五矿期货贵金属日报-20250509

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The current expectations of the Fed's monetary policy and the release of overseas tariff risks are short - term negative factors for precious metal prices. However, from the perspective of the expansion process of the US fiscal deficit, the medium - term upward driving force for gold prices remains unchanged. It is recommended to wait for the price to show a significant correction and then go long on dips. The reference operating range for the main contract of Shanghai Gold is 767 - 836 yuan/gram. Against the background of the Fed's hawkish monetary policy stance, silver prices will be weak. Currently, the silver price is still in a wide - range shock range. It is recommended to wait and see or conduct intraday short - selling on rallies. The reference operating range for the main contract of Shanghai Silver is 7804 - 8380 yuan/kg [2][3] 3. Summary According to Related Catalogs Market Quotes - Shanghai Gold fell 1.81% to 786.42 yuan/gram, Shanghai Silver fell 0.12% to 8154.00 yuan/kg; COMEX Gold rose 0.41% to 3319.40 US dollars/ounce, COMEX Silver fell 0.01% to 32.62 US dollars/ounce; the US 10 - year Treasury yield was reported at 4.37%, and the US dollar index was reported at 100.64 [2] - The closing prices, previous trading day prices, daily changes, and percentage changes of various precious metal products such as Au(T + D), London Gold, SPDR Gold ETF holdings, etc. are presented in detail in the report [4] Market Outlook - US President Trump announced that the US will reach a trade agreement with the UK, canceling tariffs in some areas and expanding the mutual access scope of products between the two countries. German President Merz and Trump agreed to quickly resolve trade disputes, resulting in a phased release of overseas trade risks, which is a short - term negative factor for gold prices [2] - The US labor market data remains resilient. The number of initial jobless claims in the week ending May 3 was 228,000, lower than the expected 230,000 and the previous value of 241,000. The Fed's monetary policy stance in the recent interest - rate meeting was hawkish. Powell believes that multiple uncertainties support the Fed to "wait", and all committee members support this, and Trump's request for a rate cut will not affect the Fed's work [2] Key Data of Gold and Silver - For gold, COMEX gold's closing price (active contract) decreased by 1.84% to 3310.40 US dollars/ounce, trading volume increased by 8.74% to 300,000 lots, and open interest decreased by 2.90% to 451,900 lots. LBMA gold's closing price decreased by 1.18% to 3352.30 US dollars/ounce. SHFE gold's closing price (active contract) decreased by 1.58% to 790.78 yuan/gram, trading volume increased by 18.20% to 882,000 lots, and open interest increased by 2.15% to 455,600 lots. Au(T + D)'s closing price decreased by 1.42% to 787.53 yuan/gram, trading volume increased by 44.55% to 97.67 tons, and open interest increased by 1.71% to 216.40 tons [6] - For silver, COMEX silver's closing price (active contract) decreased by 0.02% to 32.61 US dollars/ounce, open interest increased by 3.91% to 152,700 lots, and inventory increased by 0.27% to 15,639 tons. LBMA silver's closing price decreased by 1.35% to 32.43 US dollars/ounce. SHFE silver's closing price (active contract) decreased by 1.91% to 8,094.00 yuan/kg, trading volume increased by 41.45% to 1,350,800 lots, and open interest increased by 3.63% to 883,000 lots. Ag(T + D)'s closing price decreased by 1.57% to 8,100.00 yuan/kg, trading volume increased by 50.18% to 663.98 tons, and open interest decreased by 3.78% to 3,362.624 tons [6] Price Structure and Spread - The report presents the near - far month structure of COMEX gold, Shanghai Gold, COMEX silver, and Shanghai Silver, as well as the spreads between London Gold - COMEX gold, London Silver - COMEX silver, SHFE - COMEX, and SGE - LBMA for both gold and silver [18][20][31][38][50]