贵金属数据日报-20250528

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Short - term: During the negotiation window, gold prices are expected to fluctuate repeatedly at high levels. Silver prices may face pressure from the dollar's rebound, and the upside space is relatively limited in the long - term due to economic risks and demand slowdown [4] - Medium - to - long - term: With the trade war background, potential US economic risks, possible Fed rate cuts, and continued central bank gold purchases, gold still has long - term allocation value, and the strategy is to buy on dips [4] Summary by Related Catalogs 1. Price Tracking - On May 27, 2025, compared with May 26, 2025, London gold spot price was down 0.8% to $3308.85/ounce, London silver spot price was down 1.1% to $33.11/ounce. Various gold and silver futures and spot prices in different markets also showed declines [3] 2. Spread/Ratio - On May 27, 2025, compared with May 26, 2025, the spread of gold TD - SHFE active price increased by 5.1%, while the spread of silver TD - SHFE active price decreased by 13.5%. Other spreads and ratios also had different degrees of changes [3] 3. Position Data - As of May 23, 2025, compared with May 22, 2025, the gold ETF - SPDR decreased by 0.15% to 922.46 tons, the silver ETF - SLV increased by 0.60% to 14217.50369 tons. Non - commercial positions in COMEX gold and silver also had corresponding changes [3] 4. Inventory Data - On May 27, 2025, compared with May 26, 2025, SHFE gold inventory remained unchanged, SHFE silver inventory increased by 3.23%. COMEX gold inventory decreased by 0.01%, and COMEX silver inventory decreased by 0.36% [3] 5. Related Market Data - On May 27, 2025, compared with May 26, 2025, the US dollar index increased by 0.06%, and other related market data such as US bond yields, VIX, S&P 500, etc. also had different changes [4] 6. Market News and Analysis - News includes the statement of the Fed's next - year voter about a longer pause in easing and Japan's possible adjustment of bond issuance plan. The short - term and medium - to - long - term logics for precious metals are analyzed [4]