Overnight, London's spot precious metals fluctuated higher. Iran's easing statement last night lowered oil prices. The fall in oil prices fixed inflation expectations. The fall in inflation expectations led to a decline in long-term yields. As a result, the price of gold recovered from the 4,000 US dollar mark. Focus on tonight's interest rate statement, the wording of the Walsh press conference, and the actual value of tomorrow's core PCE. The conference is likely to keep interest rates unchanged at 3.75% to 4.00%. The key point is that the policy statement and Walsh press conference hinted at the December interest rate hike, but high oil prices and high inflation expectations are counterbalanced, and the Fed's policy is actually in a dilemma. This combination provides some support for gold's credit hedging and anti-stagflation properties in the medium term, but before the election window and the December meeting are implemented, it is more likely to be reflected in pulsed fluctuations. Before the major conference was held, funding was relatively cautious, and short-term gold fluctuations may intensify. In terms of capital, SPDR, the world's largest gold ETF, recovered 0.855 tons to 1041.653 tons on October 28 after reducing its position from 0.855 tons to 1040.798 tons on October 28, and the pace of reduction has clearly slowed. According to World Gold Association data, the global gold ETF attracted 31 billion US dollars in the third quarter, setting a record, and its holdings increased by 67 tons to 4256 tons. Furthermore, attention is needed. First, there is a risk that the situation in the Middle East will escalate after the midterm elections. If the US side actually uses force, a second impact on oil prices will restart the austerity narrative and disrupt gold prices; second, whether the supply pressure on long-term US bonds can continue, and third, whether the liquidity squeeze caused by market sentiment has been completely cleared up.

Overnight, London's spot precious metals fluctuated higher. Iran's easing statement last night lowered oil prices. The fall in oil prices fixed inflation expectations. The fall in inflation expectations led to a decline in long-term yields. As a result, the price of gold recovered from the 4,000 US dollar mark. Focus on tonight's interest rate statement, the wording of the Walsh press conference, and the actual value of tomorrow's core PCE. The conference is likely to keep interest rates unchanged at 3.75% to 4.00%. The key point is that the policy statement and Walsh press conference hinted at the December interest rate hike, but high oil prices and high inflation expectations are counterbalanced, and the Fed's policy is actually in a dilemma. This combination provides some support for gold's credit hedging and anti-stagflation properties in the medium term, but before the election window and the December meeting are implemented, it is more likely to be reflected in pulsed fluctuations. Before the major conference was held, funding was relatively cautious, and short-term gold fluctuations may intensify. In terms of capital, SPDR, the world's largest gold ETF, recovered 0.855 tons to 1041.653 tons on October 28 after reducing its positions from 0.855 tons to 1040.798 tons on October 28, and the pace of reduction has clearly slowed. According to World Gold Association data, the global gold ETF attracted 31 billion US dollars in the third quarter, setting a record, and its holdings increased by 67 tons to 4256 tons. In addition, attention is needed. First, there is a risk that the situation in the Middle East will escalate after the midterm elections. If the US side actually uses force, a second impact on oil prices will restart the austerity narrative and disrupt the price of gold; second, whether the supply pressure on long-term US bonds will continue; and third, whether the liquidity squeeze caused by market sentiment will be completely cleared up.