五矿期货贵金属日报-20250711

Group 1: Market Performance - The Shanghai gold futures (Au) rose 0.07% to 771.70 yuan/gram, and Shanghai silver futures (Ag) rose 1.45% to 9014.00 yuan/kilogram. COMEX gold rose 0.27% to 3334.70 dollars/ounce, and COMEX silver rose 1.27% to 37.78 dollars/ounce. The US 10-year Treasury yield was reported at 4.35%, and the US dollar index was at 97.55 [2] - The Au(T+D) closed at 769.22 yuan/gram, up 0.83% from the previous trading day. The Ag(T+D) closed at 8899.00 yuan/kilogram, up 0.55%. London gold closed at 3312.60 dollars/ounce, up 0.38%, and London silver closed at 36.81 dollars/ounce, up 0.60%. The SPDR gold ETF holdings were at 948.80 tons, up 0.15%, and the SLV silver ETF holdings were at 14889.93 tons, down 0.51% [4] Group 2: Fed Officials' Statements and Policy Expectations - Multiple Fed officials expressed different views on the monetary policy path. St. Louis Fed President Mousalem's speech was hawkish, while San Francisco Fed President Daly thought there might be two rate cuts this year in the fall. Potential next Fed Chair candidate Waller was dovish, suggesting a rate cut in the July meeting. President Trump pressured the Fed to cut rates quickly [2][3] - Given the US fiscal expansion and high interest - payments, the Fed is likely to keep rates unchanged in the July meeting with a more dovish tone and cut rates by 25 basis points in the September meeting [3] Group 3: Investment Opportunities and Price Ranges - In the context of the expected loosening of the Fed's monetary policy, attention should be paid to the long - position opportunities in silver. Gold may perform relatively weakly due to the gradual realization of the US loose - fiscal expectation. The reference operating range for the main contract of Shanghai gold is 760 - 801 yuan/gram, and for Shanghai silver is 8805 - 9600 yuan/kilogram [3] Group 4: Gold and Silver Data Details - For gold on July 10, 2025, COMEX gold's closing price was 3333.00 dollars/ounce (up 0.32%), volume was 14.84 million lots (down 4.77%), open interest was 43.77 million lots (up 0.62%), and inventory was 1144 tons (down 0.26%). SHFE gold's closing price was 773.30 yuan/gram (up 0.85%), volume was 26.56 million lots (down 39.51%), and open interest was 39.56 million lots (down 0.23%) [6] - For silver on July 10, 2025, COMEX silver's closing price was 37.63 dollars/ounce (up 2.79%), open interest was 16.36 million lots (down 6.33%), and inventory was 15413 tons (down 0.35%). SHFE silver's closing price was 8919.00 yuan/kilogram (up 0.22%), volume was 69.73 million lots (down 24.31%), and open interest was 87.47 million lots (down 0.73%) [6] Group 5: Price and Spread Analysis - On July 10, 2025, the SHFE - COMEX gold spread was 31.1035 yuan/gram (1.34 dollars/ounce), and the SGE - LBMA gold spread was - 0.19 yuan/gram (- 0.80 dollars/ounce). The SHFE - COMEX silver spread was 228.70 yuan/kilogram (0.99 dollars/ounce), and the SGE - LBMA silver spread was 361.25 yuan/kilogram (1.57 dollars/ounce) [47]