On October 28, gold futures prices bottomed out and rebounded, with COMEX gold futures hovering around 3,990 points. Yesterday, the gold market experienced another pullback: Gold ETF Huaxia (518850) fell by 3.5%, and Gold Stock ETF (159562) dropped by 3.62%. The market was influenced by eased Sino-U.S. trade negotiations and fluctuations in U.S. Treasury yields, which suppressed short-term safe-haven demand. However, expectations of Fed easing support medium- to long-term value. Gold prices are expected to fluctuate within the range of 900–945 yuan per gram, while silver is projected to move between 10,700–11,800 yuan per kilogram.

In terms of news, yesterday, representatives of the London Bullion Market Association (LBMA) predicted that gold prices would rise to $4,980 per ounce within the next 12 months, silver to $59 per ounce, platinum to $1,816, and palladium to $1,709. Current gold prices are driven by geopolitical tensions, U.S. tariff uncertainties, and "fear of missing out" sentiment.

Anliang Futures believes that this round of pullback is widely regarded as a healthy "technical correction" rather than a trend reversal. The long-term macro backdrop driving gold prices higher remains solid. The Fed has already begun its interest rate cut cycle, and the market expects further rate cuts this week. The ongoing trend of central bank gold purchases provides a solid demand foundation for the market, while the global uncertain environment (such as concerns about the U.S. dollar's credibility and debt issues) has not fundamentally changed. After a full correction and stabilization, gold prices are still expected to resume their upward trend in the medium to long term.