At the beginning of this week, gold prices were under pressure due to market uncertainty over future U.S. monetary policy and a strengthening dollar. However, as the U.S. Producer Price Index (PPI) for September remained unchanged and consumer confidence indices declined, market expectations for a Federal Reserve rate cut increased, boosting gold buying.

Specifically, after the release of the PPI data for September, which showed prices remaining stable and below market expectations, this outcome reinforced market expectations for a Federal Reserve rate cut in November or December. The PPI data was favorable for the bulls in the precious metals market, indicating that the Federal Reserve could still cut rates twice this year, each time by 25 basis points. A low-interest-rate environment is typically beneficial for non-interest-bearing assets like gold, further enhancing investor interest in the metal.

Additionally, the decline in consumer confidence indices also put pressure on the market. Despite a still robust U.S. job market, high living costs have left consumers dissatisfied, affecting the overall market sentiment. This data once again reinforced expectations that the Federal Reserve might adopt a more accommodative policy, further supporting the rise in gold prices.

Beyond economic data, geopolitical tensions are also driving up gold prices. Tensions in the Middle East, particularly the escalating conflict between Israel and Iran, have increased the market's demand for safe-haven assets. The escalation of geopolitical risks, inflation concerns, and electoral uncertainties may further drive gold prices higher in the future. He predicts that by 2025, gold prices could rise to $3,000 per ounce.

Geopolitical uncertainties have led investors to flock to safe-haven assets like gold, driving a significant rebound in gold prices. The sharp increase in gold prices on Friday is mainly attributed to the rise in safe-haven sentiment due to tensions in the Middle East. Investors often choose gold as a safe-haven instrument when facing potential war risks, further pushing up gold prices.

In the third quarter, global gold ETF holdings increased by nearly 95 tons, marking the first positive contribution to gold demand in ten quarters. As the festive season approaches, gold demand in the Indian market is also picking up, with traders charging a premium for the first time in two months, further boosting physical demand for gold.

This week, the gold market experienced significant volatility, mainly influenced by the interplay of geopolitical tensions and economic data. As tensions in the Middle East escalate and U.S. economic data are released, the demand for gold as a safe haven has gradually increased, driving a significant rebound in gold prices. On Friday, gold prices rose by more than 1%, breaking through the $2,660 level at one point, ending the previous decline. Next week, gold traders should first focus on the support area of the 1-hour upward trend line, and participate in gold long positions after adjustment and stabilization.

Next week, investors will also pay attention to U.S. retail sales data to judge whether consumer spending continues to be strong. In addition, the European Central Bank's monetary policy decision is also a focus of market attention. Traders will also watch manufacturing surveys, U.S. weekly unemployment benefit claims, manufacturing surveys, and U.S. housing starts and building permit data released on Friday.

The tension in the Middle East is undoubtedly the focus of market attention this week. The escalating conflict between Israel and Iran, especially Israel's response to Iranian missile attacks, could trigger a larger military conflict. Although U.S. President Joe Biden has called for not attacking Iran's energy facilities, market concerns about potential conflicts still exist. The market is watching Israel's retaliatory actions, and this uncertainty has already provided support for oil prices. If Israel decides to strike Iran's oil facilities, oil prices may rise further, especially when global crude oil supplies are already tight.

This week, Hurricane Milton had a double impact on fuel demand in Florida. Before the hurricane arrived, residents of Florida bought a large amount of gasoline, leading to a particularly severe shortage of gasoline in the state. Data shows that as of Wednesday, about a quarter of the 7,912 gas stations in Florida had run out of fuel. However, as the hurricane left, the decrease in demand also put downward pressure on oil prices. Florida is the third-largest gasoline-consuming state in the U.S., but due to the lack of refineries, it mainly relies on external imports, making its fuel market more susceptible to supply chain disruptions.On the supply side, this week the National Oil Corporation (NOC) of Libya announced that the country's oil production has recovered to pre-bank crisis levels, reaching 1.25 million barrels per day. This news has alleviated some market concerns about supply shortages. At the same time, BP's profit slowdown in the third quarter reflects the weakness of global fuel demand and the decline in refining margins. These factors have made investors more cautious about the future trend of oil prices, and the market remains watchful of the short-term prospects for supply and demand balance.

Despite the impact of the Middle East situation and hurricanes driving up short-term oil prices, market concerns about high crude oil inventories and the global economic outlook still exist. The Federal Reserve may adopt a more gradual monetary policy, suppressing economic growth, thereby putting pressure on crude oil demand. A slowdown in the global economy could lead to reduced demand, putting downward pressure on crude oil prices.

This week, the crude oil market was affected by multiple factors, with significant price fluctuations. Although oil prices fell slightly on Friday, overall, crude oil prices rose for the second consecutive week. The main driving force in the market came from geopolitical tensions in the Middle East and the impact of Hurricane Milton on fuel demand in Florida. Next week, crude oil will continue to focus on the short-term support area below the 1-hour line, and after adjusting and stabilizing, short-term crude oil will be bought.

Looking ahead to next week, investors will closely monitor the development of the situation in the Middle East, especially whether Israel will take further military action against Iran. At the same time, global economic data, especially the economic conditions of China and the United States, will become an important factor affecting the crude oil market. If the situation in the Middle East further deteriorates, oil prices may continue to rise.