五矿期货贵金属日报-20250522

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - Gold prices were boosted by factors related to the weakening of the US dollar's credit, including the potential tax bill by the Trump administration and the results of US Treasury auctions [2][3]. - The continuous expansion of the US fiscal deficit during the Trump administration is a positive factor for the medium - term price trend of gold. It is recommended to buy on dips for Shanghai Gold, with the main contract of Shanghai Gold expected to trade in the range of 756 - 809 yuan/gram [3]. - Silver requires a clear dovish stance from the Federal Reserve to have strong upward momentum. It is recommended to wait and see for now, with the main contract of Shanghai Silver expected to trade in the range of 7944 - 8380 yuan/kilogram [3]. 3. Summary of Related Data 3.1 Price and Yield Data - Shanghai Gold (Au) rose 0.92% to 777.74 yuan/gram, and Shanghai Silver (Ag) rose 0.86% to 8285.00 yuan/kilogram. COMEX Gold rose 0.33% to 3324.50 dollars/ounce, and COMEX Silver rose 0.12% to 33.69 dollars/ounce. The US 10 - year Treasury yield was 4.58%, and the US dollar index was 99.64 [2]. - In the table of precious metal price data, prices of various gold and silver products such as Au(T + D), London Gold, etc., showed different degrees of increase or decrease compared to the previous trading day [4]. 3.2 Data on Gold and Silver Contracts - For COMEX gold on May 21, 2025, the closing price of the active contract was 3316.60 dollars/ounce, up 0.73% from the previous day; the trading volume was 22.61 million lots, up 2.09%; the open interest was 44.08 million lots, down 2.56% [6]. - For COMEX silver on May 21, 2025, the closing price of the active contract was 33.58 dollars/ounce, up 0.95% from the previous day; the open interest was 13.83 million lots, down 1.43%; the inventory was 15570 tons, down 0.09% [6]. 3.3 Data on ETF Holdings - The holdings of SPDR Gold ETF decreased by 1.72 tons to 919.88 tons, a decrease of 0.19%. The holdings of SLV Silver ETF remained unchanged at 14054.89 tons [4]. 3.4 Spread Data - On May 21, 2025, the SHFE - COMEX spread for gold was 31.1035 yuan/gram (7.96 dollars/ounce), and the SGE - LBMA spread was - 0.14 yuan/gram (- 0.61 dollars/ounce). The SHFE - COMEX spread for silver was 468.78 yuan/kilogram (2.02 dollars/ounce), and the SGE - LBMA spread for silver was 506.43 yuan/kilogram (2.19 dollars/ounce) [52].