五矿期货贵金属日报-20250811

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Trump's key appointments to the Fed's理事 positions will pressure the Fed into a further easing cycle, which is a continuous positive factor for gold and silver prices [1]. - The market has increased its expectations for the Fed's subsequent loose monetary policy. The Fed is likely to implement further loose monetary policies due to Trump's personnel appointments and significantly lower - than - expected employment data. It is recommended to buy precious metals on dips. The reference operating range for the main contract of Shanghai Gold is 777 - 801 yuan/gram, and for the main contract of Shanghai Silver is 9081 - 9520 yuan/kilogram [1][2]. 3. Summary by Related Catalogs Market Quotes - Domestic Futures: Shanghai Gold (Au) rose 0.12% to 786.80 yuan/gram, and Shanghai Silver (Ag) rose 0.02% to 9279.00 yuan/kilogram. Au(T + D) closed at 783.27 yuan/gram, up 0.16%; Ag(T + D) closed at 9249.00 yuan/kilogram, up 0.27% [1][3]. - International Futures: COMEX gold fell 0.82% to 3462.70 dollars/ounce, and COMEX silver fell 0.12% to 38.50 dollars/ounce. London gold rose 0.31% to 3394.15 dollars/ounce, and London silver fell 0.22% to 38.29 dollars/ounce [1][3]. - ETF Holdings: SPDR Gold ETF holdings increased by 0.06% to 959.64 tons, and SLV Silver ETF holdings decreased by 0.80% to 14990.80 tons [3]. - Other Market Indicators: The 10 - year US Treasury yield was 4.27%, and the US dollar index was 98.22. The Dow Jones Index rose 0.47%, the S&P 500 rose 0.78%, and the Nasdaq Index rose 0.98% [1][3]. Market Outlook - Trump's appointment of Milan as a Fed理事 and the potential selection of Waller as the new Fed chairman will increase Trump's influence on the Fed's monetary policy, putting pressure on the Fed to cut interest rates. Fed理事 Bowman supports interest rate cuts in the remaining three policy meetings this year [1]. - The market expects an 89.3% probability of a 25 - basis - point interest rate cut by the Fed in September and a 53.5% probability of a further rate cut in October [2]. Key Data Summary of Gold and Silver - Gold: COMEX gold's closing price (active contract) was 3458.20 dollars/ounce, down 0.70%; trading volume increased by 28.40% to 31.25 million lots; open interest increased by 0.99% to 44.96 million lots; inventory decreased by 0.22% to 1200 tons [5]. - Silver: COMEX silver's closing price (active contract) was 38.51 dollars/ounce, down 0.05%; open interest decreased by 5.32% to 16.13 million lots; inventory increased by 0.07% to 15754 tons [5]. Price and Volume Charts - Multiple charts show the relationship between the prices, trading volumes, and open interests of COMEX gold, Shanghai gold, COMEX silver, and Shanghai silver, as well as their historical trends and near - far month structures [7][9][11]