Last week, the COMEX gold price rose by 0.04% to $2674.20 per ounce, while the Shanghai gold main contract rose by 0.11% to 597.38 RMB per gram.

On the geopolitical front, the Israeli military continues to carry out 'precise and limited' operations in southern Lebanon. Hezbollah launched a drone attack on Israel, injuring 67 people.

Regarding interest rate cuts, CME's 'FedWatch' latest data shows a 95.6% probability of a 25 basis point cut in November, a 4.4% probability of maintaining the current interest rate, a 15.4% probability of a cumulative 25 basis point cut by December, and an 84.1% probability of a cumulative 50 basis point cut.

Overall, the geopolitical situation in the Middle East shows no signs of cooling down. The market expects the Fed to cut interest rates by 25 basis points in November and December. Gold still has support below, but caution is advised as the support may not be very strong.

Data source: Wind, Cnstock data, and Everbright Futures Research Institute.

Written by: Wu Aihua

Professional Qualification: F3074355

Investment Advisory Qualification: Z0017696

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