贵金属数据日报-20250612

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - In the short term, gold prices may continue to fluctuate within a range and maintain a long - term upward trend. The silver - gold ratio has basically recovered before the counter - tariff, and there is a risk of further weakening in the short term. In the long term, the upward trend of gold remains unchanged, and it is recommended to allocate more on dips [5] 3. Summary by Relevant Catalogs Price Data - On June 11, 2025, COMEX gold was at $3357.90 per ounce, London gold spot was at $3336.87 per ounce, London silver spot was at $36.57 per ounce, and COMEX silver was at $36.74 per ounce. Compared with June 10, they increased by 0.3%, 0.3%, 0.3%, and 0.4% respectively. AU2508 was at 777.54 yuan/gram, AG2508 was at 8902 yuan/kilogram, AU (T + D) was at 774.41 yuan/gram, and AG (T + D) was at 8888 yuan/kilogram, with increases of 0.3%, 0.2%, 0.3%, and 0.2% respectively [5] Spread/Ratio Data - On June 11, 2025, the gold TD - SHFE active spread was 3.96 yuan/gram, the silver TD - SHFE active spread was - 3.13 yuan/gram, and the gold and silver spreads and ratios had corresponding changes compared with June 10, with some spreads having significant percentage changes such as 9.3%, 9.4%, etc. [5] Position Data - As of June 10, 2025, COMEX gold non - commercial long positions were 246,982 contracts, non - commercial short positions were 59,077 contracts. COMEX silver non - commercial long positions were 81,981 contracts, etc., with corresponding percentage changes compared with June 9 [5] Inventory Data - On June 11, 2025, SHFE gold inventory was 17,817 kilograms (unchanged from June 10), SHFE silver inventory was 1,229,816 kilograms, an increase of 3.02% compared with June 10. COMEX gold inventory was 37,929,466 troy ounces, a decrease of 0.44% compared with June 10, and COMEX silver inventory was 495,180,453 troy ounces, an increase of 0.17% [5] Interest Rate/Exchange Rate/Stock Market Data - On June 11, 2025, the US dollar index was 99.05, an increase of 0.03% compared with June 10. The US dollar/yuan central parity rate was 7.18, a decrease of 0.03% compared with June 10. Other data such as US Treasury yields, VIX, S&P 500, and NYMEX crude oil also had corresponding changes [5] Market News and Analysis - The US appellate court ruled that Trump's tariff measures can continue during the appeal process. The US and Mexico reached an agreement on reducing steel tariffs and restricting imports. The EU believes that trade negotiations with the US will extend beyond the July deadline. China and the US had in - depth and rational consultations on trade, and basically reached a framework for implementing the consensus of the leaders' calls and Geneva talks. US CPI data in June was lower than expected, increasing the probability of the Fed cutting interest rates in August [5]