of silver internal - external market (TD - London) decreased 10.6% to - 845 yuan per kilogram. The SHFE gold - silver ratio decreased 0.5% to 81.58, and the COMEX gold - silver ratio increased 0.3% to 84.90 [4]. Position and Inventory Data - **Position Data**: From October 24 to October 27, 2025, the position of gold ETF - SPDR decreased 0.77% to 1038.92 tons, and the position of silver ETF - SLV decreased 0.51% to 15340.79428 tons. The non - commercial long position of COMEX gold increased 1.85% to 332808 contracts, the non - commercial short position increased 9.43% to 66059 contracts, and the non - commercial net long position increased 0.13% to 266749 contracts. The non - commercial long position of COMEX silver increased 0.97% to 72318 contracts, the non - commercial short position decreased 0.21% to 20042 contracts, and the non - commercial net long position increased 1.43% to 52276 contracts [4]. - **Inventory Data**: On October 28, 2025, compared with October 27, 2025, SHFE gold inventory remained unchanged at 87015 kilograms, and SHFE silver inventory increased 1.51% to 657427 kilograms. COMEX gold inventory decreased 0.49% to 38687475 troy ounces, and COMEX silver inventory decreased 0.88% to 492557282 troy ounces [4]. Other Related Market Data - **Other Market Index Changes**: From October 27 to October 28, 2025, NYMEX crude oil price decreased 0.04%, the US dollar index remained unchanged, the 2 - year US Treasury yield decreased 0.25%, the 10 - year US Treasury yield decreased 3.54%, the VIX index decreased 0.12%, the S&P 500 index increased 1.23%, and the US dollar/Chinese yuan central parity rate increased 0.18% [5]. Market Analysis and Outlook - **Short - term Outlook**: After the recent significant adjustment of precious metal prices, in the short term, they may still be under pressure due to the cooling of safe - haven demand, but the further decline space is relatively limited. The Fed is likely to cut interest rates in October, and the US government shutdown continues. In the long term, the long - term upward logic of precious metals has not reversed, and investors can consider buying on dips [6]. - **Medium - to - Long - term Outlook**: In the medium - to - long term, the Fed still has room to cut interest rates this year, 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. With the continuation of central bank gold purchases, the medium - to - long - term center of gold prices is likely to continue to rise. Long - term investors are advised to buy on dips [7]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report Although in the medium - to - long - term, central bank gold purchases and growing investment demand will boost the precious metal prices, in the short term, they are in an adjustment phase. Investors should watch for mid - term opportunities to buy on dips, and those with existing long positions should hold them cautiously. London gold has resistance at 4000 and 4150, with support moving down to the 3800 - 3850 area; silver has resistance at 48 and 50 - 50.5, with support at 46 and strong support at 44 [5]. 3. Summary by Related Catalogs 3.1 Market Review On Tuesday, precious metal prices continued to adjust, showing a V - shaped trend. Global trade easing and the alleviation of silver spot liquidity squeeze affected the market. Trump's intervention in the Fed enhanced gold's investment appeal. The surrounding US dollar index and 10Y US Treasury yield declined, US stocks rose, European stocks were mixed, Bitcoin pulled back, the South China Non - ferrous Metals Index adjusted significantly, and crude oil fell. COMEX gold 2512 contract closed at $3968.1 per ounce, down 1.28%; US silver 2512 contract closed at $47.14 per ounce, up 0.78%. SHFE gold 2512 main contract closed at 901.38 yuan per gram, down 4.2%; SHFE silver 2512 contract closed at 11049 yuan per kilogram, down 3.32% [2]. 3.2 Interest Rate Cut Expectations and Fund Holdings Interest rate cut expectations fluctuated slightly. According to CME "FedWatch" data, the probability of the Fed keeping rates unchanged in October was 0.5%, and the probability of a 25 - basis - point cut was 99.5%. For December, the probability of a cumulative 25 - basis - point cut was 8%, a 50 - basis - point cut was 91.6%, and a 75 - basis - point cut was 0.4%. For January, the probability of a cumulative 25 - basis - point cut was 3.8%, a 50 - basis - point cut was 48.1%, and a 75 - basis - point cut was 47.9%. SPDR Gold ETF holdings remained at 1038.94 tons; iShares Silver ETF holdings decreased by 131.22 tons to 15209.57 tons. SHFE silver inventory increased by 9.8 tons to 657.4 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 In terms of data, focus on the preliminary value of US Q3 GDP on Thursday and US September PCE data on Friday. For events, pay attention to the Fed FOMC's interest rate decision at 02:00 on Thursday, Fed Chair Powell's press conference at 02:30, and the European Central Bank's interest rate decision at 21:15 on Thursday. Also, watch the APEC leaders' summit in South Korea, Trump's visits to Japan (until October 29) and South Korea [4]. 3.4 Precious Metal Price and Inventory Tables - **Price Table**: SHFE gold main - continuous contract was at 901.38 yuan per gram, down 3.51%; SGX gold TD was at 896.69 yuan per gram, down 3.61%; CME gold main contract was at $3968.1 per ounce, down 0.72%. SHFE silver main - continuous contract was at 11049 yuan per kilogram, down 3.03%; SGX silver TD was at 10996 yuan per kilogram, down 3.08%; CME silver main contract was at $47.14 per ounce, up 0.66%. SHFE - TD gold was at 4.69 yuan per gram, up 21.82%; SHFE - TD silver was at 53 yuan per kilogram, up 226.67%. CME gold - silver ratio was 84.1769, down 1.38% [6][7]. - **Inventory and Position Table**: SHFE gold inventory was 87015 kilograms, unchanged; CME gold inventory was 1196.0785 tons, down 0.6%. SHFE gold position was 175916 lots, down 2.71%; SPDR gold position was 1038.92 tons, unchanged. SHFE silver inventory was 657.427 tons, up 1.51%; CME silver inventory was 15180.4568 tons, down 0.91%; SGX silver inventory was 905.235 tons, down 13.84%. SHFE silver position was 321876 lots, down 5.8%; SLV silver position was 15209.570998 tons, down 0.86% [16]. 3.5 Stock, Bond, and Commodity Summary The US dollar index was at 98.7245, down 0.09%; the US dollar against the Chinese yuan was at 7.0963, down 0.18%. The Dow Jones Industrial Index was at 47706.37 points, up 0.34%. WTI crude oil spot was at $60.15 per barrel, down 1.89%. LmeS copper 03 was at $11029.5 per ton, up 0.26%. The 10Y US Treasury yield was 3.99%, down 0.5%; the 10Y US real interest rate was 1.71%, down 1.16%; the 10 - 2Y US Treasury yield spread was 0.52%, down 1.89% [21].

Price Fluctuations - The current gold prices vary significantly among different jewelry brands, with prices ranging from 1086 CNY to 1227 CNY per gram [1] - Platinum prices are relatively stable, mostly around 560 CNY per gram, with some variations [1] Recovery Prices - The recovery prices for gold vary based on purity, with 99.9% purity gold at 918 CNY per gram, 22K gold at 808 CNY, and 18K gold at 666 CNY [3] - Platinum recovery price is 331 CNY per gram, while palladium and silver recovery prices are 284 CNY and 9.1 CNY per gram respectively [3] Reasons for Price Decline - The recent decline in gold prices is attributed to several factors, including changes in international oil prices, the US dollar index, and stock market fluctuations affecting gold's safe-haven demand [4] - Increased supply of physical gold and changes in investor expectations regarding interest rates and inflation also contribute to the downward pressure on gold prices [4] Purchasing Tips - Consumers are advised to be cautious with price fluctuations and avoid impulsive buying [6] - It is recommended to choose reliable brands and understand the purity and weight of gold before purchasing [6] Investment in Precious Metals - Besides gold, platinum, palladium, and silver are also worth considering for investment due to their unique characteristics and market demands [7] - Platinum is noted for its stability and industrial demand, while palladium's demand is more volatile [7] Market Perspective - The recent price drops in gold and platinum should be viewed as normal market fluctuations rather than signs of a crisis [9] - Consumers should focus on long-term trends and market information when considering investments in precious metals [9]

记者丨刘雪莹 编辑丨吴桂兴 北京时间10月28日晚， 美股三大指数小幅上涨，均刷新历史新高。 英特尔盘中触及41.67美元，再创新高。 Paypal盘前涨幅扩大至14%，目前涨超10%。据财联社报道，Paypal据称与OpenAI达成合作协议，将支付钱包嵌入到ChatGPT中。 同样有AI大消息的还有高通，昨日其宣布推出两款AI芯片挑战英伟达，股价一度涨约20%，目前回调近4%。（详情： 高通挑战英伟达 ） 多只热门中概股下跌，纳斯达克金龙跌约1.7%，乐信、健永生技、嘉楠科技、奇富科技跌超15%，阿里、拼多多、京东、百度等均跌超1%。 | | | 现货白银收复日内所有跌幅，回升至46.97美元/盎司，此前一度大跌近3%。 对于贵金属的大跌，目前市场多数分析认为上涨形态还没有被破坏， 更多是急涨之后的"深蹲"。 东方金诚研究发展部高级副总监白雪的观点 表示，支撑金价的逻辑并没有被破坏，近期黄金出现剧烈调整属于暂时盘整，盘整后有望继续震荡上行，并不是见顶信号， 国际金价明年或将 上升至4500美元/盎司上方。 （ 黄金7天狂泻500美元，专家：倒车接人 ） 苹果盘初总市值一度首次升破4万亿美元 ，成为继英伟达和 ...

Core Insights - Precious metal investment has become a significant asset allocation option due to global inflation pressures and geopolitical fluctuations [1] - Hong Kong, as a financial hub in Asia, attracts global investors with its robust regulatory framework and mature trading ecosystem [1] Group 1: Standards for Selecting Precious Metal Trading Platforms - Regulatory qualifications are the primary consideration, with the AA license from the Hong Kong Gold Exchange being the gold standard [2] - Security mechanisms for funds are crucial, with reputable platforms storing client funds in independent third-party bank accounts [2] - Transparency in trading costs directly impacts investment returns, with quality platforms typically maintaining a spread of $0.2 to $0.5 per ounce for London gold [2] - Technical capabilities and system stability are vital, especially during extreme market conditions, with investors encouraged to conduct stress tests using demo accounts [2] Group 2: Top Ten Regulated Precious Metal Trading Platforms in Hong Kong 1. **Manzhou Gold**: Holds AA license, member of the Standard Gold Group, offers a range of products, and employs MT5 trading system with high security measures [4][5][6] 2. **Jinrong China**: Established in 2010, holds AA license, uses MT4/MT5 systems, and maintains zero violation record [7] 3. **Rongsheng Gold**: Holds AA license, boasts a 99.97% order execution success rate, and low slippage [9] 4. **Hansheng Group**: Holds AA license, utilizes blockchain technology for client information security [10] 5. **Xinshi Gold**: Recognized for best trading platform and customer service, strictly regulated under Hong Kong law [11] 6. **Asia Pacific Gold**: Holds multiple international qualifications, offers MT4/APP support, and features intelligent risk control [13] 7. **Mingde Financial**: Focuses on customer experience with efficient fund transfers and instant market data [14] 8. **Wanzhaofeng**: Operates under compliance, known for smooth trading systems and strong customer service [15] 9. **Fuchang Gold**: Renowned for risk control capabilities and transparent operations, providing daily macro data analysis [16] 10. **Jufeng Gold**: Introduced blockchain-based trading systems, enhancing transaction credibility and risk control [17] Conclusion - The ten platforms listed have demonstrated outstanding performance in compliance, security, and service quality, allowing investors to choose based on their risk tolerance and trading habits [17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The short - term risk - aversion situation shows that the potential meeting between China and the US may ease trade - war risks, while the risk of stagflation in the US economy is increasing, with weak employment and moderate inflation, and the market's expectation of the Fed's interest - rate cuts is being realized [1]. - In terms of the safe - haven attribute, the China - US trade negotiations have reached a preliminary consensus, with Trump being optimistic and China being cautious. Trump has cancelled his meeting with Putin and complained about the deadlock in negotiations [1]. - Regarding the monetary attribute, the US consumer price increase in September was slightly lower than expected. The Fed may stop shrinking its balance sheet in the coming months, and the market expects a 25 - basis - point interest - rate cut in October with a probability of over 90%, and about 2 more cuts within the year [1]. - From the perspective of the commodity attribute, the CRB commodity index is oscillating downward, and the appreciation of the RMB is negative for domestic prices [1]. - It is expected that precious metals will show short - term weak oscillations, medium - term high - level oscillations, and long - term step - up trends [1]. 3. Summary by Relevant Catalogs Gold - **Market Performance**: Today, precious metals oscillated downward, with the main contract of Shanghai gold futures closing down 4.20% and the main contract of Shanghai silver futures closing down 3.32% [1]. - **Strategy**: Conservative investors should wait and see, while aggressive investors can buy low and sell high. With the Fed's decision and China - US talks this week, risk management is recommended [2]. - **Data Summary**: International gold prices (Comex and London) and domestic gold prices (Shanghai gold futures and gold T + D) all declined. The positions of Comex gold and Shanghai gold futures decreased, while the positions of gold T + D increased. Some inventories decreased slightly [2]. Silver - **Market - related Factors**: The price trend of gold is the anchor for the price of silver. In terms of capital, the net long position of CFTC silver and the iShare silver ETF slightly increased. In terms of inventory, the recent visible inventory of silver slightly decreased [5]. - **Strategy**: Similar to gold, conservative investors should wait and see, and aggressive investors can buy low and sell high. Risk management is necessary during the Fed's decision and China - US talks [6]. - **Data Summary**: International and domestic silver prices declined. The positions of Comex silver and Shanghai silver futures decreased, while the positions of silver T + D increased. Inventories generally decreased [6]. Fundamental Key Data - **Monetary Attribute**: The federal funds target rate, discount rate, and reserve balance rate all decreased by 0.25%. The Fed's total assets decreased slightly. There were changes in inflation, economic growth, labor market, real - estate market, consumption, industrial, trade, and economic - survey indicators [8][10]. - **Safe - haven Attribute**: The geopolitical risk index increased by 30.89% compared to the previous day and 69.51% compared to the previous week, while the VIX index decreased by 10.97% compared to the previous week [12]. - **Commodity Attribute**: The CRB commodity index decreased by 0.48% compared to the previous day but increased by 2.08% compared to the previous week. The offshore RMB exchange rate changed slightly [12]. - **Fed's Interest - rate Expectations**: The market has different expectations for the Fed's interest - rate levels in different periods from October 2025 to September 2027 [13].

Report Summary 1. Report Industry Investment Rating No information 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 price of precious metals, in the short term, they are in an adjustment phase. Investors should look for mid - term opportunities to buy on dips and hold existing long positions cautiously. The resistance levels for London gold are 4000 and 4150, and the support is lowered to the 3800 - 3850 area. For silver, the resistance levels are 48 and 50 - 50.5, and the support is 46 [5]. 3. Summary by Catalog 3.1 Market Review On Monday, precious metal prices declined as the easing of global trade tensions boosted market risk appetite. The US dollar index fluctuated, the 10 - year US Treasury yield fell, and European and American stock indexes, Bitcoin, the South China Non - ferrous Metals Index, and crude oil showed various trends. COMEX gold 2512 contract closed at $3997 per ounce, down 3.4%; US silver 2512 contract closed at $46.83 per ounce, down 3.61%. SHFE gold 2512 main contract closed at 934.14 yuan per gram, down 1.24%; SHFE silver 2512 contract closed at 11394 yuan per kilogram, down 0.47% [2]. 3.2 Interest Rate Cut Expectations and Fund Holdings Interest rate cut expectations were generally stable. According to CME "FedWatch" data, the probability of the Fed keeping interest rates unchanged in October was 2.7%, and the probability of a 25 - basis - point cut was 97.3%. For December, the probability of a cumulative 25 - basis - point cut was 4.6%, a 50 - basis - point cut was 95.3%, and a 75 - basis - point cut was 0%. For January, the probability of a cumulative 25 - basis - point cut was 2.3%, a 50 - basis - point cut was 48.1%, and a 75 - basis - point cut was 49.6%. SPDR Gold ETF holdings decreased by 8.01 tons to 1038.94 tons, and iShares Silver ETF holdings decreased by 79.02 tons to 15340.79 tons. SHFE silver inventory decreased by 17.3 tons to 647.6 tons, and SGX silver inventory decreased by 145.4 tons to 905.2 tons in the week ending October 17 [3]. 3.3 This Week's Focus In terms of data, focus on the preliminary value of the US Q3 GDP on Thursday and the US September PCE data on Friday. For events, pay attention to the Fed FOMC's interest rate decision at 02:00 on Thursday, Fed Chairman Powell's press conference at 02:30, and the European Central Bank's interest rate decision at 21:15 on Thursday. Also, focus on the APEC Leaders' Summit in South Korea, US President Trump's visits to Japan (until October 29) and South Korea [4]. 3.4 Price and Inventory Data - **Precious Metal Futures and Spot Prices**: SHFE gold main contract was at 934.14 yuan per gram, down 0.42%; SGX gold TD was at 930.29 yuan per gram, down 0.54%; CME gold main contract was at $3997 per ounce, down 3.15%. SHFE silver main contract was at 11394 yuan per kilogram, up 0.55%; SGX silver TD was at 11345 yuan per kilogram, up 0.25%; CME silver main contract was at $46.83 per ounce, down 3.26% [6][7]. - **Inventory and Position Data**: SHFE gold inventory was 87015 kilograms (unchanged), CME gold inventory was 1203.3159 tons, down 0.49%; SHFE gold position was 180815 lots, down 2.69%; SPDR gold position was 1038.92 tons, down 0.77%. SHFE silver inventory was 647.643 tons, down 2.61%; CME silver inventory was 15320.2554 tons, down 0.88%; SGX silver inventory was 905.235 tons, down 13.84%; SHFE silver position was 341694 lots, down 6.63%; SLV silver position was 15340.794278 tons, down 0.51% [12]. 3.5 Other Market Data The US dollar index was at 98.8157, down 0.12%; the US dollar against the Chinese yuan was at 7.1091, down 0.16%; the Dow Jones Industrial Average was at 47544.59 points, up 0.71%; WTI crude oil spot was at $61.31 per barrel, down 0.31%; LmeS copper 03 was at $11000.5 per ton, up 0.49%; the 10 - year US Treasury yield was 4.01%, down 0.25%; the 10 - year US real interest rate was 1.73% (unchanged); the 10 - 2 - year US Treasury yield spread was 0.53%, down 1.85% [17].

今日贵金属延续调整。周五美国公布9月CPI和核心CPI均为3%略低于预期,市场维持年内再降息两次预期, 本周降息板上钉钉，关注鲍威尔讲话指引，不排除宣布停止缩表。中美结束新一轮贸易谈判,双方就稳妥解 决多项重要经贸议题形成初步共识,美国财长贝森特在接受美媒采访时表示不再考虑对中国加征100%的关 税。贵金属中长期上涨逻辑稳固,短期风险偏好有所向好,技术面严重超买正在修复,可能形成月线级别的 调整,构建震荡平台为进一步走向提供基础,建议暂时观望等待参与机会。本周聚焦美联储议息会议和APEG 领导人峰会消息指引，此外关注美国政府停摆问题能否得到解决。 ★美国CPI—(1)美国劳工部数据称,美国9月 CPI同比上涨3.0%,环比上涨0.3%,核心CPI同比上涨3.0%,环 比上涨0.2%。②美国白宫国家经济委员会主任哈塞特:数据"非常出色"，通胀正在放缓，美联储压力减 轻。③美国白宫:下个月可能无法公布通胀数据,为史上首次。 ★贸易协议——1美国与泰国签署关键矿物协议,并将维持对泰国19%的关税;②特朗普与巴西总统会晤,双 方将进行经贸谈判,巴方要求在谈判过程中暂停关税;3美国与马来西亚签署贸易协议和关键矿产协议; ...

| Million | >国技期货 | 贵金属日报 | | --- | --- | --- | | | 操作评级 | 2025年10月27日 | | 黄金 | ☆☆☆ | 刘冬博 高级分析师 | | 白银 | ☆☆☆ | F3062795 Z0015311 | | | | 吴江 高级分析师 | | | | F3085524 Z0016394 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 今日贵金属延续调整。周五美国公布9月CPI和核心CPI均为3%略低于预期,市场维持年内再降息两次预期, 本周降息板上钉钉，关注鲍威尔讲话指引，不排除宣布停止缩表。中美结束新一轮贸易谈判,双方就稳妥解 决多项重要经贸议题形成初步共识,美国财长贝森特在接受美媒采访时表示不再考虑对中国加征100%的关 税。贵金属中长期上涨逻辑稳固,短期风险偏好有所向好,技术面严重超买正在修复,可能形成月线级别的 调整,构建震荡平台为进一步走向提供基础,建议暂时观望等待参与机会。本周聚焦美联储议息会议和APEG 领导人峰会消息指引，此外关注美国政府停摆问题能否得到解决。 ★美国 ...

研究所 贵金属研发报告 研究所副所长：车红云 期货从业证号：F03088215 投资咨询号：Z0017510 研究员：王露晨 CFA 期货从业证号：F03110758 投资咨询号：Z0021675 贵金属衍生品日报 2025 年 10 月 27 日 联系方式： 上海：021-65789219 北京：010-68569781 邮箱： wangluchen_qh@chinastock.co m.cn 贵金属衍生品日报 【市场回顾】 1.贵金属市场: 今天白天，贵金属窄幅波动，伦敦金当前交投于 4078 美元附 近，伦敦银当前交投于 48.3 美元附近。受外盘驱动，沪金最终收跌 1.24%，报 934.14 元/克; 沪银主力合约最终收跌 0.47%，报 11394 元/千克。 2.美元指数: 美元指数小幅走高，当前交投于 98.92 附近。 3.美债收益率:10 年美债收益率同样走高，当前交投于 4.04%附近。 4.人民币汇率:人民币兑美元高开高走，当前交投于 7.11 附近。 【重要资讯】 1.中美贸易谈判：新华社消息，当地时间 10 月 25 日至 26 日，中美经贸中方 牵头人、国务院副总理何立峰与美方牵 ...