20231110-兴证期货-贵金属日度报告_6页_511kb

Summary of Precious Metals Daily Report - November 10, 2023

Market Overview

• Gold: London spot gold closed at $19,574.50/oz, COMEX gold futures at $19,477.00/oz.
• Silver: London spot silver closed at $2,255.00/oz, COMEX silver futures at $2,271.00/oz.

Key Factors

• Fed Policy: Rate hikes paused, meeting market expectations.
• US Economy: Non-farm payrolls growth slowed; unemployment rate exceeded forecasts modestly.
• Market Expectations: Precious metals prices already factored in risks like recession and halted rate increases.

Short-term Outlook

• Gold faces resistance at current highs; potential for corrections due to fading demand and emotional pullbacks.

Long-term Support

• Economic Indicators: Inverted US yield curve suggests slow global recession, acting as a floor.
• Hedging Demand: Rising use of gold as a safe-haven asset.
• Central Bank Actions: Increased gold reserve purchases globally; China's reserves rose by 74,000 oz in October.

Domestic Context

• Economic recovery in China strengthens, with RMB exchange rate rebounding.
• Gold prices surged domestically, facing resistance near recent peaks.

Analyst Notes

• Prepared by Lin Ling and Zhou Li Chao; investment advice based on professional judgment.

Disclaimer

• Information from public sources; conclusions are subjective and not investment recommendations. Use at your own risk.