五矿期货贵金属日报-20250528

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Multiple factors drove a short - term rebound in the US dollar index, leading to weak performance in precious metal prices. The poor Japanese bond auction results and potential adjustments to Japan's bond - issuance structure caused the Japanese bond yield to fall, driving up the US dollar against the yen and strengthening the US dollar index by 0.58% to 99.57 [2]. - US real - estate and manufacturing indicators were affected in a high - interest - rate environment. The April durable - goods orders had a significant decline, and the March real - estate price index was lower than expected. The market anticipates two 25 - basis - point interest - rate cuts by the Fed in September and December. Attention should be paid to the potential negative impact of US economic recession risks on precious metal prices [3]. - For gold, it is recommended to hold existing long positions and wait for significant price corrections to buy at lower prices. The reference operating range for the main Shanghai gold futures contract is 756 - 836 yuan/gram. For silver, it is advisable to wait and see for now. Silver has strong upward momentum only when the Fed makes a clear dovish statement. The reference operating range for the main Shanghai silver futures contract is 7804 - 8545 yuan/kilogram [3]. Summary by Related Catalogs Market Price Data - On May 27, 2025, COMEX gold closed at $3299.70 per ounce, down 1.73% from the previous day; COMEX silver closed at $33.39 per ounce, down 0.76%. Shanghai gold futures (Au(T + D)) closed at 768.48 yuan/gram, down 0.70%, and Shanghai silver futures (Ag(T + D)) closed at 8189 yuan/kilogram, down 0.61% [4][6]. - The US 10 - year Treasury yield was 4.43%, and the US dollar index was 99.6147, up 0.64% [4]. Price and Volume Relationships - For COMEX gold, the trading volume increased by 22.61% to 29.20 million lots, and the open interest increased by 1.62% to 44.80 million lots. For COMEX silver, the open interest increased by 2.31% to 14.15 million lots [6]. Price Structure and Spread - On May 27, 2025, the SHFE - COMEX gold spread was 6.43 yuan/gram, and the SHFE - COMEX silver spread was 515.30 yuan/kilogram [55].