贵金属 | 周报 · 2025 年 11 月 3 日 贵金属周报 专业研究·创造价值 投资咨询业务资格：证监许可【2011】1778 号 贵金属 期货研究报告 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 金价震荡企稳 核心观点 上周金价震荡下行，10 月美联储议息会议后，金价有所反弹。美 联储本次降息 25 个基点符合市场普遍预期。然而，其内部的政策分 歧以及鲍威尔对后续降息持有的谨慎态度。市场将其解读为偏鹰派， 市场预期 12 月降息概率下降，利空金价。APEC 中美会晤后，两国相 继出台关税放松政策，中美贸易趋于缓和。但随着美联储 10 月议息 会议落地，APEC 中美元首会晤结束，贵金属市场呈现反弹走势，可能 是由于 ...

Report Summary 1. Investment Ratings - No investment ratings for the industry are provided in the report. 2. Core Views - For gold, short - term and medium - term views are "oscillation", and the intraday view is "oscillation with a slight upward trend". The reference view is "wait - and - see". The core logic is the easing of Sino - US trade relations and the Fed's hawkish stance [1][3]. - For copper, short - term and medium - term views are "rising", and the intraday view is "oscillation with a slight upward trend". The reference view is "long - term bullish". The core logic is macro - economic easing, mine production cuts, and a rapid increase in capital attention [1][4]. 3. Summary by Variety Gold (AU) - **Price Trend**: Last week, the gold price oscillated downward. After the Fed's October interest - rate meeting, the price rebounded. After the APEC Sino - US summit, the precious metals market showed a rebound trend [3]. - **Core Logic**: The Fed cut interest rates by 25 basis points in October, in line with market expectations. However, internal policy differences and Powell's cautious attitude towards subsequent rate cuts were interpreted as hawkish, reducing the market's expectation of a December rate cut. The Sino - US tariff relaxation policies after the APEC summit also affected the market. Technically, short - term attention is on the $4000 level for the long - short game. On November 1st, new gold tax policies were announced, with more refined tax management for on - exchange gold trading, mainly affecting institutions and enterprises [3]. Copper (CU) - **Price Trend**: Last week, the copper price rose and then fell, with a narrowing amplitude and a decline in open interest. After the Fed's October interest - rate meeting, LME copper dropped significantly. After the APEC Sino - US summit, the copper market showed a "buy - on - rumor, sell - on - news" trend [4]. - **Core Logic**: The Fed's rate cut of 25 basis points in October was in line with expectations, but the hawkish signals cooled the rate - cut expectation, which was negative for copper prices. The short - term sharp rise in copper prices led to pressure at historical highs, increasing the willingness of long - position holders to close positions. Technically, continuous attention is on the support of the 10 - day moving average [4].