贵金属市场上周（11．17~11．21）在美联储官员鹰派展望和强劲的9月非农数据影响下走势较弱。俄 乌和平协议的曝光也使得地缘博弈预期有所下降。 市场观点方面，过往一周（11．17~11．21）贵金属市场转为下行，上周亚特兰大联储主席所引发的美 联储独立性问题未能进一步发酵。周内公布的会议纪要显示，多位官员对年内剩余时段的利率调整持 谨慎态度，引致12月继续降息预期下行，对贵金属市场构成拖累。根据政策倾向性划分，美联储具有 投票权的委员中，倾向鹰派暂不降息的有五人，倾向鸽派继续降息的有四人，保持中间开放性态度 （摇摆）的有主席鲍威尔、库克和杰菲逊三人，因此决定12月最终政策走向的砝码就在这三人手中。 特朗普政府要求乌克兰在领土主权、军事部署及国际关系等方面做出重大让步。俄乌冲突或逐渐进入 尾声，地缘博弈烈度或有边际缓和倾向。 最后上周末G20公报重申各国需携手应对共同挑战，反对单边主义，以及呼吁强化债务处理机制，缓 解发展中国家高债务压力。 已有提案建议IMF出售部分黄金储备以用于发展中国家的化债需求。 整体而言，地缘冲突趋向缓和，俄罗斯央行开始出售黄金以及G20峰会期间提议IMF出售黄金的提案 均短期弱化黄 ...

Ernest HoffmanErnest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in ...

Core Viewpoint - The mining industry, particularly gold, is experiencing significant growth, with Zijin Mining achieving substantial revenue and profit increases due to rising international gold prices and strategic acquisitions [2][3]. Financial Performance - In the first three quarters of 2025, Zijin Mining reported operating revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 45.701 billion yuan, up 53.99% year-on-year [2]. - The company's non-recurring net profit reached 34.127 billion yuan, reflecting a growth of 43.71% compared to the previous year [2]. Gold Production and Market Dynamics - Zijin Mining's gold production for January to September 2025 was 65 tons, marking a 20% increase year-on-year, with the third quarter alone contributing 24 tons, a 7% increase from the previous quarter [3]. - The rise in gold production is attributed to new acquisitions and increased processing at existing mines, including the Ghana Akim Gold Mine and the Xinjiang Sava Yalton Gold Mine [3]. Listing and Strategic Focus - Zijin Gold International, a subsidiary of Zijin Mining, successfully listed on the Hong Kong Stock Exchange in September 2025, focusing on global gold asset operations [2][3]. Copper Production Challenges - Copper production growth has slowed due to a flooding incident at the Kamoa-Kakula mine, with Zijin Mining's copper output for the first three quarters of 2025 at 830,000 tons, a 5% increase year-on-year, but a 6% decrease quarter-on-quarter [6][7]. - The flooding incident has led to a downward revision of the mine's production expectations for 2025 [7]. Cost Pressures - The unit sales costs for major products, including gold and copper, have increased, with gold ingot costs rising by 15.2% and copper concentrate costs by 14.37% year-on-year [9][10]. - The increase in costs is attributed to declining ore grades, increased transportation distances, and higher transitional costs from newly acquired mines [9]. Market Outlook - The global demand for copper is expected to rise significantly due to the growth of electric vehicles and clean energy sectors, with a projected total demand exceeding 35 million tons within the next 20 years [6]. - Zijin Mining's lithium carbonate production is also progressing, with 11,000 tons produced in the first three quarters of 2025 [8].

Core Viewpoint - The mining industry, particularly gold, is experiencing significant growth, with Zijin Mining achieving substantial revenue and profit increases due to rising international gold prices and strategic acquisitions [2][3][4]. Financial Performance - In the first three quarters of 2025, Zijin Mining reported operating revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 45.701 billion yuan, up 53.99% year-on-year [2][3]. - The company's gold production reached 65 tons, a 20% increase compared to the previous year, with third-quarter production of 24 tons, reflecting a 7% quarter-on-quarter growth [3][4]. Market Trends - The global gold market has shown an upward trend, with London spot gold prices rising from $3,000 per ounce at the beginning of the year to a peak of $4,381, maintaining a year-to-date increase of over 33% [3][4]. - Central banks worldwide are increasing their gold reserves, with China's gold reserves needing to increase by at least 5,500 tons to reach the global average of approximately 30% of foreign reserves [4]. Strategic Acquisitions - Zijin Mining's acquisition of the Raygorodok gold mine in Kazakhstan for $1.2 billion is expected to enhance its gold production capacity significantly, with an average annual output of approximately 5.5 tons [4]. - Zijin Gold International, a subsidiary focused on overseas gold assets, was listed on the Hong Kong Stock Exchange, aiming to optimize its portfolio of high-potential gold mines [3][4]. Copper Production Challenges - Copper production growth has slowed due to a flooding incident at the Kamoa-Kakula copper mine, which is expected to impact Zijin Mining's overall copper output [5][6]. - The company's copper production for the first three quarters of 2025 was 830,000 tons, a 5% increase year-on-year, but the third-quarter output saw a 6% decline quarter-on-quarter [5][6]. Cost Pressures - The unit sales costs for major products, including gold and copper, have risen, with gold ingot costs increasing by 15.2% and copper concentrate costs by 14.37% compared to the previous year [8][9]. - The increase in costs is attributed to declining ore grades, increased transportation distances, and higher stripping ratios in open-pit mines, alongside transitional costs from newly acquired companies [9].

Core Insights - The gold market in November 2025 is characterized by "high-level consolidation and tug-of-war between bulls and bears," with international gold prices testing the $4000 per ounce mark repeatedly [1] - The recent tax policy changes and brand premium differentiation have led to a three-tier pricing system in the domestic market, impacting the wholesale market significantly [4] Group 1: Market Dynamics - The new tax policy exempts standard gold traded through the Shanghai Gold Exchange and futures exchanges from VAT, while off-market transactions incur a 13% VAT, affecting the Shenzhen Shui Bei wholesale market [4] - The price gap between Shui Bei market gold and brand retail prices has narrowed to approximately 90 yuan per gram due to increased costs for some merchants [4] - Major banks like ICBC and CCB have paused gold accumulation services, raising concerns about liquidity tightening, although ICBC quickly resumed operations, indicating a focus on "regulating transactions" rather than "suppressing the market" [4] Group 2: Investment Sentiment - Despite ongoing uncertainties in the Middle East, market pricing of "extreme risks" has become more rational, with gold ETF holdings decreasing for four consecutive weeks, equivalent to a reduction of 69 tons of physical gold [4] - Speculative long positions have dropped to a three-month low, and the RSI indicator has decreased from 82 to 54, indicating a release of short-term overbought pressure [4] Group 3: Central Bank Support - Central bank gold purchases have become a long-term support factor, with global central banks acquiring 220 tons in Q3 2025, bringing the total for the year to 634 tons, nearing record levels from 2024 [4] - This "structural demand" effectively smooths out short-term volatility in the gold market [4] Group 4: Price Levels and Future Outlook - In the short term, gold prices need to test the support level of $3800 per ounce; a drop below this level could trigger programmatic selling [4] - The market is currently in a phase of "macro support versus technical pressure," with key variables to watch: 1. Federal Reserve policy: December rate cut probabilities have decreased by 25 basis points, but forward rate futures are pricing in a cumulative 50 basis point cut in 2025 [4] 2. Geopolitical risks: An escalation in the Middle East could reignite safe-haven demand [4] 3. Inflation persistence: The U.S. debt-to-GDP ratio has reached 123%, and if secondary inflation expectations rise, gold's inflation-hedging properties will become more pronounced [4]

Group 1 - The latest report from the World Gold Council (WGC) indicates a significant increase in U.S. gold demand, which rose by 58% year-on-year to 186 tons, driven by record inflows into gold ETFs [2] - In the third quarter, U.S. listed funds added 137 tons of gold, accounting for 62% of global inflows, highlighting the growing importance of gold as a safe-haven asset for investors [2] - The trading volume of gold on the COMEX and U.S. ETFs surged to a record daily high of $208 billion, reflecting heightened investor interest in the gold market [2] Group 2 - Central banks globally purchased a net total of 39 tons of gold in September, marking the highest monthly level of the year, with Brazil leading at 15 tons [2] - The total net purchases of gold by central banks for the year have reached 200 tons, indicating an increasing emphasis on gold as a strategic reserve asset [2] - The recent fluctuations in gold prices, including a peak at $4019, suggest a potential for volatility in the market, with key resistance levels identified [3]

ICBC (国)工银金行家 关于暂停受理部分 如意导报官业务申请的公告 11月3日，工商银行公告，现已恢复受理如意金积存业务的开户、主动积存、新增定期积存计划以及提 取实物的申请。您可通过我行营业网点、中国工商银行APP等渠道办理各类如意金积存业务。同时，建 议您关注黄金市场波动，提高风险防范意识，守护自身资产安全。 此前消息： 今天早些时候，工商银行发布公告，表示受宏观政策影响，根据工行风险管理要求，自2025年11月3日 起，工行暂停受理如意金积存业务的开户、主动积存、新增定期积存计划以及提取实物的申请，存量客 户处于有效期内的定期积存计划的执行以及办理赎回、销户不受影响。 同日，建设银行也发布公告，自2025年11月3日(含)起，建行暂停受理易存金业务实时买入、新增定投 买入、实物金兑换等申请，存量客户易存金定投计划的执行、赎回以及销户不受影响；暂停个人黄金积 存兑换实物贵金属、账户黄金兑换实物贵金属等申请，其他个人黄金积存业务不受影响。 同时，两家银行均表示，相关业务恢复事宜，请关注银行后续公告。 来源丨央视财经、工商银行 尊敬的客户: 受宏观政策影响,根据我行风险管理要 求,自2025年11月3日起 ...

Market Performance - The gold market in 2025 has shown remarkable performance, with spot gold prices rising from approximately $2,624 per ounce at the beginning of the year to $4,381 per ounce, marking a significant increase of 66.96%, the strongest annual performance since 1979 [1] - However, by late October, gold prices experienced a notable correction, dropping to $4,080.87 per ounce, a decline of over 6%, and closing at $4,111.56 per ounce on October 24 [1] Investment Options - Investors are faced with the decision of whether to invest in physical gold or financial gold products, each having distinct characteristics [3] Liquidity - Physical gold has relatively weak liquidity, making it cumbersome to liquidate in urgent financial situations, while financial products like gold ETFs can be traded easily during market hours, akin to stocks [4][5] Holding Costs - The premium for bank gold bars typically ranges from 5% to 10%, while branded gold jewelry can have premiums as high as 30% to 80%. In contrast, the holding costs for gold ETFs are significantly lower, generally at a fraction of a percent [6][7] Hedging Effectiveness - Physical gold offers strong hedging capabilities during extreme economic crises, especially in the context of heightened geopolitical risks in 2025, while financial products may perform well under normal market conditions but have limitations during systemic risks [8][9] Tax Treatment - Purchasing physical gold includes a 13% value-added tax, with personal sales exempt from income tax, although frequent trading may be classified as business activity and incur taxes. Financial products like gold ETFs require a stamp duty of 0.1% on trades, with personal capital gains currently exempt from income tax [10][11] Inheritance Advantages - Physical gold is often viewed as a "family heirloom," carrying emotional and cultural significance, whereas the transfer of financial products involves more complex account inheritance processes [12][13] Conclusion - There is no absolute superiority between physical gold and financial gold products; the choice depends on individual needs. For those prioritizing extreme risk hedging or sentimental value, physical gold may be more suitable, while those valuing liquidity, holding costs, and trading convenience might prefer gold ETFs [13]

10月的金融市场如同一出跌宕起伏的戏剧，黄金无疑是其中最耀眼的主角。短短数日，金价上演了一幕 惊心动魄的"过山车"行情：先是单日暴跌超6%，让无数跟风入场的散户一夜之间损失惨重；紧接着， 华尔街的巨头们却逆势而上，纷纷唱多黄金，甚至将2026年底的金价目标上调至令人咋舌的5055美元/ 盎司。这看似矛盾的景象，实则勾勒出美元霸权深陷困境，在"自救"与"失控"之间挣扎的无奈。 文案|编辑:凤梨 多年来，美联储的高利率政策，像一剂慢性毒药，正在逐渐侵蚀着美国社会的经济基础。从个人负债累 累，到企业资金链紧张，再到政府财政赤字高企，整个国家仿佛都在透支未来。 而那些在股市、比特币等虚拟资产中狂欢的资金，也大多是加杠杆的产物，一旦流动性抽紧，便如海市 蜃楼般轰然倒塌。 在这样的背景下，黄金作为最易变现的资产，自然成了资金"提款机"。当市场恐慌情绪蔓延，投资者争 相抛售黄金以补充保证金、避免爆仓，金价暴跌便成了必然。 可这波恐慌性抛售却暴露了一个更深层次的问题：在危机面前，人们首先想到的是抛售黄金，而非拥抱 美元资产。这无疑是对美元信用的巨大讽刺，也预示着全球对美元的信任正在悄然瓦解。 曾几何时，美元霸权维系的关键手段 ...

Core Viewpoint - Negotiations between the U.S. and multiple trade partners have made progress, boosting the attractiveness of risk assets like the stock market, while the safe-haven demand for gold continues to decline [1] Group 1: Market Impact - The international gold price experienced a significant drop on Monday, falling below the $4000 per ounce mark during trading [1] - As of the close, the December gold futures price on the New York Commodity Exchange settled at $4019.7 per ounce, reflecting a decline of 2.85% [1]