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五矿期货贵金属日报-20250723
Wu Kuang Qi Huo·2025-07-23 01:35

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The non - response from Fed Chair Powell to the accusations from the Trump team and the statements from Fed Governor Bowman suggest that even if Powell completes his remaining term, Fed monetary policy will gradually turn dovish under Trump's strong intervention, which is a significant positive factor for international silver prices. The current precious metals strategy recommends maintaining a long - position mindset. The reference operating range for the main contract of Shanghai Gold is 760 - 809 yuan/gram, and for the main contract of Shanghai Silver is 9095 - 10000 yuan/kilogram [2][3]. 3. Summary by Related Catalogs Market Quotes - Precious Metals Prices: Shanghai Gold rose 0.91% to 792.94 yuan/gram, Shanghai Silver rose 0.75% to 9453.00 yuan/kilogram; COMEX Gold fell 0.06% to 3441.80 dollars/ounce, COMEX Silver rose 0.28% to 39.67 dollars/ounce. Other precious metals prices also showed various changes, such as Au(T + D) rising 0.39% to 780.00 yuan/gram, Ag(T + D) rising 1.54% to 9368.00 yuan/kilogram [2][4]. - Other Market Indicators: The US 10 - year Treasury yield was 4.35%, the dollar index was 97.39. Stock indices like the Dow Jones Index rose 0.40%, the S&P 500 rose 0.06%, while the Nasdaq Index fell 0.39% [2]. Gold and Silver Key Data Summary - Gold: In multiple markets (COMEX, LBMA, SHFE, etc.), gold prices, trading volumes, and open interests generally showed an upward trend. For example, COMEX gold's closing price rose 0.99%, trading volume rose 17.61%, and open interest rose 1.22% [6]. - Silver: Similar to gold, silver prices, trading volumes, and open interests in different markets mostly increased. For instance, COMEX silver's closing price rose 1.07%, trading volume rose 40.57% in SHFE, and open interest rose 5.33% in COMEX [6]. Market Outlook - The situation regarding the accusations against the Trump team and the Fed's stance on independence and monetary policy is driving the strong performance of precious metals prices. The Fed's potential shift to a dovish monetary policy is expected to benefit international silver prices [2][3]. Charts and Data Analysis - There are numerous charts showing the relationships between precious metals prices and various factors such as the dollar index, real interest rates, trading volumes, open interests, and near - far month structures. These charts help in analyzing the market trends and price movements of precious metals [8][11][16]. - The report also provides data on the internal - external price differences of gold and silver, including SHFE - COMEX and SGE - LBMA price differences, which are important for understanding the cross - market price relationships of precious metals [50].