贵金属数据日报-20250530

Group 1: Report Information - Report Name: Precious Metals Data Daily [4] - Date: May 30, 2025 [5] - Research Center: Macro Financial Research Center [5] - Researcher: Bai Suna [5] - Investment Consulting Number: Z0013700 [5] - Qualification Number: F3023916 [5] Group 2: Price and Spread Data Metal Prices - On May 29, 2025, London Gold Spot was at $3272.64/ounce, down 1.1% from the previous day; London Silver Spot was at $33.16/ounce, down 0.2% [5]. - COMEX Gold was at $3296.60/ounce, down 0.3%; COMEX Silver was at $33.30/ounce, down 0.2% [5]. - AU2508 was at 764.32 yuan/gram, down 1.0%; AG2508 was at 8224 yuan/kg, unchanged [5]. - AU (T+D) was at 761.03 yuan/gram, down 1.0%; AG (T+D) was at 8188 yuan/kg, down 0.1% [5]. Price Spreads - On May 29, the gold TD - SHFE active spread was -3.29 yuan/gram, down 3.5% from the previous day; the silver TD - SHFE active spread was -36 yuan/kg, up 44.0% [5]. - The gold TD - London spread was 4.44 yuan/gram, up 9.6%; the silver TD - London spread was -419 yuan/kg, down 0.6% [5]. - The SHFE gold - silver ratio was 92.94, down 1.0%; the COMEX gold - silver ratio was 99.00, down 0.1% [5]. - AU2512 - 2508 was 3.86 yuan/gram, up 3.8%; AG2512 - 2508 was 45 yuan/kg, unchanged [5]. Group 3: Position and Inventory Data Positions - As of May 28, 2025, the gold ETF - SPDR was at 925.61 tons, up 0.34% from May 27; the silver ETF - SLV was at 14217.50369 tons, unchanged [5]. - COMEX non - commercial gold long positions were 238062 contracts, down 0.05%; short positions were 74081 contracts, down 3.77%; net long positions were 163981 contracts, up 1.72% [5]. - COMEX non - commercial silver long positions were 70891 contracts, up 4.34%; short positions were 20849 contracts, up 3.26%; net long positions were 50042 contracts, up 4.79% [5]. Inventories - On May 29, SHFE gold inventory was 17247 kg, unchanged from the previous day; SHFE silver inventory was 1035919 kg, up 2.95% [5]. - On May 28, COMEX gold inventory was 38814647 troy ounces, up 0.07% from May 27; COMEX silver inventory was 498373208 troy ounces, up 0.22% [5]. Group 4: Interest Rate, Exchange Rate and Stock Market Data Interest Rates and Exchange Rates - On May 29, the USD/CNY central parity rate was 7.19, up 0.02% from the previous day [5]. - On May 28, the US dollar index was 99.90, up 0.28% from May 27; the 2 - year US Treasury yield was 3.96%, up 1.02%; the 10 - year US Treasury yield was 4.47%, up 0.90% [5]. Stock Market and Commodity Prices - On May 28, the VIX was 19.31, up 1.85% from May 27; the S&P 500 was at 5888.55, down 0.56% [5]. - The NYMEX crude oil price was $61.86/barrel, up 1.29% [5]. Group 5: Market News and Core Views Market News - The US Federal Court blocked the tariff policy announced by President Trump on April 2 and ruled that Trump overstepped his authority. The Trump administration has appealed [5]. - The US Q1 GDP annualized quarterly - on - quarterly revised value was -0.2%, better than expected; personal consumption expenditure was revised down significantly, and weekly jobless claims rebounded [5]. Core Views - Short - term: Gold prices are expected to fluctuate within a range due to the uncertainty and repetition of tariff policies. Silver may also maintain a volatile trend in the short term, but its upside is limited in the long run due to economic risks and slowing physical demand [5]. - Medium - to - long - term: The trade war background persists, the US economy faces "stagflation" risks, the Fed may cut interest rates in the second half of the year, and central bank gold purchases continue. The long - term upward trend of gold remains unchanged, and the strategy is to buy on dips [5].