Core Viewpoint - The recent significant decline in gold prices, dropping nearly $500 per ounce in seven trading days, is attributed to improved risk appetite due to easing U.S.-China trade tensions and potential central bank gold sales [1][2][4]. Group 1: Gold Price Movement - As of October 28, spot gold prices fell to $3,886.3 per ounce, down from a peak of $4,381.11 per ounce [1]. - Gold-related ETFs experienced declines, with 14 ETFs dropping over 3.5%, and the largest decline seen in the gold fund ETF (159812) at 3.66% [1]. - The price of silver also dropped significantly, with a decline of 3.36% followed by an additional 2.2% drop, bringing its price down from $54.453 per ounce to around $46 per ounce, marking a maximum retracement of 16% [4]. Group 2: Market Sentiment and Analysis - Analysts suggest that the easing of U.S.-China trade relations and reduced risk aversion are key factors contributing to the decline in gold prices [2][6]. - Despite the recent downturn, long-term factors such as expectations of Federal Reserve rate cuts may support gold prices in the future [2][6]. - Market analysts believe that the current price adjustments are a temporary consolidation phase rather than a signal of a peak in gold prices, with expectations of a potential rise above $4,500 per ounce next year [6][7]. Group 3: Company Performance - Despite the drop in gold prices, companies like Zijin Mining reported a revenue of 254.2 billion yuan for the first three quarters, a year-on-year increase of 10.33% [5]. - Hunan Gold's third-quarter revenue reached 127.58 billion yuan, up 117.91% year-on-year, with a net profit increase of 63.13% [6]. - The performance of gold companies remains strong, with significant year-on-year growth in revenues and profits, indicating resilience despite market fluctuations [5][6].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Gold is expected to decline in the short - term, with a short - term bearish view due to the easing of the US - Ukraine and Russia - Ukraine situations, which puts pressure on the gold price [1][3] - Copper is expected to rise in the short - term, with a short - term bullish view as the macro - environment warms up, the copper price stabilizes and rebounds, and the market risk preference may continue to rise, along with the increasing expectation of the Fed's interest rate cut [1][4] Summary by Relevant Catalogs Gold - **Time - cycle Views**: Short - term: decline; Mid - term: oscillation; Intraday: oscillation and weakening [1] - **Core Logic**: On August 15 local time, the US and Russian presidents met in Alaska, with positive evaluations but no agreements. Ukraine's President Zelensky will meet with Trump on the 18th, and EU, NATO, and European leaders will also have a meeting at the White House on the 18th. The easing of US - Russia and Russia - Ukraine relations over the weekend puts pressure on the gold price [3] Copper - **Time - cycle Views**: Short - term: rise; Mid - term: oscillation; Intraday: oscillation and strengthening [1] - **Core Logic**: Last week, the copper price fluctuated upward. After the US - Russia presidential meeting on August 15, the relations between the two countries improved, and the market risk preference may continue to rise. The expectation of the Fed's interest rate cut in September is increasing, and the industry is approaching the peak season, so the futures price is expected to strengthen [4]