Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - Wall Street is betting that the Fed will cut interest rates faster and more significantly in the future. The futures market predicts that the Fed's benchmark short - term interest rate will drop below 3% by the end of next year, lower than the current level slightly above 4% and the Fed officials' forecast of 3.4% [3] - After the Fed's interest rate decision, gold and silver prices declined but strengthened again on Friday night. The number of initial jobless claims in the US fell to 231,000, the largest drop in nearly four years. The Fed cut interest rates by 25 basis points in September, in line with market expectations. Only newly - appointed Fed Governor Milan supported a 50 - basis - point rate cut. Despite Trump's pressure, the Fed's stance on rate cuts remains cautious [4] - The US retail sales in August were strong, with a month - on - month increase of 0.6% and a year - on - year increase of 2.1%, achieving positive growth for the 11th consecutive month. The US trade negotiations have shown multiple developments, but the overall trade environment has deteriorated. The market is observing the continuation of the impact of tariff inflation and has certain expectations for the strengthening of private investment in the fourth quarter [4] - The US fiscal deficit and debt continue to expand, and central banks represented by China are continuously increasing their gold holdings. The long - term driving force for gold is still clear. After a brief adjustment, the expectation of the Fed's continued rate cuts sustains bullish sentiment [4] Group 3: Summary by Related Catalogs Futures Market - For gold futures (沪金2510 and 沪金2512), the current prices are 834.90 and 838.26 respectively, with increases of 10.80 and 11.44, and increases of 1.31% and 1.38% respectively. The trading volumes are 192,704 and 221,255, and the open interests are 87,731 and 228,640 respectively [2] - For silver futures (沪银2510 and 沪银2512), the current prices are 10,173.00 and 10,204.00 respectively, with increases of 365.00 and 369.00, and increases of 3.72% and 3.75% respectively. The trading volumes are 301,538 and 646,031, and the open interests are 144,039 and 395,854 respectively [2] Spot Market - For Shanghai gold T+D, the previous closing price was 824.53, with a decrease of 5.72 and a decrease of 0.69%. For London gold, the previous closing price was 833.26 (in dollars per ounce), with a decrease of 2.62 and a decrease of 0.31% [2] - For Shanghai silver T+D, the previous closing price was 9,811.00, with a decrease of 65.00 and a decrease of 0.66%. For London silver, the previous closing price was 41.80 (in dollars per ounce), with an increase of 0.16 and an increase of 0.38% [2] Inventory - The current inventory of gold on the Shanghai Futures Exchange is 56,430 kilograms, an increase of 2,304.00 kilograms compared to the previous value. The current inventory of silver on the Shanghai Futures Exchange is 1,203,523 kilograms, a decrease of 17,905.00 kilograms compared to the previous value [2] - The current COMEX gold inventory is 39,280,534, an increase of 49,045.43 compared to the previous value. The current COMEX silver inventory is 524,086,477, a decrease of 1,240,641 compared to the previous value [2] Related Derivatives and Other Related Data - The current value of the US dollar index is 97.3696, an increase of 0.34% compared to the previous value. The current value of the S&P index is 6,631.96, an increase of 0.48% compared to the previous value [2] - The current US Treasury yield is 4.11, an increase of 1.23% compared to the previous value. The current price of Brent crude oil is 66.97, a decrease of 0.01% compared to the previous value. The current US dollar - to - RMB exchange rate is 7.1087, an increase of 0.09% compared to the previous value [2] - The current position of the SPDR Gold ETF is 44,315 tons, an increase of 1.00 tons compared to the previous value. The current position of the SLV Silver ETF is 44,315 tons, an increase of 1.00 tons compared to the previous value [2] - The current net position of CFTC speculators in silver is 33,486, an increase of 481 compared to the previous value. The current net position of CFTC speculators in gold is 32,895, a decrease of 1,451 compared to the previous value [2] Macroeconomic News - Argentina's President Milei revealed that Argentina is negotiating to contain market selling and avoid a debt crisis and plans to meet with US President Trump in New York on Tuesday [3] - The short - term spending bills of both US political parties failed to pass the Senate, and the US government may shut down due to the deadlock between the two parties [3] - US tariff policies have severely hit Swiss exports. In August this year, Switzerland's exports to the US decreased by 22% month - on - month, and the gold export volume to the US dropped from over 30 tons to only 0.3 tons, a decline of over 99% [3]