| Millio | 国技期货 | 责金属日报 | | --- | --- | --- | | | 操作评级 | 2025年11月14日 | | 黄金 | ☆☆☆ | 刘冬博 高级分析师 | | 白银 | ☆☆☆ | F3062795 Z0015311 | | | | 吴江 高级分析师 | | | | F3085524 Z0016394 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 本报告版权属于国投期货有限公司 不可作为投资依据,转载请注明出处 隔夜贵金属冲高回落波动较大。随着美国结束史上最长政府停摆，市场等待经济数据继续权衡经济和货币政 策前景，美联储官员发言多数偏鹰体现分歧依然很大，白宫警告10月非农与通胀数据可能不会公布。国际金 银短期持续上行驱动有限,关注前高位置阻力。 ★特朗普:政府停摆造成1.5万亿美元损失,真正计算出损失的总体影响需要数周甚至数月的时间。 ★美国白宫国家经济委员会主任哈塞特:近期将公布十月份的就业报告，但不会包含失业率，预计第四季度 GDP将因政府停摆而下降1.5%。看不到不降息的太多理由。 ★美联储鹰派 ...

Report Summary 1) Report Industry Investment Rating - Gold and silver are both rated ★★★, indicating a clearer long - trend and relatively appropriate investment opportunities currently [1]. 2) Core Viewpoints - Overnight, precious metals fluctuated greatly with a rise and then a fall. With the end of the longest government shutdown in US history, the market is waiting for economic data to weigh the economic and monetary policy prospects. Most Fed officials' speeches are hawkish, showing significant differences. The White House warns that the October non - farm and inflation data may not be released. International gold and silver have limited short - term upward drivers, and attention should be paid to the resistance at the previous high [1]. - Trump said the government shutdown caused a loss of $15 trillion, and it will take weeks or months to truly calculate the overall impact of the loss. The US White House National Economic Council Director Hasset said the October employment report will be released soon without the unemployment rate, and the Q4 GDP is expected to decline by 1.5% due to the government shutdown. He sees few reasons not to cut interest rates [1]. - Fed hawks continue to send cautious signals. Daly said it's too early to say whether there will be an interest - rate cut in December; Musalem believes policy is approaching neutral with limited easing space; the most hawkish official Harker thinks the current interest rate is hardly restrictive and needs to remain so to curb inflation; Kashkari doesn't support the October interest - rate cut and there are reasons for both cutting and not cutting in December [2]. 3) Other Summaries - Red stars represent a predicted upward trend, green stars represent a predicted downward trend. One star means a bullish/bearish bias with limited trading operability; two stars mean holding long/short positions with a clear trend; three stars mean a clearer long/short trend and appropriate investment opportunities. White stars mean a short - term balanced state with poor trading operability and suggest waiting and seeing [4].