Report Summary 1. Investment Rating The provided text does not mention the industry investment rating. 2. Core View Last week, with concentrated events including a hawkish stance from the Fed Chair and an optimistic outcome of China - US consultations, precious metal prices stopped falling and rebounded. However, the upward momentum of gold and silver is significantly weakened due to optimistic trade expectations and cooling rate - cut expectations, and they are expected to fluctuate mainly this week [15]. 3. Summary by Directory 3.1 Last Week's Review - **Price Changes**: All precious metal varieties showed price fluctuations. For example,沪金2512 fell 2.53%, COMEX gold fell 2.95%,沪银2512 fell 0.06%, and COMEX silver fell 0.69%. The US dollar index rose 0.8%, and the US dollar against the offshore RMB depreciated 0.05% [4][15]. - **Policy Events**: The Fed cut interest rates by 25 basis points to 3.75% - 4.00%, ending the balance - sheet reduction from December 1st. The European Central Bank kept the benchmark interest rate at 2% for the third consecutive time, and the Bank of Japan kept the benchmark interest rate at 0.5% for the sixth consecutive time. China - US economic and trade teams reached a three - aspect consensus, and the US reached trade agreements with Japan, South Korea, and Southeast Asian countries [15][16][17]. - **Investment and Trade Agreements**: Japan plans to invest $550 billion in the US, with energy as the key area. South Korea will invest $350 billion in the US, and the US will reduce the tariff on South Korean cars from 25% to 15% [18]. 3.2 Weekly Review This week, China will release important economic data for October, the US will release the ADP employment report, and Fed officials will speak frequently. Attention should be paid to the US Supreme Court's tariff ruling. With optimistic trade expectations and cooling rate - cut expectations, the upward momentum of gold and silver is weakened, and they will mainly fluctuate [15]. 3.3 Fundamental Data - **Price and Ratio Charts**: There are charts showing the ratio of domestic and foreign precious metal spot prices, the relationship between London gold spot prices and the US dollar index, and the relationship between London silver spot prices and the US dollar index [19][21][22]. - **Yield Data**: The yield of the 10 - year US Treasury bond fluctuated and fell back to 4.38% [25]. 3.4 Position Data - **Domestic Positions**: The net position of Shanghai gold began to rise, with both long and short positions increasing. The net position of Shanghai silver continued to decrease, with both long and short positions decreasing. As of September 23rd, the net long position of CFTC gold slightly increased, and the net long position of CFTC silver continued to increase [28][30][32]. - **ETF Positions**: The positions of SPDR gold ETF continued to decrease, and the positions of silver ETF also continued to decrease [35][37]. - **Inventory Data**: Shanghai gold inventory continued to increase, COMEX gold inventory continued to decrease, Shanghai silver inventory stopped falling and rebounded, and COMEX silver inventory continued to decrease [39][40][42].

| 》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% | | ...