Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - In the short - term, the uncertainty of interest rate cuts is further strengthened. If the employment demand remains weak, it may significantly increase the expectation of interest rate cuts, which is beneficial to the trend of gold and silver. However, the November non - farm payrolls report will be released after the next FOMC meeting [3]. - In the long - term, the US debt pressure continues to intensify, investors' confidence in the US dollar tends to weaken. Gold, as the preferred asset for hedging against US dollar credit, is still attractive. Coupled with the continuous intervention of central banks buying gold at low prices, the central price of gold may be further raised [3]. - Technically, the upward momentum of gold and silver prices has strengthened. The London gold and silver prices have key supports at $4030 and $50 respectively. The focus range for the Shanghai Gold 2602 contract is 900 - 950 yuan/gram; the focus range for the Shanghai Silver 2602 contract is 11700 - 12300 yuan/kilogram [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract was 932.56 yuan/gram, down 4.44 yuan; the closing price of the Shanghai Silver main contract was 12050 yuan/kilogram, down 98 yuan [3]. - The main contract positions of Shanghai Gold were 73837 lots, down 9001 lots; the main contract positions of Shanghai Silver were 349596 lots, up 9390 lots [3]. - The net positions of the top 20 in the Shanghai Gold main contract were 105859 lots, up 584 lots; the net positions of the top 20 in the Shanghai Silver main contract were 103982 lots, up 1047 lots [3]. - The warehouse receipt quantity of gold was 0 kilograms, unchanged; the warehouse receipt quantity of silver was 0 kilograms, unchanged [3]. 3.2现货市场 - The spot price of gold on the Shanghai Non - ferrous Metals Network was 932 yuan/gram, up 0.6 yuan; the spot price of silver on the Shanghai Non - ferrous Metals Network was 12114 yuan/kilogram, up 146 yuan [3]. - The basis of the Shanghai Gold main contract was - 3.46 yuan/gram, up 2.14 yuan; the basis of the Shanghai Silver main contract was 64 yuan/kilogram, up 244 yuan [3]. 3.3 Supply and Demand Situation - The gold ETF holdings were 1043.72 tons, up 2.29 tons; the silver ETF holdings were 15226.88 tons, up 8.46 tons [3]. - The non - commercial net positions of gold in CFTC were 252908 contracts, down 13841 contracts; the non - commercial net positions of silver in CTFC were 49739 contracts, down 2537 contracts [3]. - The total supply of gold in the quarter was 1313.01 tons, up 54.84 tons; the total supply of silver in the year was 987.8 million troy ounces, down 21.4 million troy ounces [3]. - The total demand for gold in the quarter was 1313.01 tons, up 54.83 tons; the global total demand for silver in the year was 1195 million ounces, down 47.4 million ounces [3]. - The 20 - day historical volatility of gold was 22.21%, up 0.23%; the 40 - day historical volatility of gold was 28.58%, down 3.13% [3]. 3.4 Option Market - The implied volatility of at - the - money call options for gold was 26.26%, up 0.81%; the implied volatility of at - the - money put options for gold was 26.26%, up 0.82% [3]. 3.5 Industry News - The minutes of the Fed's October policy meeting showed that there was a serious divide among Fed policymakers when cutting interest rates last month. Many officials thought it might be appropriate to keep interest rates unchanged for the rest of 2025, while some officials pointed out that another rate cut in December might be appropriate if the economy performed as expected [3]. - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in December was 32.7% (yesterday's probability was 48.9%), and the probability of keeping interest rates unchanged was 67.3%. The probability of the Fed cutting interest rates by 25 basis points cumulatively by January next year was 49.9%, the probability of keeping interest rates unchanged was 33.8%, and the probability of cutting interest rates by 50 basis points cumulatively was 16.3% [3]. - The World Platinum Investment Council predicted that the platinum market would experience a significant shortage for the third consecutive year this year, with a shortage of 22 tons, 5 tons lower than previously predicted. The total supply of platinum in 2025 was expected to decline by 2% year - on - year to 222 tons, the lowest level in five years; the total demand was expected to be 243 tons, a year - on - year decrease of 13 tons [3].

Group 1 - The gold market is currently experiencing a "sharp drop and sharp rise" pattern, providing rich trading opportunities for investors [1] - Recent fluctuations in gold prices are influenced by multiple factors, including weakened safe-haven demand due to US-China trade negotiations and a hawkish stance from the Federal Reserve [1] - Global central banks purchased a net 244 tons of gold in the first quarter, with China increasing its gold reserves for eight consecutive months, indicating strong long-term support for gold prices [1] Group 2 - The current gold market is undergoing a "differential expectation" adjustment process, with the Federal Reserve signaling that inflation needs to be monitored, leading to a reduced appeal of gold as an anti-inflation tool [3] - The US debt has surpassed $36 trillion, contributing to a weakening trend in dollar credit, which enhances gold's role as a currency hedge [3] - Gold prices have shifted from being anchored by real interest rates to being driven by dollar credit hedging logic, providing strategic support for post-correction positioning [3] Group 3 - Gold盛贵金属 has introduced a "spread compensation plan" to automatically adjust spreads during market volatility, reducing trading costs by 30% compared to industry averages [4] - The platform offers advanced risk control tools, such as "market alert radar," allowing clients to set alerts for multiple products and timeframes, thus reducing the risk of liquidation by 60% [4] - Suggested trading strategies include a "short long short" composite strategy for aggressive investors and a long position for conservative investors if gold stabilizes around $3250 [4] Group 4 - Gold盛贵金属 has developed a dual-track model of "digital gold savings + physical reserves," achieving a balance between liquidity and security [5] - The platform's client funds are independently managed by licensed banks in Hong Kong, ensuring strict separation from operational funds and regular audits by third-party auditors [5] - The physical delivery service offered by Gold盛贵金属 allows long-term investors to convert virtual holdings into physical gold bars, mitigating market volatility risks [5] Group 5 - In a complex environment characterized by Federal Reserve policy dynamics, geopolitical risks, and central bank gold purchases, choosing a compliant and professional trading platform is crucial [6] - Gold盛贵金属 is positioned as a reliable partner for investors navigating market cycles, supported by its compliance history and bank-level fund segregation [6] - The World Gold Council indicates that when COMEX gold futures net long positions drop to a near four-quarter low, it presents an optimal opportunity for contrarian positioning [6]

Group 1 - The core viewpoint of the articles indicates that international gold prices are experiencing a rebound after a two-week high-level correction, driven by various factors including geopolitical uncertainties and expectations of interest rate changes by the Federal Reserve [1][2]. Group 2 - The World Gold Council's report highlights that multiple factors such as U.S. tariff shadows, geopolitical uncertainties, stock market volatility, and a weakening dollar have contributed to the rise in gold prices [1]. - The Reserve Bank of India's report shows that the proportion of gold in India's foreign exchange reserves has doubled from 5.87% in March 2021 to 11.70% by March 2025 [2]. - Analysts expect that gold prices will maintain a range between $3,150 and $3,450 in May, with $3,400 acting as a major resistance level and potential buying opportunities below $3,200 [2].