五矿期货贵金属日报-20250611

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The Fed is certain to further cut interest rates in the second half of the year considering economic data trends and the path of U.S. Treasury issuance [2] - The expectation of loose fiscal policy in the U.S. has been fully reflected in the gold price since April. The expected expansion of the U.S. fiscal deficit will ease before July 4, which is a marginal negative factor for the high - level gold price. Silver prices will be stronger under the background of the expected marginal easing of the Fed's monetary policy. It is recommended to buy silver on dips and remain on the sidelines for gold prices. The reference operating range for the Shanghai Gold main contract is 756 - 809 yuan/gram, and for the Shanghai Silver main contract is 8545 - 9500 yuan/kilogram [3] Group 3: Summary Based on Related Catalogs 1. Market Quotes - Shanghai Gold (Au) rose 0.23% to 774.96 yuan/gram, Shanghai Silver (Ag) fell 0.43% to 8889.00 yuan/kilogram; COMEX Gold fell 0.18% to 3337.50 dollars/ounce, COMEX Silver fell 0.05% to 36.63 dollars/ounce. The U.S. 10 - year Treasury yield was 4.47%, and the U.S. dollar index was 98.96 [2] - A series of market data such as the closing prices, daily changes, and percentage changes of various gold and silver products (Au(T + D), London Gold, etc.) and major stock market indices (Dow Jones, S&P 500, etc.) are presented [4] 2. Gold and Silver Key Data Summary - For gold on June 10, 2025, COMEX gold closing price was 3344.80 dollars/ounce (down 0.06%), volume was 15.59 million lots (up 12.05%), and open interest was 41.59 million lots (down 4.94%). For silver, COMEX silver closing price was 36.66 dollars/ounce (down 0.68%), open interest was 16.33 million lots (up 10.70%), and inventory was 15402 tons (up 0.17%) [6] 3. Charts and Data Sources - Multiple charts are presented, including the relationship between COMEX gold price and the U.S. dollar index, the relationship between COMEX gold price and real interest rate, and the price, volume, and open interest of gold and silver in different markets. The data sources are WIND and the research center of Wukuang Futures [8][10][13] 4. Gold and Silver ETF Holdings - The total holdings of gold ETFs (SPDR) were 935.91 tons (down 0.31 tons, - 0.03%), and the total holdings of silver ETFs (SLV) were 14689.50 tons (up 32.51 tons, 0.22%) [4] 5. Gold and Silver Inner - Outer Spread Statistics - On June 10, 2025, the SHFE - COMEX spread for gold was 15.72 dollars/ounce, and for silver was 1.80 dollars/ounce. The SGE - LBMA spread for gold was 2.52 dollars/ounce, and for silver was 1.90 dollars/ounce [56]