On October 16th, Shanghai gold hit a new high again, with the highest price at 609.6 grams per yuan, up more than 1%.

In terms of geopolitics, the situation on the peninsula is rapidly escalating in the short term. North Korea has destroyed some inter-Korean communication channels, with about 1.4 million young league cadres and young students signing up to enlist or rejoin the military. The South Korean military subsequently carried out responsive shooting south of the Korean demilitarized zone. On the rate cut side, the Federal Reserve's Daley believes that the rate cut in September was a moderate monetary policy adjustment. Before the monetary policy returns to neutral, the Fed is still expected to cut rates several times. CME's "Fed Watch" latest data shows a 90.6% probability of a 25-basis-point rate cut in November, with a 9.4% probability of maintaining the current rate. The cumulative probability of a 25-basis-point rate cut by December is 13.3%, and the cumulative probability of a 50-basis-point rate cut is 86.2%. Guotai Junan Futures stated that overall, in the short term, the situation on the Korean Peninsula is heating up. Market attention is on further developments later. Currently, the market's expectations for rate cuts by the Fed in November and December have not changed much. Attention is on whether gold can break through recent highs.

Furthermore, the lack of significant economic data overnight (October 14th) had little impact. However, Federal Reserve Governor Waller's statement of "slowing down the pace of rate cuts" helped the USD index continue its rebound and hold above the 103 level. Non-USD currencies continued to adjust, with the USD rising against the Canadian dollar for 9 consecutive days, closing at 1.3795, reaching a two-month high. The USD against the Japanese yen is approaching the 150 level, having once exceeded 140 in September. The USD against the offshore RMB has also entered the 6.9 range.