Report Industry Investment Rating - Gold: Neutral [8] - Silver: Neutral [8] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Hold off [9] Core Viewpoints - The Fed cut interest rates by 25 basis points as expected, but Fed Chair Powell sent a hawkish signal at the press conference, and the path of interest rate cuts this year remains uncertain. It is expected that the prices of gold and silver will mainly fluctuate in the near future [1][8]. Summary by Relevant Catalogs Market Analysis - The Fed cut interest rates by 25 basis points to 3.75%–4.00%, the second rate cut this year, and announced the end of balance sheet reduction starting from December 1, 2025. Powell said that another rate cut in December is "far from a foregone conclusion," with significant differences in FOMC opinions, and some members advocate a pause [1]. Futures Quotes and Trading Volumes - On October 29, 2025, the Shanghai gold futures main contract opened at 895.12 yuan/gram and closed at 910.88 yuan/gram, up 1.05% from the previous trading day. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 910.92 yuan/gram, basically flat with the afternoon session [2]. - On the same day, the Shanghai silver futures main contract opened at 11,029 yuan/kg and closed at 11,338 yuan/kg, up 2.62% from the previous trading day. The trading volume was 747,886 lots, and the open interest was 304,414 lots. The night session closed at 11,265 yuan/kg, down 0.64% from the afternoon session [2]. U.S. Treasury Yield and Spread Monitoring - On October 29, 2025, the U.S. 10-year Treasury yield closed at 4.074%, unchanged from the previous trading day. The spread between the 10-year and 2-year Treasuries was 0.52%, also unchanged [3]. Position and Trading Volume Changes of Precious Metals on the SHFE - On the Au2508 contract, the long positions decreased by 142 lots, and the short positions decreased by 52 lots compared with the previous day. The total trading volume of gold contracts on the previous trading day was 477,855 lots, down 25.73% from the previous trading day [4]. - On the Ag2508 contract, the long positions increased by 2 lots, and the short positions decreased by 2 lots. The total trading volume of silver contracts on the previous trading day was 1,251,314 lots, down 28.93% from the previous trading day [4]. Precious Metals ETF Position Tracking - The gold ETF position was 1,038.92 tons, unchanged from the previous trading day. The silver ETF position was 15,210 tons, also unchanged [5]. Precious Metals Arbitrage Tracking - On October 29, 2025, the domestic premium for gold was -4.09 yuan/gram, and for silver was -978.91 yuan/kg [6]. - The ratio of the main gold and silver futures contracts on the SHFE was about 80.34, down 1.52% from the previous trading day. The ratio in the overseas market was 84.20, down 1.02% [6]. Fundamental Analysis - On October 29, 2025, the trading volume of gold on the Shanghai Gold Exchange's T+d market was 52,130 kg, down 23.05% from the previous trading day. The trading volume of silver was 605,454 kg, down 20.90% [7]. - The delivery volume of gold was 12,192 kg, and that of silver was 112,200 kg [7]. Strategy - Gold is expected to fluctuate, with the Au2512 contract oscillating between 880 yuan/gram and 930 yuan/gram [8]. - Silver is also expected to fluctuate, with the Ag2512 contract oscillating between 10,800 yuan/kg and 11,800 yuan/kg [8].