1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The alleviation of the US credit crisis and the strengthening of the US dollar index may put pressure on precious metal prices. However, concerns about a weakening US job market, expectations of future interest rate cuts by the Fed, and the continuous gold - buying by central banks of multiple countries will support precious metal prices in the medium and long term [1] 3. Summary According to Relevant Catalogs 3.1 Precious Metal Market Data - **Gold**: - Shanghai gold futures closing price on 2025 - 10 - 20 was 967.29 yuan/gram, with a trading volume of 84,604.00 and an open interest of 254,996.00. The spot - futures basis was - 4.77 yuan/gram [1] - COMEX gold futures closing price was 4,267.90 US dollars/ounce, with a trading volume of 558,913.00 and an open interest of 369,108.00. The inventory was - 833,571.28 (in troy ounces) [1] - London gold spot price was 4,224.75 US dollars/ounce, and the SPDR gold ETF holding was 1,047.21 tons [1] - **Silver**: - Shanghai silver futures closing price on 2025 - 10 - 20 was 12,228.00 yuan/kilogram, with a trading volume of - 122,466.00 and an open interest of 3,623,146.00. The spot - futures basis was - 78.00 yuan/kilogram [1] - COMEX silver futures closing price was 50.63 US dollars/ounce, with a trading volume of 180,330.00 and an open interest of - 2,288.00. The inventory was 512,163,353.67 (in troy ounces) [1] - London silver spot price was 54.10 US dollars/ounce, and the iShare silver ETF holding was 74.80 [1] 3.2 Important Information - US regional bank stocks rebounded. Multiple bank earnings reports showed that loan provisions were lower than analysts' expectations, alleviating bad - debt panic, and executives assured that "credit quality is sound" [1] - Trump ruled out a three - way meeting between the US, Russia, and Ukraine, and said he hopes to end the war without considering supplying "Tomahawk" missiles to Ukraine. Zelensky proposed using Ukrainian drones in exchange for "Tomahawks" and said he is willing to participate in a US - Russia leaders' meeting in Hungary. Russia confirmed that Putin and Trump may meet within two weeks [1] 3.3 Trading Strategy - In the short term, lightly short the main contract on rallies or wait for the price to fall before going long. For London gold, pay attention to the support level around 3,900 - 4,100 and the resistance level around 4,383 - 4,778; for Shanghai gold, the support level is around 890 - 930 and the resistance level is around 1,000 - 1,100. For London silver, the support level is around 42 - 48 and the resistance level is around 57 - 68; for Shanghai silver, the support level is around 9,800 - 10,800 and the resistance level is around 13,000 - 14,800 [1]

【导读】 现货黄金攻破4380美元/盎司后，突然跳水；美国信贷危机担忧升温；市场对美联储今年降 息押注发生大变动 中国基金报记者 张舟 避险情绪升温，黄金价格早间暴涨，但突然跳水！ 10 月 17 日 早间 ，现货黄金 价格 首次升穿 4380 美元/盎司，再创历史 新高 。 但9点30 分左右，现货黄金价格出现急跌，一度下跌100美元，跌穿4280美元/盎司。 具体来看，Zions Bancorp（齐昂银行）披露其全资子公司圣地亚哥加州银行与信托承销的一 笔贷款计提了5000万美元的减值费用。Western Alliance Bancorp（西联银行）亦表示曾向 同一借款人提供贷款。Zions在一项诉讼中表示，加州银行与信托被两个与Andrew Stupin和 Gerald Marcil等人相关的投资基金拖欠款项。 根据诉讼，加州银行与信托在2016年和2017年向这些借款人提供了总额超过6000万美元的 两项循环信贷额度，用于资助其购买不良商业抵押贷款。但经过调查，该银行发现许多票据 和相关物业已被转移至其他实体。根据诉讼，这些物业已被没收及即将被没收。 截至发稿，现货黄金报 4286.02 美元/盎司， ...