1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Global trade tensions have eased, leading to a continued decline in gold and silver prices. The optimism about trade has returned, increasing the downward pressure on gold prices, and silver prices have followed the decline of gold prices. The premiums of Shanghai gold and silver have expanded slightly, and the domestic sentiment remains relatively strong [4][5]. - After Trump took office, the world entered a period of extreme turmoil and change. The inflation expectation has shifted to an economic recession expectation. Gold prices are difficult to fall, and silver prices still mainly follow gold prices. However, tariff concerns have a stronger impact on silver prices, and there is a risk of an enlarged increase in silver prices [9][12]. 3. Summary by Related Catalogs 3.1 Previous Day's Review - **Gold**: The three major US stock indexes rose across the board, and the three major European stock indexes closed slightly higher. US bond yields fell collectively, with the 10 - year US bond yield dropping 3.46 basis points to 3.976%. The US dollar index fell 0.12% to 98.82. The offshore RMB depreciated against the US dollar to 7.1091. COMEX gold futures fell 3.40% to $3997.00 per ounce. The basis was - 1.56, with the spot at a discount to the futures. Gold futures warehouse receipts remained unchanged at 87,015 kilograms. The 20 - day moving average was upward, and the K - line was above the 20 - day moving average. The main net long position decreased [4]. - **Silver**: Similar to gold, COMEX silver futures fell 3.61% to $46.83 per ounce. The basis was - 18, with the spot at a discount to the futures. The Shanghai silver futures warehouse receipts decreased by 17,328 kilograms day - on - day to 647,643 kilograms. The 20 - day moving average was upward, and the K - line was above the 20 - day moving average. The main net long position increased [5]. 3.2 Daily Tips - **Gold**: Positive factors include the long - term upward trend on the disk and the main net long position. Negative factors include unchanged gold futures warehouse receipts. The expected impact of the day's events: Trump extended the US - Mexico trade negotiation period, and the US reached trade agreements with multiple Southeast Asian countries, causing gold prices to fall again. The trade optimism has returned, increasing the downward pressure on gold prices [4]. - **Silver**: Positive factors include the decrease in Shanghai silver futures warehouse receipts, the long - term upward trend on the disk, and the increase in the main net long position. Negative factors are not obvious. The silver price followed the gold price decline due to trade factors, and the domestic sentiment remained relatively strong [5]. 3.3 Today's Focus - 07:00: South Korea's preliminary GDP for the third quarter - Time TBD: The 2025 World Digital City Conference in Shenzhen (lasting until October 31), the 2025 Shenzhen International All - Touch and Display Exhibition, the Guangdong International Robot and Intelligent Equipment Development Conference, and the 2025 Financial Street Forum Annual Conference - 16:30: German Economic and Energy Minister Robert Habeck's speech and participation in the public discussion of the Foreign Trade Day event - 17:00: The European Central Bank releases CPI expectations and the loan survey report - 17:30: ECB Governing Council member Fabio Panetta's speech - 21:00: US FHFA Housing Price Index for August, S&P/CS 20 - City Composite Home Price Index for August - 22:00: US Richmond Fed Manufacturing Index for October, Conference Board Consumer Confidence Index for October [14] 3.4 Fundamental Data - **Gold**: The inflation expectation has shifted to an economic recession expectation, and the new US government's policy expectations and actual verification will continue, making gold prices still prone to rise and difficult to fall [9]. - **Silver**: Silver prices still mainly follow gold prices. Tariff concerns have a stronger impact on silver prices, and there is a risk of an enlarged increase [12]. 3.5 Position Data - **Gold**: The main net long position decreased. The long position of the top 20 in Shanghai gold decreased by 45 contracts (- 0.03%), the short position increased by 864 contracts (1.31%), and the net long position decreased by 909 contracts (- 0.88%) [4][29]. - **Silver**: The main net long position increased. The long position of the top 20 in Shanghai silver decreased by 5,409 contracts (- 1.53%), the short position decreased by 13,453 contracts (- 5.06%), and the net long position increased by 8,044 contracts (9.16%) [5][32]. - **ETF Position**: The SPDR gold ETF position continued to decrease, and the silver ETF position also decreased but was higher than the same period in the past two years [34][37]. - **Warehouse Receipts**: Shanghai gold warehouse receipts increased again, COMEX gold warehouse receipts decreased slightly but remained at a high level. Shanghai silver warehouse receipts continued to decrease significantly and were at the lowest level in nearly six years, and COMEX silver warehouse receipts continued to decrease, with New York silver transferred to London [38][39][41].