1. Report Industry Investment Rating No information provided in the report. 2. Core View The report indicates that the Fed's expected rate cut in December, global debt expansion, central bank gold - buying, and geopolitical risks are likely to support precious metal prices in the medium - to - long - term. However, the high price of platinum may curb downstream demand, and the supply - demand situation of lithium is expected to shift from tight to loose, which may lead to price adjustments for both [1]. 3. Summary by Related Catalogs 3.1 Precious Metal Market Data - **Gold**: Shanghai gold futures' closing price was 958.27 yuan/gram, with a change of 7.56 compared to the previous day and - 2.27 compared to the previous week. International gold's COMEX futures active contract closing price was 4227.70 dollars/ounce, with a change of - 10.20 compared to the previous day and 31.60 compared to the previous week [1]. - **Silver**: Shanghai silver futures' closing price was 13687.00 yuan/ten - grams, with a change of 263.00 compared to the previous day and 409.00 compared to the previous week. International silver's COMEX futures active contract closing price was 58.80 dollars/ounce, with a change of 1.27 compared to the previous day and 5.04 compared to the previous week [1]. 3.2 Important Information - China's gold reserves at the end of November were reported at 74.12 million ounces (about 2305.39 tons), a month - on - month increase of 30,000 ounces (about 0.93 tons), marking the 13th consecutive month of increase [1]. - The Fed's favored inflation indicator, the September core PCE index, increased by 2.8% year - on - year, in line with expectations, and real personal spending stagnated. US consumer confidence ended a four - month decline, and short - term inflation expectations dropped to the lowest point at the beginning of the year [1]. 3.3 Multi - and Short - Logic - **Gold and Silver**: The mixed performance of the US economic and employment data, along with some Fed officials' support for a December rate cut, keeps the probability of a December rate cut above 80%. Fiscal easing policies in multiple countries lead to expectations of debt expansion and fiscal deficit growth, and central banks' continuous gold - buying, along with geopolitical risks, may support precious metal prices in the medium - to - long - term [1]. - **Platinum**: High mining costs, unstable power supply, and aging equipment limit platinum production, while increased demand from traditional fuel and hybrid vehicles due to stricter emission standards and optimistic demand from other industries lead to a tight global platinum supply - demand situation in 2025 - 2026. However, high platinum prices may curb downstream demand [1]. - **Lithium**: Supply is affected by deep - mine mining, power shortages, etc., but increased recycling is expected. Demand from the automotive industry is expected to decline, while demand from other industries has low elasticity. The global lithium supply - demand situation is expected to shift from tight to loose in 2025 - 2026 [1]. 3.4 Trading Strategies - **Gold and Silver**: When prices decline, it is advisable to go long. For London gold, pay attention to support levels around 3900 - 4100 and resistance levels around 4300 - 4600; for Shanghai gold, support levels are around 890 - 920 and resistance levels are around 970 - 1000. For London silver, support levels are around 49 - 54 and resistance levels are around 59 - 63; for Shanghai silver, support levels are around 12500 - 15000 and resistance levels are around 14000 - 15000 [1]. - **Platinum**: Temporarily stay on the sidelines for single - side trading. Hold "long platinum, short palladium" positions cautiously. For London platinum, pay attention to support levels around 1300 - 1500 and resistance levels around 1800 - 2000; for domestic platinum, support levels are around 335 - 385 and resistance levels are around 465 - 516 [1]. - **Lithium**: Temporarily stay on the sidelines for single - side trading. For London lithium, pay attention to support levels around 1190 - 1390 and resistance levels around 1600 - 1800; for domestic lithium, support levels are around 305 - 357 and resistance levels are around 415 - 465 [1].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Global debt inflation expectations support precious metal prices. The probability of the Fed cutting interest rates in December is still over 80%, and multiple countries' governments have introduced fiscal easing policies, leading to expectations of debt expansion and fiscal deficit growth. Central banks of many countries are continuously buying gold, and geopolitical risks are likely to support precious metal prices in the long - and medium - term [1] - The global platinum supply - demand outlook for 2025 - 2026 is expected to be tight, but high platinum prices may suppress downstream demand and cause price adjustments [1] - The global lithium supply - demand outlook for 2025 - 2026 may change from tight to loose, and multiple factors may cause lithium price adjustments [1] Summary by Related Catalogs Precious Metal Market Data - **Gold**: Shanghai gold futures closing price on 2025 - 12 - 01 was 961.04 yuan/gram, with a change of - 2.24 compared to the previous day and 7.62 compared to the previous week; trading volume on 2025 - 12 - 04 was 237,697.00; inventory on 2025 - 12 - 01 was 91,299.00 (in ten - grams). COMEX gold futures closing price on 2025 - 12 - 04 was 4,237.90 dollars/ounce, with a change of - 10.20 compared to the previous day and 31.60 compared to the previous week; trading volume on 2025 - 12 - 05 was 190,889.00; inventory on 2025 - 12 - 01 was 36,310,675.24 (in troy ounces). London gold spot price on 2025 - 12 - 04 was 4,200.60 dollars/ounce [1] - **Silver**: Shanghai silver futures closing price on 2025 - 12 - 01 was 13,687.00 yuan/ten - grams, with a change of 263.00 compared to the previous day and 409.00 compared to the previous week; trading volume on 2025 - 12 - 04 was 2,703,384.00; inventory on 2025 - 12 - 01 was 687,956.00 (in ten - grams). COMEX silver futures closing price on 2025 - 12 - 04 was 53.76 dollars/ounce, with a change of 1.27 compared to the previous day and 5.04 compared to the previous week; trading volume on 2025 - 12 - 05 was 5,227.00; inventory on 2025 - 12 - 01 was 457,220,650.80 (in troy ounces). London silver spot price on 2025 - 12 - 04 was 57.57 dollars/ounce [1] Important Information - China's gold reserves at the end of November were reported at 74.12 million ounces (about 2,305.39 tons), a month - on - month increase of 30,000 ounces (about 0.93 tons), marking the 13th consecutive month of increase [1] - The Fed's favored inflation indicator, the September core PCE index, increased by 2.8% year - on - year, generally in line with expectations, and real personal spending stagnated. US consumer confidence ended a four - month decline, and short - term inflation expectations dropped to the lowest level at the beginning of the year [1] Trading Strategies - **Gold and Silver**: Buy on price dips. For London gold, focus on the support level around 3,900 - 4,100 and the resistance level around 4,300 - 4,600; for Shanghai gold, focus on the support level around 890 - 920 and the resistance level around 970 - 1,000. For London silver, focus on the support level around 49 - 54 and the resistance level around 59 - 63; for Shanghai silver, focus on the support level around 12,500 - 15,000 and the resistance level around 14,000 - 15,000 [1] - **Platinum**: Temporarily stay on the sidelines for single - sided trading, and cautiously hold "long platinum, short palladium" long positions. For London platinum price, focus on the support level around 1,300 - 1,500 and the resistance level around 1,800 - 2,000; for domestic platinum price, focus on the support level around 335 - 385 and the resistance level around 465 - 516 [1] - **Lithium**: Temporarily stay on the sidelines for single - sided trading. For London lithium price, focus on the support level around 1,190 - 1,390 and the resistance level around 1,600 - 1,800; for domestic lithium price, focus on the support level around 305 - 357 and the resistance level around 415 - 465 [1]

Group 1: Gold Futures Performance - The main gold futures in Shanghai reported a price of 961.04 CNY per gram, with an increase of 0.36% [1] - The opening price for the day was 954.50 CNY per gram, with a highest price of 962.30 CNY and a lowest price of 952.62 CNY [1] Group 2: Macroeconomic News - In November, the U.S. non-farm employment positions decreased by 9,000, with October's figure revised down to a reduction of 15,500 [1] - The Challenger report indicated that U.S. companies laid off 71,000 employees in November, with a year-on-year growth rate slowing to 24% [1] - The Bank of Japan is expected to raise interest rates in December, with the government likely to tolerate this move [1] - The European Union aims to break down national barriers in financial services, targeting 33 trillion euros in household savings to create a unified capital market [1] Group 3: Institutional Perspectives - The U.S. economic and employment data presents mixed signals, with some Federal Reserve officials supporting a rate cut in December, leading to an over 80% probability of a rate cut [1] - Germany, the U.S., Japan, and the U.K. have introduced fiscal stimulus policies, contributing to expectations of rising global debt and fiscal deficits [1] - Central banks worldwide continue to purchase gold, with the one-month borrowing rate for silver in London exceeding 5.7%, while geopolitical risks in regions like Ukraine, the Middle East, and Venezuela may support precious metal prices in the medium to long term [1]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The weak employment performance in the US supports the prices of precious metals. The high number of job cuts in US challenger enterprises in October and the decrease in non - farm employment private data have increased the probability of the Fed cutting interest rates in December. Additionally, factors such as geopolitical risks, expansion of fiscal deficits in many countries, and continuous gold purchases by central banks around the world may support precious metal prices [1]. 3. Summary by Related Catalogs 3.1 Market Data - **Shanghai Gold**: The closing price was 917.51 yuan/g, with a change of 0.13 yuan compared to the previous day and - 2.56 yuan compared to the previous week. The trading volume was 37,088, and the position was 255,562 [1]. - **Shanghai Silver**: The closing price was 38 yuan/10g, the trading volume was 460,064, and the position was 4,303,142 [1]. - **COMEX Gold Futures**: The closing price was 3,984.80 dollars/ounce, the trading volume was 183,645, and the position was 311,506. The inventory was 37,847,208.99 troy ounces [1]. - **London Gold Spot**: The price was 3,994.10 dollars/ounce [1]. - **COMEX Silver Futures**: The closing price was 48.23 dollars/ounce, the trading volume was 11,217, and the position was 102,295. The inventory was 483,133,331.10 troy ounces [1]. - **London Silver Spot**: The price was 48.70 dollars/ounce [1]. 3.2 Important Information - The US Treasury will auction 125 billion dollars in Treasury bonds this week, along with about 40 billion dollars in corporate bonds, posing a severe test to market liquidity. The US Bureau of Labor Statistics has postponed the release of the CPI report and suspended offline data collection [1]. 3.3 Long - Short Logic - The high number of job cuts in US challenger enterprises in October and the decrease in non - farm employment private data have increased the probability of the Fed cutting interest rates in December. The Fed provides liquidity to the inter - bank market through the Standing Repurchase Facility (SRF). Geopolitical risks in Russia - Ukraine, the Middle East, and US - Venezuela remain unresolved, and many central banks around the world are continuously buying gold, which may support precious metal prices [1]. 3.4 Trading Strategy - The strategy is to mainly lay out long positions when prices fall. For London gold, pay attention to the support level around 3,580 - 3,860 dollars/ounce and the resistance level around 4,180 - 4,384 dollars/ounce; for Shanghai gold, the support level is around 830 - 860 yuan/g and the resistance level is around 950 - 1,000 yuan/g. For London silver, the support level is around 39 - 42 dollars/ounce and the resistance level is around 50 - 55 dollars/ounce; for Shanghai silver, the support level is around 9,400 - 10,000 yuan/kg and the resistance level is around 11,600 - 12,400 yuan/kg [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - The weak employment performance in the US supports the prices of precious metals. The high number of corporate lay - offs in the US in October has increased the probability of a Fed rate cut in December. Along with factors such as the Fed providing liquidity, geopolitical risks, and central banks' gold - buying, precious metal prices may be supported [1]. 3. Summary by Related Catalogs Precious Metal Market Data - **Gold**: - Shanghai Gold futures' closing price was 917.80 yuan/g, with a change of 5.54 yuan compared to the previous day and - 4.12 yuan compared to the previous week. The trading volume was 238,433.00, a decrease of 157,531.00 from the previous day. The inventory remained at 87,816.00 (in ten - gram units) [1]. - COMEX gold futures' closing price was 3941.70 dollars/ounce, with a change of 43.10 dollars compared to the previous day and - 5.60 dollars compared to the previous week. The trading volume was 281,102.00, a decrease of 97,457.00 from the previous week [1]. - London gold spot price was 3968.20 dollars/ounce, with a change of - 20.20 dollars compared to the previous week [1]. - **Silver**: - Shanghai Silver futures' closing price was 11427.00 yuan/ten - gram, with a change of 151.00 yuan compared to the previous day and - 14.00 yuan compared to the previous week. The trading volume was 571,201.00, a decrease of 306,143.00 from the previous week [1]. - COMEX silver futures' closing price was 47.85 dollars/ounce, with a change of - 0.02 dollars compared to the previous day and 0.57 dollars compared to the previous week. The trading volume was 74,607.00, a decrease of 24,464.00 from the previous week [1]. - London silver spot price was 47.61 dollars/ounce, with a change of 0.51 dollars compared to the previous week [1]. Important Information - The direction of the Fed's December rate cut is unclear. This year's voting members are hesitant due to the government shutdown, and next year's members are more concerned about inflation. The Bank of England kept the interest rate at 4%, and the expectation of a December rate cut is rising [1]. - The AI revolution has accelerated the lay - off wave. In October, the number of Challenger corporate lay - offs in the US increased by 175.3% year - on - year, reaching the highest level in the same period in twenty years. The private data provider Revelio Labs reported a decrease of 9100 in non - farm employment in October [1]. Investment Strategy - Temporarily stay on the sidelines. For London gold, pay attention to the support level around 3580 - 3860 and the resistance level around 4180 - 4384; for Shanghai gold, focus on the support level around 830 - 860 and the resistance level around 950 - 1000. For London silver, pay attention to the support level around 39 - 42 and the resistance level around 50 - 55; for Shanghai silver, focus on the support level around 9400 - 10000 and the resistance level around 11600 - 12400 [1].

Report Summary 1) Report Industry Investment Rating - Not provided in the report. 2) Core Viewpoints - The better - than - expected US employment data in October and the potential decrease in the Fed's December interest - rate cut probability, along with the reduction of the global major countries' debt due to a one - year Sino - US economic and trade agreement, may put short - term pressure on precious metal prices. However, geopolitical risks in regions like Russia - Ukraine, the Middle East, and US - Venezuela, the expected expansion of fiscal deficits in many countries, and the continuous gold purchases by central banks globally will support precious metal prices in the long - term [1]. 3) Summary by Relevant Information Market Data Summary - **Shanghai Gold**: The closing price was 909.53 yuan/gram, with a change of 2.25 yuan compared to the previous day and - 6.15 yuan compared to the previous week. The trading volume was 59,552.00, and the open interest was 254,730.00 [1]. - **Shanghai Silver**: The closing price was 11,276.00 yuan/kg, with a change of 38.00 yuan compared to the previous day and 23.00 yuan compared to the previous week. The trading volume was 805,726.00, and the open interest was 244,274.00 [1]. - **COMEX Gold Futures**: The closing price was 3,990.40 dollars/ounce, with a change of 38.00 dollars compared to the previous day and 23.00 dollars compared to the previous week. The trading volume was 171,785.00, and the open interest was 321,089.00 [1]. - **COMEX Silver Futures**: The closing price was 0.72 dollars/ounce, with a change of 47.86 dollars compared to the previous day. The trading volume was - 13,235.00, and the open interest was 102,717.00 [1]. - **London Gold Spot**: The price was 3,968.20 dollars/ounce, with a change of 19.70 dollars compared to the previous day and 17.10 dollars compared to the previous week [1]. - **London Silver Spot**: The price was 47.76 dollars/ounce, with a change of 1.17 dollars compared to the previous day and - 0.15 dollars compared to the previous week [1]. Important Information - The US government has been shut down for 36 days, the longest in history. Trump called for an end to the "filibuster" rule to restart the government. - The US "small non - farm" ADP added 42,000 jobs in October, exceeding expectations. The US ISM Services PMI in October rebounded above expectations, reaching an eight - month high, and the price - paid index hit a three - year high [1]. Trading Strategy - Hold previous short positions cautiously. For London gold, focus on the support level around 3,580 - 3,860 and the resistance level around 4,180 - 4,384. For Shanghai gold, focus on the support level around 830 - 860 and the resistance level around 950 - 1,000. For London silver, focus on the support level around 39 - 42 and the resistance level around 50 - 55. For Shanghai silver, focus on the support level around 9,400 - 10,000 and the resistance level around 11,600 - 12,400 [1].

Group 1: Report Industry Investment Rating - No information provided about the report industry investment rating [1] Group 2: Core Viewpoint of the Report - Uncertainties in China-US trade negotiations support precious metal prices. Concerns about the weakening US job market increase the expectation of future interest rate cuts by the Fed and a possible halt to balance - sheet reduction. Geopolitical conflicts in regions like Russia - Ukraine and the Middle East, expansion expectations of fiscal deficits in many countries, and continuous gold purchases by central banks globally support precious metal prices in the medium - to - long - term, but potential negative factors such as the alleviation of the US credit crisis and the end of the federal government shutdown should be watched [1] Group 3: Summary by Relevant Catalogs Precious Metal Market Data - **Gold**: In the Shanghai market, the closing price of Shanghai Gold was 973.70 yuan/gram, with a change of - 22.20 compared to the previous day. The trading volume of spot沪金T+D was 71850.00, and the position was 258232.00. In the international market, the closing price of COMEX gold futures active contract was 4267.90 dollars/ounce, and the inventory was 39107098.30 troy ounces. The holding amount of SPDR gold ETF was 41.50 tons [1] - **Silver**: In the Shanghai market, the closing price of Shanghai Silver was 11779.00 yuan/ten grams, and the trading volume of spot沪银T+D was 1249250.00. In the international market, the closing price of COMEX silver futures active contract was 47.52 dollars/ounce, and the inventory was 506467618.32 troy ounces. The holding amount of iShare silver ETF was 487.19 tons [1] Important Information - The US listed rare earths, fentanyl, and soybeans as the three major issues in China - US economic and trade consultations. The White House economic advisor said the US government shutdown might end this week. Japan's Liberal Democratic Party and the Japan Innovation Party signed a coalition - governing document, and Takamachi Sanae is likely to become the Japanese prime minister. Vietnam's real estate market has a "trillions - level" problem [1] Trading Strategy - It is advisable to lay out long positions after price corrections. For London gold, pay attention to the support level around 3900 - 4100 and the resistance level around 4383 - 4778. For Shanghai gold, focus on the support level around 890 - 930 and the resistance level around 1000 - 1100. For London silver, watch the support level around 42 - 48 and the resistance level around 57 - 68. For Shanghai silver, pay attention to the support level around 9800 - 10800 and the resistance level around 13000 - 14800 [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The uncertainty of US trade policy, weak employment market concerns, the expectation of the Fed's interest rate cut in October, the US federal government shutdown crisis, the expected expansion of fiscal deficits in many countries globally, geopolitical risks in regions such as Russia-Ukraine and the Middle East, and the continuous gold purchases by central banks of many countries globally will support precious metal prices in the medium to long term [1] 3. Summary by Relevant Catalogs Market Data - **Shanghai Gold**: The closing price was 897.74 yuan/gram, with a change of -13.64 yuan compared to the previous day and 44.84 yuan compared to September 26, 2025. The trading volume was 71,242.00, and the open interest was 211,162.00 [1] - **Shanghai Silver**: The closing price was -117.00 yuan/ten grams, with a change of -87.00 yuan compared to the previous day and 450.00 yuan compared to September 26, 2025. The trading volume was 605,570.00, and the open interest was 544,232.00 [1] - **COMEX Gold Futures**: The closing price was 4,035.50 US dollars/ounce, with a change of 154.70 US dollars compared to the previous day and 44.40 US dollars compared to October 2, 2025. The trading volume was 273,357.00, and the open interest was 379,094.00 [1] - **COMEX Silver Futures**: The closing price was 47.52 US dollars/ounce, with a change of -0.14 US dollars compared to the previous day and 0.65 US dollars compared to October 2, 2025. The trading volume was 141,909.00, and the open interest was 128,281.00 [1] Important Information - The list of candidates for the Fed Chair has been narrowed down to five, and BlackRock executive Rieder impressed Bessent. Fed Governor Waller is most worried about the employment market and is open to a 25 - basis - point interest rate cut [1] - For the first time in modern US history, the White House "steward" announced that the Trump administration has started permanent layoffs. The release time of the US September CPI report is set for October 24, 9 days later than the interest rate decision [1] Trading Strategy - It is recommended to mainly establish long positions after price pullbacks. For London gold, pay attention to the support level around 3,400 - 3,500 US dollars/ounce and the resistance level around 4,065 - 4,381 US dollars/ounce; for Shanghai gold, pay attention to the support level around 790 - 810 yuan/gram and the resistance level around 940 - 1,010 yuan/gram; for London silver, pay attention to the support level around 30 - 37 US dollars/ounce and the resistance level around 50 - 57 US dollars/ounce; for Shanghai silver, pay attention to the support level around 7,200 - 8,500 yuan/ten grams and the resistance level around 13,000 - 14,800 yuan/ten grams [1]

Report Investment Rating - No investment rating for the industry is provided in the report. Core View - Although the market's expectation of the Fed's interest rate cut in October has decreased and the number of expected rate cuts in 2026 has been reduced from 3 to 2 due to the robust performance of multiple US economic and employment data and Fed Chairman Powell's statement on balancing employment and inflation, the expected expansion of fiscal deficits in many countries globally, geopolitical risks such as the Russia-Ukraine and Israel-Palestine conflicts, and the continuous gold purchases by central banks of many countries may support precious metal prices in the medium and long term [1]. Summary by Relevant Data Gold Market - **Shanghai Gold Futures**: The closing price was 854.72 yuan/gram, with a change of 1.34 compared to the previous day and 9.56 compared to the previous week. The trading volume was 270,430, with a decrease of 146 compared to the previous day and an increase of 39,583 compared to the previous week. The inventory (in ten grams) was 57,429 [1]. - **Spot Shanghai Gold T+D**: The closing price was 852.90 yuan/gram. The trading volume was 5,422, with a decrease of 2,880 compared to the previous day. The holding volume was 219,666, with a decrease of 3,600 compared to the previous day and 8,504 compared to the previous week [1]. - **COMEX Gold Futures**: The closing price was 3,678.20 dollars/ounce, with a change of 9.30 compared to the previous day and 111.60 compared to the previous week. The trading volume was 206,111, with a decrease of 48,786 compared to the previous day and 12,457 compared to the previous week. The inventory (in troy ounces) was 39,946,410.45 [1]. - **London Gold Spot**: The price was 3,769.85 dollars/ounce, with a change of 39.10 compared to the previous day and 126.15 compared to the previous week. The SPDR Gold ETF holding volume was 1,005.72 tons, with an increase of 30.06 compared to the previous day and 8.87 compared to the previous week [1]. Silver Market - **Shanghai Silver Futures**: The closing price was 221.00 yuan/ten grams. The trading volume was 957,978, with an increase of 257,267 compared to the previous day and 168,324 compared to the previous week. The inventory (in ten grams) was 1,156,855 [1]. - **Spot Shanghai Silver T+D**: The closing price was 10,551 yuan/ten grams. The trading volume was 212,236, with an increase of 606,548 compared to the previous day and 91,584 compared to the previous week. The holding volume was 44,832, with a decrease of 139,222 compared to the previous day [1]. - **COMEX Silver Futures**: The closing price was 46.37 dollars/ounce. The trading volume was 101,291, with an increase of 1,626 compared to the previous day and 43,663 compared to the previous week. The inventory (in troy ounces) was 530,344,533.33 [1]. - **London Silver Spot**: The price was 3.15 dollars/ounce. The iShares Silver ETF holding volume was 15,361.84 tons, with a decrease of 28.23 compared to the previous day [1]. Price Ratios and Other Commodities - **Price Ratios**: The ratios of gold to silver prices in different markets showed various changes. For example, the ratio of Shanghai gold futures to Shanghai silver futures was 80.52, with a change of -1.53 compared to the previous day and -1.58 compared to the previous week [1]. - **Other Commodities**: INE crude oil was 0.70 yuan/barrel, ICE Brent crude oil was 68.82 dollars/barrel, NYMEX crude oil was 65.19 dollars/barrel, Shanghai copper futures were 82,470 yuan/ton, and LME copper spot was 10,205 dollars/ton, etc. [1]. Stock Indices - **Major Stock Indices**: The Shanghai Composite Index was 3,828.5764, with a decrease of 25.20 compared to the previous day and -0.47 compared to the previous week. The S&P 500 was 6,643.7000, with an increase of 38.98 compared to the previous day and 11.74 compared to the previous week. Other indices such as the UK FTSE 100, French CAC40, German DAX, etc., also showed different changes [1]. Important Information - **Economic Data**: The US core PCE price index in August increased by 0.2% month - on - month, in line with expectations, and consumer spending increased for three consecutive months. Trump's drug tariff is 15% and does not apply to trade agreement parties such as the EU and Japan [1]. - **US Government Situation**: On September 30, the US government's federal funds will be exhausted. The Senate will resume to review a temporary spending bill. The Republican members of the US House of Representatives have announced a temporary spending bill to avoid a government shutdown on October 1, but the bill does not include the healthcare policy required by the Democrats, leading to a stand - off between the two parties [1].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Although the probability of the Fed cutting interest rates in October has decreased and the number of expected rate cuts in 2026 has been reduced from 3 to 2, the expected expansion of fiscal deficits in many countries globally, geopolitical risks such as the Russia-Ukraine and Israel-Palestine conflicts, and the continuous gold purchases by central banks of many countries may support the prices of precious metals in the medium to long term [1] 3. Summary by Related Catalogs Precious Metals Market Data - **Shanghai Gold**: The closing price was 852.90 yuan/gram on 2025-09-26, with a change of 12.97 compared to the previous day and 9.56 compared to the previous week. The trading volume was 5,422.00, and the open interest was 219,666.00 [1] - **Shanghai Silver**: The closing price was 10,551.00 yuan/ten grams on 2025-09-26, with a change of 198.00 compared to the previous day and 308.00 compared to the previous week. The trading volume was 212,236.00, and the open interest was 44,832.00 [1] - **COMEX Gold Futures**: The closing price was 3,678.20 on 2025-09-26, with a change of 9.30 compared to the previous day and 111.60 compared to the previous week. The trading volume was 206,111.00, and the open interest was 402,555.00 [1] - **International Gold**: The London gold spot price was 3,769.85 dollars/ounce on 2025-09-26, with a change of 39.10 compared to the previous day and 126.15 compared to the previous week. The SPDR Gold ETF holdings were 1,005.72 tons [1] - **COMEX Silver Futures**: The closing price was 46.37 on 2025-09-26, with a change of 0.90 compared to the previous day and 4.27 compared to the previous week. The trading volume was 101,291.00, and the open interest was 134,631.00 [1] - **International Silver**: The London silver spot price was 3.15 dollars/ounce on 2025-09-26, with a change of 0.06 compared to the previous day and 4.27 compared to the previous week. The iShares Silver ETF holdings were 15,361.84 tons [1] Important Information - The US core PCE price index in August increased by 0.2% month-on-month, in line with expectations, and consumer spending has increased for three consecutive months. The White House stated that Trump's drug tariffs do not apply to trade agreement parties such as the EU and Japan, and the tariff rate is 15% instead of 100% [1] - On September 30, the US government's federal funds will be exhausted, and the Senate will reconvene to review a temporary spending bill. The Republican members of the US House of Representatives recently announced a temporary spending bill to avoid a government shutdown on October 1, but the bill does not include the healthcare policy requested by the Democrats, leading to a standoff between the two parties [1] Trading Strategy - It is recommended to go long when the price falls. For London gold, pay attention to the support level around 3,400 - 3,500 and the resistance level around 3,840 - 4,065. For Shanghai gold, pay attention to the support level around 800 - 810 and the resistance level around 880 - 930. For London silver, pay attention to the support level around 39 - 40 and the resistance level around 45.3 - 47.5. For Shanghai silver, pay attention to the support level around 9,500 - 9,700 and the resistance level around 10,500 - 11,350 [1]