Core Insights - China's gold consumption in the first three quarters of 2025 reached 682.730 tons, representing a year-on-year decline of 7.95% [1] - The demand for gold jewelry decreased by 32.50% to 270.036 tons, while gold bars and coins saw an increase of 24.55% to 352.116 tons, and industrial and other gold usage rose by 2.72% to 60.578 tons [1] Summary by Category Gold Jewelry - Gold jewelry consumption fell significantly by 32.50%, totaling 270.036 tons, indicating a weaker market for this category [1] Gold Bars and Coins - The demand for gold bars and coins increased by 24.55%, reaching 352.116 tons, driven by heightened geopolitical tensions and economic uncertainty, which enhanced gold's role as a safe-haven asset [1] Industrial and Other Gold Uses - Industrial gold demand grew by 2.72% to 60.578 tons, supported by the rapid development of electronic and new energy industries [1] Gold ETFs - Domestic gold ETFs saw an increase in holdings by 79.015 tons, a substantial rise of 164.03% compared to the same period in 2024, with total holdings reaching 193.749 tons by the end of September [1]

Group 1 - The Federal Reserve is expected to maintain interest rates in the range of 5.25%-5.50% during the upcoming FOMC meeting, with Chairman Powell's statements on monetary policy being a key focus for the market [1] - The U.S. non-farm payrolls added 177,000 jobs in April, exceeding market expectations of 160,000, which may lead Powell to continue a hawkish stance on inflation [1] - The domestic gold ETF holdings increased by 23.47 tons in the first quarter, reflecting institutional investors' recognition of gold's long-term value [2] Group 2 - The SPDR Gold ETF (GLD) experienced significant capital inflows and outflows, with over $2 billion net inflow in March followed by over $1.5 billion net outflow in April, indicating increased market volatility [2] - Technical indicators show that gold prices are over 25% above the 200-day moving average, and the RSI has entered the overbought territory above 80, suggesting potential for a mean reversion if no major geopolitical events occur [2] - Gold prices surged over 3% in a single day, reaching a high of $3,435 per ounce, with a strong bullish trend confirmed by breaking key resistance levels [4] Group 3 - The suggested trading strategy includes buying gold in the $3,368-$3,371 range with a stop loss at $3,361 and targets set at $3,390-$3,420, with further upside potential if the price breaks above $3,435 [5] - The market should be cautious of potential resistance in the $3,450-$3,465 range, which aligns with historical trading volumes and weekly channel resistance [5]