五矿期货贵金属日报-20250516

Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The inflation data released in the US yesterday was lower than expected, and Powell stated that the monetary policy framework needed adjustment. Precious metals, especially gold, strengthened in the short - term after reaching the trend - line support [2]. - The US economic data shows signs of recession. The Fed Chair's stance on monetary policy has softened. For the Shanghai Gold main contract, appropriate bargain - hunting long positions can be taken, with a reference operating range of 732 - 787 yuan/gram. The silver price has rebounded but is in a weak form, so it is recommended to wait and see for now, with the Shanghai Silver main contract reference operating range of 7805 - 8286 yuan/kilogram [3]. 3. Summary According to Related Catalogs 3.1 Market Quotes - Gold: COMEX gold closed at $3243.90 per ounce, up 1.99%; SHFE gold closed at 739.82 yuan/gram, down 2.88%. Au(T + D) closed at 735.39 yuan/gram, down 3.06%. London gold closed at $3191.05 per ounce, down 0.03%. SPDR gold ETF holdings were 927.62 tons, down 0.95% [4][6]. - Silver: COMEX silver closed at $32.79 per ounce, up 1.23%; SHFE silver closed at 8008 yuan/kilogram, down 2.28%. Ag(T + D) closed at 7967 yuan/kilogram, down 2.51%. London silver closed at $32.09 per ounce, down 2.43%. SLV silver ETF holdings were 13971.47 tons, unchanged [4][6]. - Other Indicators: The US 10 - year Treasury yield was 4.45%, the dollar index was 100.8196, down 0.24%. The Dow Jones index rose 0.65%, the S&P 500 rose 0.41%, the Nasdaq index fell 0.18%, and the VIX index fell 4.24% [4]. 3.2 Economic Data - Inflation Data: The US April PPI同比 was 2.4%, lower than the expected 2.5% and the revised previous value of 3.4%. The core PPI同比 was 3.1%, in line with expectations. The retail sales data was higher than expected but showed a weakening trend overall [3]. 3.3 Price Structure and Spreads - Gold: The SHFE - COMEX gold spread was 9.71 yuan/gram, and the SGE - LBMA gold spread was - 23.48 yuan/gram [51]. - Silver: The SHFE - COMEX silver spread was 425.60 yuan/kilogram, and the SGE - LBMA silver spread was not fully provided in a clear calculation [51].