五矿期货贵金属日报-20250815

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The unexpectedly high US inflation data released last night and the Fed officials' cautious stance on interest rate cuts have put short - term pressure on precious metal prices [2][3]. - The much - higher - than - expected PPI data in July shows that Trump's tariff policy has significantly affected US prices. Fed officials' statements around the data release were generally hawkish [3]. - Despite the current resilience of US inflation data, due to factors such as US debt interest payments and Trump administration intervention, the Fed will implement a further easing cycle. It is recommended to wait and see for now and consider buying on dips after the price stabilizes. The reference operating range for the main contract of Shanghai Gold is 766 - 788 yuan/gram, and for Shanghai Silver, it is 9045 - 9526 yuan/kilogram [3]. 3. Summary by Related Catalogs Market Price Changes - Shanghai Gold (Au) dropped 0.55% to 774.54 yuan/gram, and Shanghai Silver (Ag) dropped 1.31% to 9197.00 yuan/kilogram. COMEX Gold fell 0.12% to 3379.00 dollars/ounce, and COMEX Silver fell 0.12% to 38.03 dollars/ounce. The US 10 - year Treasury yield was 4.29%, and the US dollar index was 98.21 [2]. - In the comparison of recent trading days, various precious - metal - related products showed different price and volume changes, such as Au(T + D) rising 0.05% to 775.10 yuan/gram, and London Gold falling 0.61% to 3343.85 dollars/ounce [4]. US Economic Data - In July, the US PPI year - on - year value was 3.3%, much higher than the expected 2.5% and the previous value of 2.4%. The month - on - month value was 0.9%, significantly higher than the expected 0.2% and the previous value of 0% [3]. Trading Suggestions - Given the current market situation, it is recommended to wait and see for now. After the precious metal prices stabilize after a correction, consider buying on dips. The reference operating range for the main contract of Shanghai Gold is 766 - 788 yuan/gram, and for Shanghai Silver, it is 9045 - 9526 yuan/kilogram [3]. Data Tables and Graphs - Multiple data tables presented detailed information on precious - metal prices, trading volumes, positions, and inventories in different markets and time periods, such as the COMEX and SHFE gold and silver markets [6]. - There are also various graphs showing the relationships between precious - metal prices, US dollar index, real interest rates, and other factors, as well as the near - far month structure and price spreads of precious metals [8][11][21].