1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - Last week, the re - release of US employment data and the sharp decline of US tech stocks led to a fall in precious metal prices. The US dollar index continued to rise, and the RMB depreciated slightly. The gold and silver prices rebounded before the release of US non - farm data but dropped again after the news that the October non - farm data would not be released. The market expects no interest rate cut this year. The Fed's meeting minutes showed serious differences. The Japanese bond market was sold off, and the yen depreciated. The net long position of Shanghai gold began to rise, while that of Shanghai silver continued to decline. This week, attention should be paid to US PCE data, the progress of the US - Ukraine "28 - point plan", and the interest rate decisions of the central banks of New Zealand and South Korea. Overall, the upward momentum of gold and silver has weakened significantly, and they will mainly fluctuate [14]. 3. Summary by Directory 3.1 Last Week's Review - **Precious Metal Price Changes**: Shanghai Gold 2602 closed down 3.65% at a minimum of 920.5 yuan/gram, COMEX Gold closed down 0.77% at a minimum of 3997.4 yuan/ounce, Shanghai Silver 2602 closed down 6.61%, and COMEX Silver closed down 2.02%. The US dollar index rose 0.87% to a maximum of 100.395, and the RMB depreciated 0.07% [4][14]. - **US Economic Data**: The number of initial jobless claims in the US last week decreased by 8,000 to 220,000, and the number of continued jobless claims reached a 4 - year high. The September non - farm employment population increased by 119,000, more than twice the expected value, but the non - farm employment numbers in July and August were revised down by a total of 33,000. The September unemployment rate unexpectedly rose to 4.4%, the highest since October 2021. The labor participation rate unexpectedly increased, pushing up the unemployment rate. Full - time employment recovered, but industries such as manufacturing and transportation and warehousing continued to lay off workers, and wage growth slowed month - on - month. The October non - farm data will not be released, and the November report will be released after the Fed's December meeting [14][15]. - **Fed's Meeting Minutes**: There were serious differences among participants. Many thought it was not suitable to cut interest rates in December, some were worried about the disorderly decline of the stock market, some thought it might be suitable to cut interest rates in December, and many thought it might be suitable to keep interest rates unchanged this year. Most people thought that interest rate cuts might exacerbate inflation risks. Almost all supported ending the balance - sheet reduction in December, and many supported increasing the proportion of short - term bond holdings [14][16]. - **Japanese Market**: The Japanese bond market was sold off due to concerns about the large - scale fiscal expansion plan of the Kishida government. The 40 - year yield soared to a 2007 high, and the 20 - year and 30 - year yields rose by at least 4 basis points. The yen fell below the key psychological level of 155, and the Nikkei 225 index closed down 3.2%. The market expects the stimulus scale to exceed expectations, and the ruling party even pressured for a supplementary budget of 25 trillion yen [14][16]. - **Other News**: Saudi Crown Prince Mohammed bin Salman visited the US for the first time in seven years and confirmed that the investment in the US would increase to $1 trillion. The investment agreement includes nearly $142 billion in US defense equipment sales [17]. 3.2 Weekly Review - This week, attention should be paid to the release of US PCE data, China's November official manufacturing PMI, the fact that Trump set November 27 as the deadline for Ukraine to accept the US "28 - point plan", and the interest rate decisions of the central banks of New Zealand and South Korea [14]. 3.3 Fundamental Data - **Precious Metal Price Indexes**: Data on various precious metal price indexes such as Shanghai Gold 2602, Shanghai Silver 2602, Gold 2512, Silver 2512, SGE Gold T + D, SGE Silver T + D, London Gold Spot, London Silver Spot, the US dollar index, and the US dollar against the offshore RMB are provided, including previous closing prices, highs, lows, changes, and change rates [4]. 3.4 Position Data - **Shanghai Gold Position**: The net long position of Shanghai gold began to rise, with both long and short positions increasing [14]. - **Shanghai Silver Position**: The net long position of Shanghai silver continued to decline, with both long and short positions decreasing [14]. - **CFTC Position**: As of September 23, the net long position of CFTC gold slightly increased, with both long and short positions increasing; the net long position of CFTC silver continued to increase, with both long and short positions decreasing. Due to the US government shutdown, the data has not been updated [32]. - **ETF Position**: The holdings of SPDR Gold ETF and silver ETF have both stopped falling and slightly increased [35][37]. - **Inventory Data**: The inventory of Shanghai gold continued to increase, the inventory of COMEX gold continued to decrease, the inventory of Shanghai silver stopped falling, and the inventory of COMEX silver continued to decrease [39][40][42].

Group 1: Report Investment Rating - There is no information about the industry investment rating in the provided content. Group 2: Core Viewpoints - Last week, the US government continued to shut down, trade concerns were high, and the expectation of interest rate cuts rose again. Gold and silver prices first rose and then fell. The prices of gold and silver expanded their gains again. Shanghai gold closed up 9.94%, COMEX gold closed up 6.69%, Shanghai silver closed up 9.24%, and COMEX silver closed up 7.15%. The US dollar index significantly closed down 0.27%, and the RMB appreciated slightly by 0.29%. On Friday night, affected by optimistic trade news, gold and silver prices tumbled [13]. - The Liberal Democratic Party and the Japan Innovation Party basically reached a consensus on coalition governance. According to Japanese media, this means that Kōshi Kanasugi is almost certain to win the prime - ministerial nomination election on the 21st [13][14]. - On the morning of October 18th, Chinese and US economic and trade leaders held a video call and agreed to hold a new round of Sino - US economic and trade consultations as soon as possible [13][14]. - In terms of positions, the net position of Shanghai gold decreased significantly, with more long positions cut and short positions increased. The net position of Shanghai silver decreased slightly, with both long and short positions increasing significantly, but the long positions began to decrease in the second half of the week, which deviated significantly from the price increase. As of September 23rd, the CFTC net long position in gold remained net long and increased slightly, with both long and short positions increasing; the CFTC net long position in silver continued to increase, with both long and short positions decreasing [13]. - This week, events and data are concentrated. China's Q3 GDP, social retail, real estate development investment and other economic data, and the US CPI and manufacturing PMI will be released. The Fourth Plenary Session of the 20th CPC Central Committee will be held. The 47th ASEAN Summit will be held in Malaysia, and Trump will attend. The Fed will hold a payment innovation conference. The US 9 - month CPI originally scheduled for October 15th was postponed to October 24th due to the government shutdown, and the US October Markit manufacturing PMI will also be announced on the same day [13]. - This week, attention should be paid to the result of the Japanese prime - ministerial nomination. The appointment of a dovish prime minister in Japan will bring upward momentum in the direction of easing. On the other hand, Sino - US trade concerns have significantly cooled down. These two factors will impact gold and silver prices in opposite directions, but the improvement in risk appetite will also drive gold and silver prices to remain relatively strong. The upward trend remains unchanged, but there may be fluctuations in the near future [13]. Group 3: Summary by Directory 1. Last Week's Review - The prices of various gold and silver varieties showed different price movements and fluctuations last week. For example, Shanghai gold 2512 had a previous close of 999, the highest was 1001, and the increase was 94; Shanghai silver 2512 had a previous close of 12249, the highest was 12366, and the increase was 24. The US dollar index closed down 0.27%, and the RMB appreciated 0.29% [4][13]. 2. Weekly Review - The US government continued to shut down last week, trade concerns were high, and gold and silver prices first rose and then fell. The Liberal Democratic Party and the Japan Innovation Party reached a consensus on coalition governance. Chinese and US economic and trade leaders held a video call and agreed to hold new - round consultations. China's September economic data showed that the new social financing was 3.53 trillion yuan, new RMB loans were 1.29 trillion yuan, the M2 - M1 scissors - gap reached a new low of 1.2 percentage points, the year - on - year decline in CPI narrowed to 0.3%, the core CPI returned to 1% for the first time in 19 months, and the year - on - year decline in PPI narrowed to 2.3% [13][14][15]. 3. Fundamental Data - China's September economic data: new social financing was 3.53 trillion yuan, new RMB loans were 1.29 trillion yuan, new RMB deposits were 2.21 trillion yuan, the M2 - M1 scissors - gap was 1.2 percentage points. The year - on - year decline in CPI narrowed to 0.3%, the core CPI was 1%, and the year - on - year decline in PPI narrowed to 2.3% [15]. 4. Position Data - Shanghai gold's top 20 long positions decreased by 7.00% to 204,656, short positions increased by 1.25% to 79,553, and the net position decreased by 11.59% to 125,103. Shanghai silver's top 20 long positions increased by 9.91% to 377,410, short positions increased by 14.57% to 285,786, and the net position decreased by 2.46% to 91,624. As of September 23rd, the CFTC net long position in gold remained net long and increased slightly, with both long and short positions increasing; the CFTC net long position in silver continued to increase, with both long and short positions decreasing [25][27][29]. 5. Summary - This week, attention should be paid to the result of the Japanese prime - ministerial nomination and the release of the US CPI data. The upward trend of gold and silver prices remains unchanged, but there may be fluctuations in the near future [13].

| 》伦敦金（现货黄金）CFD(xau) | | | | | | | | > 添加自选 在APP中查看 | | | | 数据来源: 汇通网 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 4200 14 1 1 | | | | | 最新价: 4200.14 | | | 开盘价: 4144.30 | | 最高价: 4200.23 | | 最低价: 4140.65 | | +1.40% | | | | | 结算价: -- | | | 持仓量: 0 | | 成交量: -- | | | | 2025-10-15 15:09:00 | | | | | 买 价:4200.14 | | | 卖 价:4200.49 | | 买 量: 0.00 | | 卖 量: 0.00 | | 分时 年线 | 日K | 周K | 月K | 年K | રસ્ત્ર | 159 | 30分 | 603 | LT | 相关内盘期货 | | 用多> | | 15:09 价 4200.14 均 4176.31 幅 1.40% | | ...