1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The negative weekly new employment figures from the US ADP private - sector, upcoming US economic data, Japan's economic stimulus plan, the weakening of digital currency prices, global debt expansion, fiscal deficit expectations, and geopolitical risks may support the rebound of precious metal prices in the short - term and provide medium - to long - term support [1]. 3. Summary by Relevant Catalogs 3.1 Precious Metal Market Data - **Shanghai Gold**: The closing price was 930.22 yuan/gram, with a change of - 28.76 yuan compared to the previous period. The trading volume was - 22,326.00, and the inventory was 90,426.00 (in ten - gram units) [1]. - **Shanghai Silver**: The closing price was 11,697.00 yuan/ten - gram, with a change of - 273.00 yuan. The trading volume was 623,148.00, and the inventory was 563,671.00 (in ten - gram units) [1]. - **COMEX International Gold**: The closing price of the active contract was 4067.40 dollars/ounce, with a change of 22.30 dollars. The trading volume was 231,322.00, and the inventory was 37,224,744.19 (in troy ounces) [1]. - **COMEX International Silver**: The closing price of the active contract was 50.54 dollars/ounce, with a change of 0.13 dollars. The trading volume was 75,851.00, and the inventory was 465,535,121.46 (in troy ounces) [1]. 3.2 Important Information - The number of initial jobless claims in the US for the week ending October 18 was 232,000. The average weekly reduction in private - sector employment in the US for the four - week period ending November 1 was 2,500 [1]. - Trump has selected candidates for the Fed chair, and the US Treasury Secretary said the candidates have been narrowed down to five [1]. 3.3 Long - Short Logic - The negative weekly new employment figures from the US ADP private - sector, the uncertainty of future expectations due to upcoming US economic data, Japan's economic stimulus plan, and the weakening of digital currency prices may lead to a rebound in precious metal prices [1]. - Global debt expansion, fiscal deficit expectations, and geopolitical risks will support precious metal prices in the medium - to long - term [1]. 3.4 Trading Strategy - In the short - term, lightly go long on the main contracts at low prices. For London gold, pay attention to the support level around 3850 - 3950 and the resistance level around 4180 - 4384. For Shanghai gold, focus on the support level around 870 - 890 and the resistance level around 960 - 1000. For London silver, note the support level around 38 - 45 and the resistance level around 52 - 55. For Shanghai silver, pay attention to the support level around 10,000 - 11,000 and the resistance level around 12,400 - 13,000 [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: Macro News - The U.S. government shutdown is ongoing, approaching a record of 35 days [2] - The probability of a 25 basis point rate cut by the Federal Reserve in December is 70.1%, while the probability of maintaining the current rate is 29.9% [2] - The probability of a cumulative 25 basis point rate cut by January is 55.8%, with a 19.3% chance of no change and a 24.8% chance of a cumulative 50 basis point cut [2] Group 2: Institutional Perspectives - There is significant internal disagreement among Federal Reserve officials regarding the potential rate cut in December [3] - The ongoing government shutdown is hindering the assessment of the U.S. macroeconomic situation due to the lack of key economic data [3] - Market expectations for a December rate cut have been adjusted, leading to a stronger U.S. dollar index, which has pressured precious metal prices [3] - The precious metals market currently lacks significant bullish factors, but there is some buying support during price pullbacks, indicating potential long-term buying interest [3]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Short - term pressure on precious metal prices due to factors like tightened inter - bank liquidity in the US, increased CMBS default rate, and reduced probability of Fed rate cut in December; long - term support from geopolitical risks and central bank gold purchases [1] Summary According to Related Catalogs Market Data - **Shanghai Gold**: Closing price on 2025 - 11 - 04 was 912.42 yuan/gram, down 4.52 from the previous day; trading volume was 64372, and open interest was 255692 [1] - **Shanghai Silver**: Closing price on 2025 - 11 - 04 was 11242 yuan/ten - grams, down 200 from the previous day; trading volume was 605454, and open interest was 4270780 [1] - **COMEX Gold Futures**: Closing price on 2025 - 11 - 04 was 3941.30, down 72.40 from the previous day; trading volume was 244620, and open interest was 327592 [1] - **International Gold**: London gold spot price on 2025 - 11 - 04 was 4025.25 dollars/ounce, down 74.15 from the previous day; SPDR gold ETF holding was 1041.78, down 3.15 [1] - **COMEX Silver Futures**: Closing price on 2025 - 11 - 04 was 47.91, up 1.08 from the previous day; trading volume was 60177, and open interest was 19 [1] - **International Silver**: London silver spot price on 2025 - 11 - 04 was 47.76 dollars/ounce, down 1.02 from the previous day; iShare silver ETF holding was 15167.64, down 22.18 [1] Important Information - The fate of Trump's tariffs depends on three Supreme Court justices appointed by him; the US Senate failed to pass the appropriation bill, leading to a potential record - breaking government shutdown [1] - US job openings in October dropped to the lowest since April 2021, and the office real estate crisis accelerated with the CMBS default rate exceeding 11.8% [1] Trading Strategy - Hold previous short positions; for London gold, focus on support around 3580 - 3860 and resistance around 4180 - 4384; for Shanghai gold, support around 830 - 860 and resistance around 950 - 1000; for London silver, support around 39 - 42 and resistance around 50 - 55; for Shanghai silver, support around 9400 - 10000 and resistance around 11600 - 12400 [1]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - In the short - term, precious metal prices are expected to maintain a range - bound oscillation and are likely to further stabilize. It is recommended to focus on long - term allocation opportunities of buying on dips after stabilization [5] - In the long - term, the Fed is still in an interest - rate cut cycle. Global geopolitical uncertainties persist, and the unsustainable US debt and intensifying great - power competition will increase the credit risk of the US dollar in the long run. With central banks' gold purchases continuing, the long - term center of gold prices is likely to move up. Long - term investors are advised to allocate on dips [5] 3. Summary by Relevant Catalogs 3.1 Price and Spread Data - **15 - point price tracking of internal and external gold and silver on November 3, 2025**: London gold spot was at $4017.06 per ounce, London silver spot at $48.86 per ounce, COMEX gold at $4028.00 per ounce, COMEX silver at $48.58 per ounce, AU2512 at 922.58 yuan per gram, AG2512 at 11455 yuan per kilogram, AU (T + D) at 919.58 yuan per gram, and AG (T + D) at 11424 yuan per kilogram. Compared with October 31, 2025, the price changes were 0.2%, - 0.5%, 0.1%, - 0.1%, 0.1%, 0.1%, 0.1%, and 0.3% respectively [4] - **15 - point price tracking of spreads and ratios on November 3, 2025**: Gold TD - SHFE active spread was - 3 yuan per gram, silver TD - SHFE active spread was - 31 yuan per kilogram, gold internal - external (TD - London) spread was 4.32 yuan per gram, silver internal - external (TD - London) spread was - 1022 yuan per kilogram, SHFE gold - silver ratio was 80.54, COMEX gold - silver ratio was 82.91, AU2602 - 2512 was 2.82 yuan per gram, and AG2602 - 2512 was 24 yuan per kilogram. Compared with October 31, 2025, the changes were - 5.4%, - 38.0%, - 10.8%, - 7.8%, - 0.1%, 0.2%, - 7.8%, and - 4.0% respectively [4] 3.2 Position Data - **As of October 31, 2025**: Gold ETF - SPDR was 1039.2 tons, silver ETF - SLV was 15189.81735 tons. COMEX gold non - commercial long positions were 332808 contracts, non - commercial short positions were 66059 contracts, and non - commercial net long positions were 266749 contracts. COMEX silver non - commercial long positions were 72318 contracts, non - commercial short positions were 20042 contracts, and non - commercial net long positions were 52276 contracts. Compared with October 30, 2025, the changes were - 0.11%, 0.00%, 1.85%, 9.43%, 0.13%, 0.97%, - 0.21%, and 1.43% respectively [4] 3.3 Inventory Data - **As of November 3, 2025**: SHFE gold inventory was 87816.00 kilograms, SHFE silver inventory was 658851.00 kilograms. As of October 31, 2025, COMEX gold inventory was 38168047 troy ounces, and COMEX silver inventory was 482438705 troy ounces. Compared with the previous period, the changes were 0.00%, - 1.01%, - 0.20%, and - 0.14% respectively [4] 3.4 Interest Rate, Exchange Rate, and Stock Market Data - **As of November 3, 2025**: The US dollar/Chinese yuan central parity rate was 7.09. As of October 31, 2025, the US dollar index was 99.73, the 2 - year US Treasury yield was 3.60%, the 10 - year US Treasury yield was 4.11%, VIX was 17.44, the S&P 500 was 6840.20, and NYMEX crude oil was $60.88 per barrel. Compared with the previous period, the changes were - 0.02%, 0.19%, - 0.28%, 0.00%, 3.13%, 0.26%, and 0.98% respectively [4] 3.5 Market Analysis - **Market review**: On November 3, the main contract of Shanghai gold futures closed up 0.47% to 922.58 yuan per gram, and the main contract of Shanghai silver futures closed up 0.39% to 11455 yuan per kilogram [4] - **Analysis and short - term outlook**: The new gold tax policy mainly aims to standardize the gold market, strengthen tax supervision, and has limited impact on prices. With factors such as decreased market risk appetite and the ongoing US government shutdown, precious metal prices are in a range - bound oscillation. However, the divergence within the Fed on a December rate cut and the strong US dollar index will suppress the short - term upside of precious metal prices. Short - term precious metal prices are expected to maintain a range - bound oscillation and may further stabilize [5] - **Medium - and long - term outlook**: In the long run, the Fed is in an interest - rate cut cycle, and factors such as global geopolitical uncertainties, US debt issues, and central bank gold purchases will push up the long - term center of gold prices [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoint - The tight liquidity in the US inter - bank market may put pressure on precious metal prices in the short term, but geopolitical risks, fiscal deficit expansion expectations, and central bank gold purchases will support precious metal prices in the medium to long term [1] Summary by Related Catalogs Precious Metal Market Data - **Shanghai Gold**: The closing price was 920.20 yuan/gram, with a change of - 0.82 compared to the previous day; the trading volume was 13,234.00, and the position was 258,772.00, a decrease of 3,210.00 [1] - **Shanghai Silver**: The closing price was 32.00 yuan/ten grams, with a change of 446.00 compared to the previous day; the trading volume was 525,416.00, and the position was 634,538.00 [1] - **COMEX Gold Futures**: The closing price was 4013.70 dollars/ounce, with a change of 0.30 compared to the previous day; the trading volume was 223,800.00, and the position was 328,472.00 [1] - **COMEX Silver Futures**: The closing price was 47.91 dollars/ounce, with a change of - 0.34 compared to the previous day; the trading volume was 51,400.00, and the position was 105,276.00 [1] - **London Gold Spot**: The price was 4025.25 dollars/ounce, with a change of 13.75 compared to the previous day; SPDR Gold ETF holdings were 1039.20 tons, and iShare Gold ETF holdings were 483.00 tons [1] - **London Silver Spot**: The price was 48.78 dollars/ounce, with a change of 0.77 compared to the previous day; E - country iShare Silver ETF holdings were 15189.82 tons [1] Important Information - The US ISM manufacturing PMI in October fell to 48.7%, contracting for eight consecutive months, with weak demand and employment and cooling inflation. The US employment market is cooling, and corporate lay - offs this year have reached a new high since 2020 [1] - The US Treasury has lowered its borrowing forecast for this quarter by 21 billion dollars to 569 billion dollars due to an unexpectedly large cash balance [1] Multi - and Short - Logic - In the short term, factors such as the decreased expectation of the Fed's December interest rate cut, the one - year economic and trade agreement between China and the US, tight liquidity in the US inter - bank market, and the reduction of the US credit crisis, along with the decline in the total debt of major countries, may put pressure on precious metal prices [1] - In the medium to long term, geopolitical risks in regions such as Russia - Ukraine, the Middle East, and the US - Venezuela, the expected expansion of fiscal deficits in many countries, and continuous gold purchases by central banks around the world will support precious metal prices [1] Trading Strategy - Short - term: Lightly short the main contract at high prices. For London gold, pay attention to the support levels around 3580 - 3860 and the resistance levels around 4180 - 4384; for Shanghai gold, pay attention to the support levels around 830 - 860 and the resistance levels around 950 - 1000; for London silver, pay attention to the support levels around 39 - 42 and the resistance levels around 50 - 55; for Shanghai silver, pay attention to the support levels around 9400 - 10000 and the resistance levels around 11600 - 12400 [1]

Report Title - Weekly Report on Precious Metals - Gold and Silver [1] Report Date and Author - Date: October 28, 2025 - Author: Wang Wenhu from the Research Institute [2] Investment Rating - Not provided in the report Core Viewpoints - Sino-US economic and trade relations' easing may put pressure on precious metal prices; Fed's possible rate cut and stop of balance sheet reduction in the long term support precious metal prices; some central banks' gold - related actions have mixed impacts on prices. It is expected that precious metal prices may adjust, and investors are advised to wait and see [3] Summary by Sections Part 1: US Fiscal and Monetary Policy - **Fiscal Situation**: US unpaid public debt scale increased by $30.8 billion to $3.80 trillion; 2025 Q3 Treasury net issuance was $964.5 billion, and Q4 may decline. Permanent expansion of additional tax credits may increase fiscal deficits by $23.4 - $43.9 billion from 2026 - 2035; abolition of health insurance - related provisions may increase deficits by $1.4 - $37.5 billion [10] - **Monetary Policy Tools**: Fed's daily overnight reverse repurchase scale was $2.435 billion; bank reserve balance decreased, overnight reverse repurchase agreement scale increased, and Treasury cash account increased. The temporary appropriation bill passed by the House failed in the Senate. Fed's lending to commercial banks showed different trends, and the regular financing plan BTFP expired. The Fed used the standing repurchase facility SRF, with a cumulative use of $30.6 billion [11][13][16][17] - **Inflation and Interest Rates**: US September CPI was 3% year - on - year, core CPI was 3% year - on - year. October consumer inflation expectations were 4.6% (1 - year) and 3.9% (5 - year). Mid - long - term Treasury yields decreased due to Fed's expected rate cuts and stop of balance sheet reduction. The spread between long - and mid - term Treasuries was positive and widened [19][21][26] - **Financial Stress Index**: The US OFR financial stress index decreased to - 2.0930, with some sub - indicators rising. The Fed's use of SRF eased inter - bank liquidity [29] Part 2: US Economic and Employment Performance - **Commercial Bank Loans**: US commercial bank loan and lease volume increased week - on - week, with different trends in various loan types [33][35] - **Retail Sales**: US Redbook commercial retail sales annual rate decreased to 5.0% week - on - week, but consumer spending remained relatively stable [38] - **Mortgage Applications**: US 15 - year and 30 - year mortgage fixed rates decreased, MBA mortgage application activity index decreased, and August new and existing home sales increased [41] - **Employment**: US initial jobless claims were 218,000, lower than expected and previous values; continued claims were 1.926 million, lower than expected but higher than previous values. September ADP private employment decreased by 32,000, indicating concerns about a weakening job market [44] - **International Bond Yield Spreads**: The spreads between US and German (Japanese) mid - long - term Treasury yields decreased due to different central bank policies [47] - **Exchange Rates**: Euro - US dollar exchange rate may bottom out, and US dollar - Chinese yuan exchange rate may weaken [48] - **Market Volatility**: US S&P 500 and gold ETF index volatilities decreased [50] Part 3: Gold - Silver Spread and Inventory Situation - **Gold**: COMEX gold non - commercial long - short position ratio decreased; COMEX and SHFE total gold inventory decreased. Gold futures and spot spreads, basis, and near - far contract spreads were at different levels, with corresponding investment suggestions [56][58][60][67][69][72] - **Silver**: London silver 1 - month lease rate decreased significantly; COMEX silver non - commercial long - short position ratio increased; COMEX, SHFE, and SGE total silver inventory decreased. Silver futures and spot spreads, basis, and near - far contract spreads were at different levels, with corresponding investment suggestions [73][76][79][83][84][85] - **Ratio Analysis**: "Gold - silver ratio" was between the 50 - 75% quantiles of the past five years; "Gold - oil ratio" and "Gold - copper ratio" were much higher than the 90% quantiles of the past five years, with corresponding investment suggestions [87][89]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The easing of Sino-US economic and trade negotiations and the strengthening of the US dollar index may put pressure on precious metal prices; concerns about the weakening of the US employment market, the expectation of future interest rate cuts by the Federal Reserve, the difficult - to - solve crisis of the US federal government shutdown, geopolitical risks, and the continuous gold - buying by global central banks support precious metal prices in the medium and long term [1] 3. Summary by Related Catalogs Market Data - **Shanghai Gold**: The closing price was 935.33 yuan/gram, down 38.37 yuan from the previous value; the trading volume was 71,850, and the position was 259,636 [1] - **Shanghai Silver**: The closing price was 11,317 yuan/ten - grams, down 146 yuan; the trading volume was - 29,842, and the position was 3,830,738 [1] - **COMEX Gold Futures**: The closing price was 4,126.90 US dollars/ounce, down 16.30 US dollars; the trading volume was 291,961, and the position was 372,229 [1] - **COMEX Silver Futures**: The closing price was 48.65 US dollars/ounce, down 0.24 US dollars; the trading volume was 72,046, and the position was 115,483 [1] - **London Gold Spot**: The price was 4,143.75 US dollars/ounce, down 39.35 US dollars [1] - **London Silver Spot**: The price was 48.01 US dollars/ounce, down 1.10 US dollars [1] Important Information - Trump promotes MAGA and protects the market, often using high - tariff announcements as leverage and then reducing them [1] - Sino - US economic and trade consultations in Kuala Lumpur reached a basic consensus on arrangements to address each other's concerns [1] Long - Short Logic - Positive factors: Concerns about the weakening of the US employment market increase the expectation of future interest rate cuts by the Federal Reserve and may approach the end of balance - sheet reduction; the difficult - to - solve crisis of the US federal government shutdown; geopolitical risks; the expansion expectation of fiscal deficits in many countries; and the continuous gold - buying by global central banks [1] - Negative factors: The Sino - US economic and trade negotiation reached a preliminary plan, the US credit crisis eased, and the strengthening of the US dollar index [1] Trading Strategy - Wait for the price to fall and then mainly layout long positions. For London gold, focus on the support level around 3,820 - 3,950 US dollars/ounce and the resistance level around 4,180 - 4,384 US dollars/ounce; for Shanghai gold, focus on the support level around 840 - 870 yuan/gram and the resistance level around 950 - 1,000 yuan/gram; for London silver, focus on the support level around 42 - 46 US dollars/ounce and the resistance level around 50 - 55 US dollars/ounce; for Shanghai silver, focus on the support level around 9,800 - 10,800 yuan/ten - grams and the resistance level around 11,600 - 12,400 yuan/ten - grams [1]

Report Industry Investment Rating - No investment rating information provided in the report Core Viewpoints - The strengthening of the US dollar index may put pressure on precious metal prices, but concerns about a weakening US job market, potential future interest rate cuts by the Fed, uncertainty in China-US trade negotiations, geopolitical conflicts in Russia-Ukraine and the Middle East, and the expansion of fiscal deficits in many countries globally, along with continuous gold purchases by central banks, support precious metal prices in the medium to long term [1] Summary by Relevant Catalogs Precious Metal Market Data - **Shanghai Gold**: The closing price was 948.84 yuan/g, down 38.05 yuan from the previous day and 18.45 yuan from the previous week; trading volume was 87,610, with a position of 254,754, down 186 from the previous day and up 5,052 from the previous week [1] - **Shanghai Silver**: The closing price was 11,381 yuan/10g, down 378 yuan from the previous day and 600 yuan from the previous week; trading volume was 2,347,356, with a position of -182,550 [1] - **COMEX Gold Futures**: The closing price was 4,116.60 US dollars/ounce, down 21.90 US dollars from the previous day and 43.00 US dollars from the previous week; trading volume was 396,022, with a position of 357,370, down 4,708 from the previous day and 16,561 from the previous week [1] - **COMEX Silver Futures**: The closing price was 48.16 US dollars/ounce, down 2.17 US dollars from the previous day; trading volume was -66,532, with a position of 122,583, down 3,620 from the previous day and 7,608 from the previous week [1] Important Information - The secondary lending market is in turmoil, and PrimaLend has filed for bankruptcy. The Fed is considering reducing bank capital requirements from 19% to a minimum of 3% [1] - The US government shutdown has entered its 22nd day, the second-longest on record. Unemployment may rise temporarily. Trump has cancelled his meeting with Putin in Budapest [1] - The US has lifted key restrictions on Ukraine's use of long-range missiles and imposed sanctions on two major Russian oil companies [1] Trading Strategy - Temporarily wait and see. For London gold, focus on support levels around 3,900 - 4,100 and resistance levels around 4,383 - 4,778; for Shanghai gold, support levels around 890 - 930 and resistance levels around 1,000 - 1,100; for London silver, support levels around 42 - 48 and resistance levels around 57 - 68; for Shanghai silver, support levels around 9,800 - 10,800 and resistance levels around 13,000 - 14,800 [1]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Core Viewpoints - The current monetary policy of the Federal Reserve is still in the early stage of the easing cycle, and the most important driver - the new Fed Chair nominee has not been announced. It is recommended to maintain a long - term view on precious metals. Wait for the price to stabilize and then enter long positions on dips. The reference operating range for the main contract of Shanghai Gold is 928 - 982 yuan/gram, and for the main contract of Shanghai Silver is 10962 - 11690 yuan/kilogram [4]. - Precious metal prices have found short - term support after a significant decline. The macro environment still has positive factors for gold and silver prices, but from the perspective of positions, they still need to consolidate. Overseas risk aversion has increased, leading to a short - term stabilization of gold prices. Tomorrow evening, the US September CPI data will be released. The US Treasury Secretary expects the CPI to decline next month [2]. 3. Summary According to Related Catalogs 3.1 Market Quotes - On October 23, 2025, Shanghai Gold fell 1.56% to 934.72 yuan/gram, and Shanghai Silver rose 0.04% to 11331.00 yuan/kilogram. COMEX Gold was reported at 4101.80 US dollars/ounce, and COMEX Silver was reported at 48.03 US dollars/ounce. The US 10 - year Treasury yield was 4.02%, and the US dollar index was 98.92 [2]. - Comparing this week with last week, SHFE Gold was at 994.06 yuan/gram, up 5.87%; SHFE Silver was at 11805.00 yuan/kilogram, up 2.36%. COMEX Gold was at 4138.50 US dollars/ounce, down 0.51%; COMEX Silver was at 48.16 US dollars/ounce, down 4.34% [5]. 3.2 Position and Inventory - The positions of gold and silver ETFs were relatively weak due to the impact of price shocks. The SLV Silver ETF position decreased by 79.03 tons to 15597.61 tons yesterday, and the SPDR Gold ETF total position decreased by 6.29 tons to 1052.37 tons [3]. - For COMEX Gold on October 22, 2025, the position (CFTC latest reporting period: weekly) increased by 2.43% to 52.88 million lots, and the inventory decreased by 0.14% to 1212 tons. For COMEX Silver, the position increased by 1.75% to 16.58 million lots, and the inventory decreased by 0.56% to 15584 tons [8]. 3.3 Market News - US President Trump expressed disappointment with ending the negotiation process in Ukraine. The US government announced a significant increase in sanctions against Russia and cancelled the meeting between Trump and Putin, leading to an increase in overseas risk aversion [2]. - The US Treasury Secretary, Baysent, said that energy prices have declined, and he expects the CPI to decline next month. He also mentioned that "the rise in gold prices is helpful to us" [2].