20231103-建信期货-贵金属日评_5页_2mb

Daily gold price saw a slight increase to $1985/oz, driven by the Fed's unchanged interest rate announcement, which indicated potential higher rates for inflation control, coupled with weaker dollar and US Treasuries due to lower-than-expected PMI data. Risk aversion from the Middle East conflict is fading.

Key events to watch this week include Tuesday's China PMI and Bank of Japan meeting, Wednesday's US PMI and Treasury issuance plans, Thursday's Fed meeting, and Friday's US nonfarm payrolls.

Medium-term outlook suggests the Fed may maintain restrictive rates longer to control inflation, boosting USD and potentially capping gold prices initially, but a possible soft landing or inflation easing could enable early 2024 Fed rate cuts, supporting a breakout rally. Recommendation: Long-term investors can consider buying in the $1870-$1920 range if prices pull back. The slow bull market in renminbi gold may continue due to geopolitical factors, with a focus on long-term buying opportunities.