五矿期货贵金属日报-20250603

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The US economic data released yesterday was weaker than expected, leading to an increased market expectation for the Fed's subsequent marginally loose monetary policy, and the silver price showed strength [1]. - The US ISM manufacturing PMI in May was 48.5, lower than the expected 49.5 and the previous value of 48.7, remaining below the boom - bust line. The ISM import index was only 39.9, significantly lower than 47.1 in April. The month - on - month value of US construction spending in April was - 0.4%, significantly lower than the expected 0.3%. Meanwhile, the Fed's monetary policy stance was dovish [2]. - Given the dovish stance of the Fed's monetary policy, the silver price was strong. The expansion of the US fiscal deficit provided medium - term support for the gold price. It is recommended to buy on dips in the precious metals strategy. The reference operating range for the main contract of Shanghai gold is 777 - 836 yuan/gram, and for the main contract of Shanghai silver is 8342 - 8733 yuan/kilogram [2]. 3. Summary According to Relevant Catalogs 3.1 Price and Yield Data - Shanghai gold rose 0.70% to 771.80 yuan/gram, and Shanghai silver rose 0.07% to 8218.00 yuan/kilogram. COMEX gold rose 0.47% to 3413.20 dollars/ounce, and COMEX silver rose 0.54% to 34.88 dollars/ounce. The US 10 - year Treasury yield was 4.46%, and the US dollar index was 98.59 [1]. - Various precious metals and related financial product data, such as the closing prices, trading volumes, and positions of Au(T + D), London gold, SPDR gold ETF holdings, etc., are presented in the report, along with their daily changes and percentage changes [3]. 3.2 Market Data Details - For gold, in COMEX, the closing price of the active contract was 3406.40 dollars/ounce (up 2.82% from the previous period), the trading volume decreased by 3.75% to 17.59 million lots, and the position decreased by 2.34% to 43.75 million lots. In SHFE, the closing price of the active contract was 771.80 yuan/gram (up 0.98%), the trading volume decreased by 8.19% to 40.73 million lots, and the position decreased by 3.89% to 40.91 million lots [7]. - For silver, in COMEX, the closing price of the active contract was 34.93 dollars/ounce (up 5.61% from the previous period), the position increased by 4.32% to 14.76 million lots, and the inventory decreased by 0.12% to 15409 tons. In SHFE, the closing price of the active contract was 8218.00 yuan/kilogram (down 0.07%), the trading volume decreased by 1.12% to 84.79 million lots, and the position decreased by 2.41% to 87.67 million lots [7]. 3.3 Price and Spread Data - The report provides data on the internal - external price spreads of gold and silver, including the spreads between SHFE and COMEX, and between SGE and LBMA for both gold and silver, as well as the calculation parameters such as exchange rates and unit conversion coefficients [53].