Core Insights - International gold and silver prices experienced a significant drop, with spot gold nearing the $4000 mark and London spot silver falling below $50 per ounce [1][6] - Domestic gold jewelry prices have also been adjusted downward, marking a four-day consecutive decline since the 14th [4] Price Movements - As of the latest report, London gold is down 0.55% at $4014.40 per ounce, while Shanghai gold has decreased by 1.23% to 919.42 yuan per gram, and New York gold has fallen by 1.42% to $4016.5 per ounce [1] - Major domestic brands have reported the following prices: Chow Sang Sang at 1289 yuan per gram (down 16 yuan), Chow Tai Fook at 1288 yuan per gram (down 17 yuan), Lao Miao at 1276 yuan per gram (down 13 yuan from the previous day and down 49 yuan from the high of 1325 yuan), and Lao Feng Xiang at 1285 yuan per gram (down 8 yuan from the previous day and down 40 yuan from the high of 1325 yuan) [4] Market Sentiment - The market sentiment is cautious due to diminishing expectations for a Federal Reserve interest rate cut, contributing to a three-day decline in gold and silver prices [6] - Weak physical demand for gold in the Asian market has further exacerbated the price drop, with the market reacting to inconsistent signals from the Federal Reserve [6] - Technical analysis indicates that gold prices are facing resistance at previous highs, entering a phase of high-level fluctuations, with market participants closely monitoring economic data for indications of Federal Reserve policy direction [6]

北京时间11月18日，国际金银价格开盘后跳水。伦敦现货黄金盘中失守4030美元/盎司；伦敦现货白银跌破50美元/盎 司重要关口。 | < W | | | 伦敦金现 | | | | O | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | SPTAUUSDOZ.IDC | | | | | | 4036.340 | | 昨年 | 4045.330 | 总量 | | | 0 | | -8.990 | -0.22% | 升营 | 4045.330 | 现手 | | | 0 | | 最高价 | 4055.320 | 持 仓 | 0 | や 물 | | | 0 | | 最低价 | 4028.350 | 智 世 | 0 | 물 内 | | | 0 | | 关时 | 五日 | 日K | 園K | 月K | | 电头 | (0 | | 叠加 | | | | 均价:0.000 | | | | | 4062.310 | | | | 0.42% | | 4036.640 | | | | | | | | | 4036.340 | | | | | | | | 7:50 | ...

| < W | | | 伦敦银现 | | | | | Q | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SPTAGUSDOZ.IDC | | | | | | | | | 49.861 | 昨年 | | 50.180 | | 总量 | | | 0 | | -0.319 | | -0.64% 开盘 | 50.165 | | 现手 | | | 0 | | 最高价 | | 50.266 搏 仓 | | 0 | 外 盘 | | | 0 | | 最低价 | | 49.479 指 仓 | | 0 | 内 盘 | | | 0 | | 分时 | | 王日 日K | 圖K | | 月K | 由云 | | (0) | | 叠加 | | | | | 均价:0.000 | | | | | 50.881 | | | | | 1.40% | 49.880 | | | | | | | | | | 49.861 | | | | | | | | | | 7:51 49.849 | | 0 | | | | | | | | 7:51 49.845 | | 0 | | 11 ...

北京时间11月18日，国际金银价格开盘后跳水。伦敦现货黄金盘中失守4030美元/盎司；伦敦现货白 银跌破50美元/盎司重要关口。 | W | | | | 伦敦金现 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | | | 4036.340 | | 昨结 | | 4045.330 | 总量 | | | O | | -8.990 | -0.22% 十益 | | | 4045.330 | 现手 | | | 0 | | 最高价 | 4055.320 | 持 | 仓 | 0 | 外 盘 | | | 0 | | 最低价 | 4028.350 | 播 | 仓 | O | 内 盘 | | | 0 | | 关时 | 五日 | | 日K | 周K | 月K | | 由文 | (0) | | 叠加 | | | | | 均价:0.000 | | | | | 4062.310 | | | | | 0.42% | - 4036.640 | | | | | | | | | | दों 4036 ...

Core Viewpoint - Domestic commodity futures showed mixed performance on November 11, with precious metals experiencing strong gains, indicating a potential shift in market dynamics driven by geopolitical risks and economic factors [1] Group 1: Domestic Market Performance - As of the close at 15:00, silver rose over 3%, gold and rapeseed oil increased by more than 2%, while peanuts, lithium carbonate, and apples saw gains exceeding 1% [1] - In contrast, coking coal and coke fell over 3%, polysilicon dropped more than 2%, and other commodities like glass, live pigs, and urea declined by over 1% [1] Group 2: International Market Trends - On the same day, international gold and silver prices rebounded strongly, with London spot gold surpassing $4,100 per ounce and silver reclaiming $51 per ounce [1] Group 3: Future Outlook - According to Guangfa Futures, the U.S. economy and job market are under pressure from government shutdowns and trade tensions, which may lead to an increased probability of interest rate cuts by the Federal Reserve in December, alleviating liquidity constraints [1] - Geopolitical risks and central bank gold purchases are expected to drive a re-evaluation of asset pricing, increasing the allocation to financial commodities like precious metals in the medium to long term [1] - For silver, the combination of expectations for Federal Reserve easing and industrial demand factors may strengthen its price, despite relatively weak actual demand in the industrial sector [1]

Core Viewpoint - The recent decline in gold and silver prices is attributed to a combination of reduced geopolitical tensions and the market's adjustment to fully priced expectations of Federal Reserve interest rate cuts [3][4][5] Market Trends - Gold prices fell below $3900 per ounce, with a daily drop exceeding 2%, while silver prices also weakened, reaching a low of $45.513 per ounce [1][3] - In the past six trading days, gold has closed lower on five occasions, indicating a shift in market sentiment [3] Influencing Factors - The easing of geopolitical risks in regions such as the Middle East and Ukraine has increased market risk appetite, contributing to the decline in gold prices [3][4] - The market's sensitivity to Federal Reserve monetary policy signals has heightened, with the consensus on interest rate cuts leading to profit-taking among investors [4][5] Profit-Taking Behavior - The significant rise in gold prices since September, approximately 29% (around $1000), has led to a situation where many investors are cashing out their profits [4][5] - The speculative profit-taking sentiment has spread to a broader investor base, prompting many to exit positions at high points [4][5] Future Outlook - Analysts predict that gold will continue to experience a weak and volatile trend in the short term as the market digests negative factors and profit-taking sentiments [5] - The long-term support for gold prices remains intact, driven by factors such as central bank gold purchases, the ongoing trend of de-dollarization, and the need for hedging against uncertainties [6][7][8] Central Bank Behavior - Central banks are expected to continue increasing their gold reserves, with a rise in the proportion of banks planning to add gold from 29% to 43% year-on-year [6] - The value of global central bank gold reserves has surpassed that of U.S. Treasury holdings for the first time since 1970, indicating a shift in reserve asset preferences [7] Gold-Silver Ratio - The gold-silver ratio has increased from a low of 78 to around 85, suggesting that silver is currently underperforming relative to gold [9][10] - Historical averages indicate that the gold-silver ratio typically ranges between 65 and 75, implying potential for further adjustment [9] Investment Strategy - Investors are advised to remain cautious and observe market conditions before making new investments, particularly in gold and silver [6][10]

Core Viewpoint - The London spot gold price has experienced a significant decline, dropping below the $3900 per ounce mark, indicating a bearish trend in the precious metals market [1] Group 1: Gold Market - On October 28, the London spot gold price fell by approximately 2%, reaching a low of $3893.465 per ounce during the trading session [1] - As of 5 PM, the London gold price was reported at $3897.44 per ounce, reflecting a decline of about 2.1% [1] Group 2: Silver Market - The London spot silver price approached $45 per ounce, with a reported decline of approximately 2.5% [1] - At the same time, the London silver price was quoted at $45.63 per ounce [1]

Group 1 - Silver prices have surged significantly, with London spot silver increasing over 69% year-to-date, outperforming gold [1] - Hunan Silver, the only A-share listed company in the silver industry, reported a revenue of 4.529 billion yuan, a year-on-year increase of 35.59%, and a net profit of 62.197 million yuan, up 7.01% [1] - The recent drop in precious metal prices on October 21 saw gold fall below $4,100 per ounce, a decline of over 6%, and silver drop over 8%, falling below $50 per ounce, marking the largest single-day drop since 2021 [1] Group 2 - On October 22, the main silver contract on the Shanghai Futures Exchange opened sharply lower, dropping over 5% during the day and closing at 11,404 yuan per kilogram, down 3.86% [2] - Social media platforms have seen increased discussions about investing in silver, with reports of significant sales increases for silver products, such as a tenfold rise in sales for a specific investment silver bar [2] - The recent price volatility has left some investors surprised, particularly those who bought silver at its peak [2] Group 3 - Analysts from Minsheng Securities suggest that the recent price drop is a correction following an emotional surge in the market, particularly evident in silver [4] - The outlook indicates a potential short-term rebound for the dollar, with adjustments expected in gold and silver prices, especially as silver has already touched its 20-day moving average [6] - Reports from various analysts indicate that while there may be further adjustments in precious metal prices, there is still potential for future increases, albeit requiring a period of consolidation [6]

Group 1 - International gold and silver prices have experienced a significant drop, with Shanghai gold and silver futures opening down over 5%, and London spot gold hitting a low of $4002 per ounce [1] - The recent decline in precious metal prices follows a period of rapid increases, with gold reaching a peak of $4086 per ounce and silver dropping below $50 per ounce, indicating a correction after a sustained overbought condition [1] - Despite the short-term drop, analysts believe that the expectations of monetary easing remain intact, suggesting that this is not a trend reversal for precious metals [1] Group 2 - HSBC remains optimistic about gold, projecting that its upward momentum could last until 2026, driven by strong central bank purchases, ongoing fiscal concerns in the U.S., and expectations of further monetary easing, with a target price of $5000 [2] - Huaxin Fund has noted that short-term trading in gold is overheated, with volatility indicators reaching high levels, suggesting potential risks in the market [2] - Analysts indicate that while central bank purchases and growing investment demand will support long-term price increases for precious metals, investors should remain cautious of short-term adjustments due to trading and event-driven shocks [2]

Core Viewpoint - The precious metals market, particularly gold and silver, experienced a significant decline, with prices dropping over 5% on October 22, following a period of strong performance and reaching new highs [1]. Group 1: Market Performance - On October 22, Shanghai gold and silver opened with a sharp decline, falling over 5% [1]. - International gold and silver prices also plummeted, with London spot gold hitting a low of $4002 per ounce and silver at $47 per ounce [1]. - On October 21, gold prices reached a peak of $4086 per ounce before dropping by 6.18%, while silver saw a decline of 8.72%, falling below $50 per ounce [1]. Group 2: Market Analysis - Analysts suggest that gold has been in an overbought state, and the recent easing of geopolitical tensions, along with a strengthening dollar and expectations of U.S. interest rate cuts, have prompted investors to take profits [1].