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五矿期货贵金属日报-20250609
Wu Kuang Qi Huo·2025-06-09 09:22
  1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core Viewpoints of the Report - The overall economic data in the US is weakening, and the conflict between immigrants and authorities in Los Angeles has occurred. The current expectations of the Fed's monetary policy and the impact on the US dollar's credit will support the prices of gold and silver [2] - The non - farm payroll data in the US, although exceeding expectations, shows a significant weakening in overall new employment, which further supports the Fed's entry into a new round of interest - rate cut cycle in the second half of the year [2] - The Los Angeles immigration conflict event intensifies the internal social contradictions in the US, further impacting the US dollar's credit and boosting the gold price [3] - It is recommended to maintain a long - position thinking in the precious metals strategy. Under the background of the marginal loosening of the Fed's monetary policy expectations, the performance of the silver price will be stronger. The reference operating range for the main contract of Shanghai gold is 756 - 809 yuan/gram, and for the main contract of Shanghai silver is 8545 - 9500 yuan/kilogram [3] 3. Summary According to Relevant Content Market Quotes - Shanghai gold (Au) fell 1.09% to 774.18 yuan/gram, Shanghai silver (Ag) rose 0.62% to 8808.00 yuan/kilogram; COMEX gold fell 0.29% to 3336.90 dollars/ounce, COMEX silver rose 0.14% to 36.19 dollars/ounce; the US 10 - year Treasury yield was 4.51%, and the US dollar index was 99.08 [2] - In the table of price changes, for example, Au(T + D) closed at 779.56 yuan/gram, down 1.43 yuan (- 0.18%) from the previous trading day; Ag(T + D) closed at 8839.00 yuan/kilogram, up 383.00 yuan (4.53%) [4] Non - farm Payroll Data - The number of new non - farm payrolls in the US in May was 139,000, slightly exceeding the expected 130,000 but lower than the previous value of 177,000. The new non - farm payrolls in March and April were revised down by a total of 95,000 [2] Market Outlook - The weakening of overall new employment supports the Fed's entry into a new round of interest - rate cut cycle in the second half of the year [2] - The Los Angeles immigration conflict event impacts the US dollar's credit and boosts the gold price [3] Strategy Suggestion - Maintain a long - position thinking in the precious metals strategy. Silver will perform more strongly under the expected marginal loosening of the Fed's monetary policy. The reference operating range for the main contract of Shanghai gold is 756 - 809 yuan/gram, and for the main contract of Shanghai silver is 8545 - 9500 yuan/kilogram [3] Data Summary of Gold and Silver - For gold, the closing price, trading volume, open interest, inventory, etc. of COMEX gold, LBMA gold, SHFE gold, and Au(T + D) have different degrees of changes. For example, the trading volume of SHFE gold increased by 39.03% [5] - For silver, the closing price, trading volume, open interest, inventory, etc. of COMEX silver, LBMA silver, SHFE silver, and Ag(T + D) also have different changes. For example, the trading volume of SHFE silver increased by 305.85% [5] Charts - There are multiple charts showing the relationship between gold and silver prices, trading volume, open interest, and other factors, such as the relationship between COMEX gold price and the US dollar index, and the relationship between COMEX gold price and actual interest rate [11]