五矿期货贵金属日报-20250605

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The Fed is approaching the time - node to further cut interest rates based on economic data, Fed economic surveys, and official statements [2][3] - The economic data released in the US on the previous day showed a comprehensive weakening, with the ADP new employment in May being 37,000, far lower than the expected 110,000 and the previous value of 62,000, and the ISM non - manufacturing PMI in May at 49.9, lower than the expected 52 and the previous value of 51.6, hitting a new low since June last year [2] - The Fed's economic Beige Book shows a slight decline in US economic activity, and the economic outlook has deteriorated in some regions. Wages are growing moderately, and tariffs are putting upward pressure on costs and prices [3] - The hawkish voting member Kashkari expressed a dovish stance, believing that the labor market has shown signs of slowdown, and the Fed needs to wait and see due to the severe uncertainties facing the US economy [3] - Since Fed Governor Waller's statement on interest rate cuts on June 2, the gold - silver ratio has continued to decline from 101 to 97.9. Domestic and foreign silver has broken through and risen, and silver has the potential to rise under the Fed's loose monetary policy, likely to make up for the rise of gold. It is recommended to pay attention to the opportunity of going long on silver at low prices, with the reference operating range of the main contract of Shanghai silver being 8380 - 8733 yuan/kg and that of Shanghai gold being 767 - 809 yuan/g [3] 3. Summary by Related Content 3.1 Market Quotes - Shanghai gold rose 0.45% to 785.50 yuan/g, Shanghai silver was reported at 8474.00 yuan/kg; COMEX gold rose 0.01% to 3399.70 US dollars/ounce, COMEX silver rose 0.05% to 34.67 US dollars/ounce; the US 10 - year Treasury yield was reported at 4.37%, and the US dollar index was reported at 98.81 [2] - The closing prices, changes, and percentage changes of various gold and silver varieties, including Au(T + D), London gold, SPDR gold ETF holdings, SLV silver ETF holdings, etc., are presented, along with the data of other related financial indicators such as the US 10 - year Treasury yield, TIPS, US dollar index, etc [4] 3.2 Gold and Silver Data Details - The closing prices, trading volumes, open interests, inventories, and other data of COMEX gold, LBMA gold, SHFE gold, AuT + D, COMEX silver, LBMA silver, SHFE silver, AgT + D on June 4, 2025, and their comparisons with the previous day, as well as the daily changes, percentage changes, and historical quantiles in the past year are provided [6] 3.3 Graphical Data - Multiple graphs show the relationships between gold and silver prices and other factors, such as the relationship between COMEX gold price and US dollar index, real interest rate; the relationship between Shanghai gold price and trading volume, total open interest; the near - far month structure of COMEX gold, London gold - COMEX gold, etc.; the same for silver [8][11][16][21][26][28][37][42][44][52][54] 3.4 Price Difference Data - The internal and external price differences of gold and silver on June 4, 2025, are calculated, including the price differences between SHFE - COMEX, SGE - LBMA for gold and silver, with specific values in yuan and US dollars provided [58]