Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The price of precious metals is expected to continue rising in the long - term, and long - term long positions can be held. However, in the short - term, due to large price increases and over - optimistic market sentiment, there may be sharp fluctuations and adjustments, so short - term investors are advised to wait and see [6] - In the medium - to - long - term, factors such as the Fed's potential interest rate cuts, global geopolitical uncertainties, unsustainable US debt, and continued gold purchases by global central banks will likely drive up the price of gold [6] Group 3: Summary by Related Catalogs 1. Price Tracking - As of October 8, 2025, compared with September 30, 2025, London spot gold rose 4.5% to $4031.06 per ounce, London spot silver rose 3.9% to $48.63 per ounce, COMEX gold rose 4.4% to $4053.40 per ounce, and COMEX silver rose 3.1% to $48.47 per ounce. The prices of domestic gold and silver futures remained unchanged [5] - The price differences and ratios of gold and silver in the domestic and foreign markets also changed. For example, the COMEX gold - to - silver ratio rose 1.2% [5] 2. Position Data - As of October 7, 2025, compared with October 6, 2025, the holdings of gold ETF - SPDR remained unchanged, while the holdings of silver ETF - SLV rose 0.55%. The non - commercial long positions of COMEX gold rose 1.85%, and the non - commercial short positions rose 9.43% [5] 3. Inventory Data - As of October 7, 2025, compared with October 6, 2025, the COMEX gold inventory decreased 0.03% to 40144494 troy ounces, and the COMEX silver inventory decreased 0.11% to 530331634 troy ounces [5] 4. Interest Rate/Exchange Rate/Stock Market - As of October 7, 2025, compared with October 6, 2025, the US dollar index rose 0.49% to 98.59, the 2 - year US Treasury yield fell 0.83% to 3.57%, and the 10 - year US Treasury yield fell 0.96% to 4.14% [5] 5. Market Review and Outlook - On September 30, 2025, the main contract of Shanghai gold futures rose 1.485% to 874.4 yuan per gram, and the main contract of Shanghai silver futures rose 0.77% to 10918 yuan per kilogram. During the National Day holiday, the prices of precious metals in the overseas market continued to rise. It is expected that the prices of Shanghai gold and silver will open significantly higher [5] - The reasons for the sharp rise in precious metal prices during the holiday include increased market risk - aversion sentiment due to political events, expectations of the Fed's interest rate cuts, and China's central bank's gold purchases [6]