Core Insights - The cryptocurrency concept stocks in Hong Kong experienced significant declines, with notable drops in companies such as Huajian Medical down nearly 12% and Boya Interactive down over 8% [1][2] - The overall market sentiment is bearish, driven by multiple negative factors affecting cryptocurrencies, including ETF fund outflows and concerns over high valuations in tech stocks [1] Market Performance - Huajian Medical: Latest price at 5.260, down 11.89% [2] - Boya Interactive: Latest price at 4.650, down 8.10% [2] - Guofu Quantum: Latest price at 1.570, down 6.55% [2] - Guotai Junan International: Latest price at 3.010, down 5.94% [2] - Blueport Interactive: Latest price at 0.455, down 5.21% [2] - OSL Group: Latest price at 15.910, down 4.67% [2] - OK Blockchain: Latest price at 0.233, down 4.12% [2] - Yunfeng Financial: Latest price at 3.780, down 3.82% [2] - New Fire Technology Holdings: Latest price at 4.180, down 3.91% [2] - Huaxing Capital Holdings: Latest price at 5.410, down 2.52% [2] Cryptocurrency Market Trends - Ethereum saw a significant drop of 15%, trading at $3,061 per coin, while Bitcoin fell over 7%, dropping below $99,000 [1] - The market is facing heightened risk aversion, with a total liquidation of $2.029 billion in the past 24 hours, affecting 473,095 traders [1]

Core Insights - Cryptocurrency continues to decline in the U.S. market, with Ethereum dropping 15% to $3,061 per coin and Bitcoin falling over 7% to below $99,000 per coin [1] Market Sentiment - Increased risk aversion is pressuring global risk assets, leading to multiple headwinds for cryptocurrencies [1] - Concerns are rising regarding fund outflows from exchange-traded funds (ETFs) and investor anxiety over digital asset companies [1] Valuation Concerns - After a significant rise in technology stocks, their valuations are now considered high, raising doubts about further upward momentum [1] - Market worries about U.S. inflation pressures potentially limiting the Federal Reserve's policy easing space are also unfavorable for risk assets [1] Sensitivity to Macro Data - Analysts indicate that the stock market has become increasingly sensitive to any weak macro data or changes in the Federal Reserve's policy path following an AI-driven rally [1]

Core Viewpoint - Cryptocurrency prices continue to decline, with Ethereum dropping 15% to $3,061 and Bitcoin falling over 7% to $99,000, amid rising market risk aversion and multiple negative factors affecting the sector [1]. Group 1: Market Sentiment - Increased risk aversion in the market is putting pressure on global risk assets, including cryptocurrencies [1]. - Concerns are growing among investors regarding the sell-off of digital asset companies, contributing to the negative sentiment in the cryptocurrency market [1]. Group 2: External Factors - The outflow of funds from exchange-traded funds (ETFs) is negatively impacting the cryptocurrency market [1]. - The significant rise in technology stocks has led to high valuations, raising doubts about the potential for further increases in these assets [1]. - There are worries that inflation pressures in the U.S. may limit the Federal Reserve's ability to implement policy easing, which is unfavorable for risk assets [1]. Group 3: Market Sensitivity - Analysts note that following a surge driven by artificial intelligence, the stock market has become increasingly sensitive to any weak macro data or changes in the Federal Reserve's policy direction [1].

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].

Group 1: Gold Futures Performance - As of November 3, the Shanghai gold futures main contract is priced at 922.58 CNY per gram, with an increase of 0.47%. The opening price was 924.60 CNY per gram, reaching a high of 927.28 CNY and a low of 911.18 CNY [1] Group 2: Macroeconomic News - The U.S. Labor Statistics Bureau is set to release the September CPI data, which is expected to significantly influence market expectations regarding the Federal Reserve's monetary policy following the government shutdown [1] - The Federal Reserve has lowered interest rates by 25 basis points, but the hawkish stance of Chairman Powell has strengthened the U.S. dollar index, leading to a decrease in global market risk appetite. Additionally, China's October manufacturing PMI fell short of expectations, indicating a marginal weakening below the growth line [1] - The short-term outlook for gold prices is expected to remain volatile at high levels, while silver is seen as having valuation advantages and is likely to experience a rebound after a short-term decline [1] Group 3: Institutional Perspectives - Last week, gold prices faced downward pressure due to the Federal Reserve's hawkish stance and easing trade tensions. However, the expectation of continued interest rate cuts and the risk of a government shutdown have maintained a strong market sentiment for safe-haven assets, supporting a rebound in gold prices [2] - Technically, after hitting a low, gold futures have started to rebound, but they are currently under pressure from the 10-day and 20-day moving averages. The MACD indicator shows a downward trend, although the decline in the green histogram has slowed down, indicating high volatility in AU2512 [2]

Report Title - "Precious Metals Weekly Report" [1] Report Date - November 3, 2025 [2] Report Industry Investment Rating - Not provided Core Viewpoints - The prices of precious metals continued to adjust last week. The easing of Sino-US economic and trade relations reduced market risk aversion, and Fed Chairman Powell's hawkish remarks weakened the market's expectation of a Fed rate cut in December, putting pressure on gold and silver prices [3][6]. - The Fed cut the federal funds rate to a range of 3.75% - 4.00% last Wednesday, the second rate cut this year. Powell was cautious about future rate cuts, which cooled investors' expectations of further monetary easing, leading to an increase in US bond yields and a stronger dollar [3][7]. - Given the current easing of Sino-US economic and trade relations and the reduced expectation of a December rate cut due to Powell's hawkish remarks, the view that gold and silver prices are in a phase adjustment is maintained. Even if there are short - term rebounds due to data, the medium - term adjustment trend of gold and silver remains unchanged. The announcement of gold - related tax policies may affect domestic investment sentiment and increase the volatility of domestic gold prices on Monday [3][8]. Summary by Directory 1. Last Week's Trading Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold | 921.92 | -16.18 | -1.72 | 156891 | 178255 | Yuan/Gram | | Shanghai Gold T+D | 921.02 | 24.33 | 2.71 | 54322 | 247700 | Yuan/Gram | | COMEX Gold | 4013.40 | -113.50 | -2.75 | | | US Dollar/Ounce | | SHFE Silver | 11441 | 109 | 0.96 | 522479 | 634627 | Yuan/Kilogram | | Shanghai Silver T+D | 11410 | 414 | 3.77 | 1394914 | 4355604 | Yuan/Kilogram | | COMEX Silver | 48.25 | -0.16 | -0.33 | | | US Dollar/Ounce | [4] 2. Market Analysis and Outlook - The prices of precious metals continued to adjust last week. The easing of Sino - US economic and trade relations and Powell's hawkish remarks led to a decrease in the expectation of a December rate cut, maintaining the view of a phase adjustment in gold and silver prices [3][6][8]. - The Fed cut rates last Wednesday, and Powell's cautious attitude towards future rate cuts led to an increase in US bond yields and a stronger dollar [3][7]. - The Sino - US economic and trade teams reached a three - aspect consensus, and the US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, while the 24% reciprocal tariff will be suspended for another year [7]. - The European Central Bank kept the deposit rate at 2% unchanged for the third time, and the eurozone's Q3 GDP growth was better than expected [7][11]. - The Japanese central bank kept the benchmark interest rate at 0.5% unchanged for the sixth consecutive time [11]. - The announcement of gold - related tax policies may affect domestic investment sentiment and increase the volatility of domestic gold prices on Monday [3][8]. - This week, attention should be paid to the US ADP employment report, Fed officials' speeches, and Trump's possible attendance at the US Supreme Court's "tariff ruling" hearing [8]. 3. Important Data Information - ADP will launch weekly employment data from this week. As of October 11, the average number of private - sector jobs in the US increased by 14,250 in four weeks [10]. - The US consumer confidence index in October declined for the third consecutive month, reaching the lowest level since April this year [10]. - The IMF predicts that the US government debt - to - GDP ratio will reach 143.4% by 2030, exceeding that of Italy and Greece for the first time this century [10]. - The eurozone's Q3 GDP increased by 1.3% year - on - year and 0.2% quarter - on - quarter, better than expected, but there was increased differentiation among member states [10]. - The European Central Bank kept the benchmark interest rate at 2% unchanged for the third time, believing that inflation has reached the 2% target [11]. - The Japanese central bank kept the benchmark interest rate at 0.5% unchanged for the sixth consecutive time, with some members opposing and advocating a 25 - basis - point rate hike [11]. - The Ministry of Finance and the State Taxation Administration clarified gold - related tax policies, highlighting the tax advantages of exchange - traded gold [11]. 4. Relevant Data Charts - The report presents multiple data charts, including the price trends of SHFE and COMEX gold and silver, ETF holdings, inventory changes, net long positions, price spreads, and various correlations such as gold - to - silver ratios, inflation expectations, and relationships with other economic indicators [12][15][19][21][23][24][27][31][32][34][38][40][41][42][43]

Core Viewpoint - The recent dramatic fluctuations in gold prices reflect a global reassessment of the dollar's credibility, with gold prices dropping sharply after a significant rise [1] Price Movements - On October 28, spot gold prices fell below $3,900 per ounce, a drop of nearly $500 from the historical high of $4,218.13 per ounce reached on October 15 [1][4] - Gold prices experienced a remarkable increase of 26.7% from August 22 to October 20, 2023, marking one of the most significant rises in 40 years [1][6][7] - The price decline from October 21 to 28 amounted to 8.07%, with the lowest point at $3,886.3 per ounce [12] Market Dynamics - The surge in gold prices was primarily driven by expectations of interest rate cuts by the Federal Reserve, alongside rising market concerns regarding U.S. government stability and global trade complexities [9][10] - Central banks globally have been increasing their gold reserves, with a reported addition of 166 tons in Q2 2023, contributing to upward pressure on gold prices [9] Investor Behavior - Following the price drop, gold-related ETFs saw significant declines, with 14 ETFs dropping over 3.5% and the largest ETF, SPDR, reducing its holdings by 19.74 tons since October 22 [13][14] Factors Behind the Decline - Analysts attribute the sudden drop in gold prices to improved U.S.-China trade relations and comments from former central bank officials regarding excessive gold reserves [15] - The easing of market risk aversion due to geopolitical developments has also contributed to the sell-off in gold [16] Future Outlook - Despite the recent downturn, many institutions believe the gold bull market is not over, citing historical patterns of price corrections following rapid increases [17] - Long-term trends suggest that factors such as de-dollarization and shifts in central bank reserve strategies will continue to support gold prices [18][19] - The World Gold Council projects a record high demand for gold in Q3 2025, indicating strong future interest [20] Underlying Logic - The current gold bull market is driven by concerns over rising U.S. debt and fiscal deficits, with predictions of gold prices potentially reaching $4,900 per ounce by 2026 [21] - Historical data indicates that rapid price increases are often followed by significant corrections, typically lasting at least three weeks [22]

Core Viewpoint - The article discusses the strengthening of the US dollar amidst global market volatility driven by tech stock earnings and unclear central bank policies, highlighting a shift in market sentiment towards safer assets like the dollar [1][6]. Group 1: US Dollar Dynamics - The US dollar index stabilized at 99.5, reaching a three-month high due to risk-averse sentiment following a decline in US stocks [1]. - Market expectations regarding the Federal Reserve's interest rate path have shifted, with traders reducing bets on a rate cut in December, enhancing the appeal of dollar assets [6][8]. - The yield on the US 10-year Treasury note rose to approximately 4.1%, reflecting the changing market expectations and increasing the relative attractiveness of dollar-denominated assets [8]. Group 2: Japanese Yen Performance - The Japanese yen stabilized after reaching a near nine-month low, supported by comments from the new Finance Minister Satsuki Katayama, who indicated a heightened monitoring of foreign exchange trends [3][7]. - Despite a slight rebound, the yen has depreciated by 4% against the dollar over the past month, marking its worst monthly performance since July [3]. - Tokyo's core consumer price index (CPI) rose by 2.8% year-on-year, exceeding market expectations and complicating the Bank of Japan's position on maintaining interest rates [7]. Group 3: Other Major Currencies - The euro appreciated to 1.156 against the dollar, following the European Central Bank's decision to keep rates unchanged at 2% for the third consecutive meeting [11]. - The British pound remained stable at 1.31555 against the dollar, amid political pressures faced by the UK Chancellor [15]. - Commodity currencies like the Australian and New Zealand dollars showed weakness, with the Australian dollar down 0.1% to 0.65495 and the New Zealand dollar down 0.2% to 0.57325, reflecting global risk aversion [15].

Core Viewpoint - Recent fluctuations in gold prices have been significant, with prices experiencing both sharp declines and rebounds, reflecting a volatile market sentiment [1] Price Movements - International gold prices surged over $4,000 per ounce before quickly retreating, with a notable increase of nearly $600 per ounce in the first two weeks of October, reaching a peak of $4,381 per ounce [1] - As of October 30, gold prices were fluctuating around $3,950 per ounce, indicating a substantial drop from the earlier highs [1] Market Sentiment - The recent volatility in gold prices has led to discussions among Asian central bank officials about the potential need to sell gold [1] - The market's reaction includes profit-taking behavior following the rapid price increase, which is seen as a normal market phenomenon [1] Economic Influences - The decline in gold prices is attributed to a reduction in market risk aversion, influenced by improved U.S.-China trade relations and a more hawkish stance from the Federal Reserve regarding future interest rate cuts [1] - Federal Reserve Chairman Jerome Powell's recent statements have indicated that further interest rate cuts are not guaranteed, which has cooled market expectations and contributed to the fluctuations in gold prices [1]

Core Viewpoint - Recent fluctuations in gold prices have led to significant market volatility, with prices experiencing both sharp declines and rebounds, indicating a divided market sentiment [2][6]. Group 1: Gold Price Movements - International gold prices surged past $4,000 before quickly retreating, with New York futures prices dropping while London spot prices increased [2]. - As of October 30, gold prices were oscillating around $3,950 after a peak of $4,381 earlier in the month, reflecting a nearly $600 increase in the first two weeks [6]. - The recent volatility is attributed to profit-taking after rapid price increases, which some analysts view as a normal market reaction [6]. Group 2: Central Bank Actions - Philippine central bank officials have suggested considering gold sales due to high current holdings, which stand at approximately 13% of their $109 billion international reserves [3]. - The former central bank governor indicated that an ideal gold reserve ratio should be between 8% and 12%, suggesting potential adjustments to current holdings [3]. - Analysts believe that the Philippines' gold sales would have a limited direct impact on the global gold market due to the country's small economic size, accounting for only 0.4% of the global economy [4]. Group 3: Market Sentiment and Future Outlook - The decline in gold prices is also linked to reduced market risk aversion, influenced by easing U.S.-China trade tensions and a hawkish stance from the Federal Reserve regarding future interest rate cuts [7]. - Despite the recent volatility, analysts maintain a long-term bullish outlook on gold prices, supported by ongoing U.S. fiscal risks and strong central bank demand for gold [8][9]. - Goldman Sachs predicts that central banks and institutional investors will continue to increase their gold allocations amid rising global uncertainties [8].