Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - In the short - term, gold prices are likely to rise due to the expectation of a Fed rate cut in December, but geopolitical news and the easing of global trade tensions affect its upward momentum. London gold needs to move in the range of $3,880 - $4,380 per ounce to accumulate momentum for a new breakthrough. Silver, platinum, and palladium, with strong industrial attributes, have been strong recently but show signs of adjustment. In the medium - to - long - term, factors such as central bank easing, geopolitical risks, and the restructuring of the international trade and monetary system support the upward trend of gold prices [4]. - The medium - level bull market of precious metals since March 2024 has not ended. In the next half - year and one - year, London gold may rise to $4,500 and $4,800 per ounce respectively, and London silver may rise to $58 and $63 per ounce respectively. Investors are advised to hold a long - position mindset [5]. 3. Summary by Directory 3.1 Precious Metals Market - **Intraday Market**: The decline of the US November ISM manufacturing PMI strengthens the expectation of a Fed rate cut in December. The price of London gold is affected by multiple factors, and silver, platinum, and palladium show signs of adjustment [4]. - **Medium - term Market**: The US employment and inflation situation supports the Fed to restart the rate - cut process. The re - emergence of the Abe economic route in Japan and the restructuring of the global trade and monetary system provide support for precious metals. The medium - level bull market continues, and investors are advised to look for long - entry opportunities [5]. - **Domestic Market Data**: The Shanghai Gold Index closed at 959.73, down 0.48%; the Shanghai Silver Index closed at 13,418, up 1.08%; Gold T + D closed at 954.80, down 0.36%; Silver T + D closed at 13,408, up 1.11% [5]. 3.2 Main Macro Events/Data - **Geopolitical Events**: After the US - Ukraine talks on the Russia - Ukraine peace proposal, European leaders support Zelensky, and a US envoy goes to Moscow. The US and the UK reach a zero - tariff agreement on pharmaceuticals and medical technology, which will increase the UK's drug expenditure [16]. - **Economic Data**: The US manufacturing PMI in November dropped from 48.7 in October to 48.2, indicating a continuous contraction for nine months. Although manufacturing activities are expected to improve after the end of the government shutdown, they may remain sluggish [16].

Report Information - Report Title: Precious Metals Daily Review - Date: October 31, 2025 - Research Team: Macro Financial Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Industry Investment Rating No investment rating information is provided in the report. Core Viewpoints - The uptrend of precious metals since late August may extend to 2026 due to factors such as central bank easing, geopolitical risks, and the restructuring of the international trade and monetary system. The six - month and one - year target prices for London gold are $4500 and $4800 per ounce, and for London silver are $58 and $63 per ounce respectively. However, the current price - to - earnings ratio of gold is high, and investors should control positions and be aware of short - term adjustment risks [5]. - In the short term, precious metals need to consolidate to digest the previous sharp rise. It is recommended that investors maintain a bullish stance, and short - hedgers can appropriately reduce the hedging ratio [4][5]. Summary by Directory 1. Precious Metals Market Conditions and Outlook Intraday Market - After the Fed cut interest rates by 25BP and hinted at a possible pause, London gold dropped $100 from around $4030 per ounce. But due to geopolitical events and lower - than - expected Sino - US summit results, it rebounded to around $3970 per ounce in the Asian session on the 30th. It is advisable to observe the support level of London gold at $3850 - $3900 per ounce [4]. Domestic Precious Metals Market - The Shanghai Gold Index closed at 914.40, up 0.15%; the Shanghai Silver Index closed at 11,274, down 0.71%; Gold T + D closed at 907.85, down 0.50%; Silver T + D closed at 11,208, down 1.26% [5]. Medium - term Market - The upward trend of precious metals since late August may continue until 2026. The six - month and one - year target prices for London gold are $4500 and $4800 per ounce, and for London silver are $58 and $63 per ounce. The lower support levels for London gold are $4130 and $3975 per ounce, and for London silver are $50.31 and $47.76 per ounce [5]. 2. Precious Metals Market - Related Charts - The report presents multiple charts, including those of Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, and gold and silver ETF holdings [7][9][11]. 3. Major Macroeconomic Events/Data - The Fed cut interest rates to 3.75% - 4.00% with a 10 - 2 vote, with both hawkish and dovish objections [17]. - The Bank of Canada cut the overnight rate to 2.25% and hinted at the end of the current rate - cut cycle [17]. - Russia tested the Poseidon nuclear torpedo, and Trump ordered the US War Department to restart nuclear weapons tests [17].