五矿期货贵金属日报-20250821

Group 1: Market Performance - Shanghai gold (Au) rose 0.52% to 776.80 yuan/gram, and Shanghai silver (Ag) rose 0.60% to 9160.00 yuan/kilogram; COMEX gold rose 0.11% to 3392.30 US dollars/ounce, and COMEX silver rose 0.31% to 37.89 US dollars/ounce [2] - The yield of the 10-year US Treasury bond was reported at 4.29%, and the US dollar index was reported at 98.23 [2] - Au(T+D) closed at 769.83 yuan/gram, down 2.57 yuan or -0.33% from the previous trading day; Ag(T+D) closed at 9022.00 yuan/kilogram, down 161.00 yuan or -1.75% [4] - The London gold price was 3344.65 US dollars/ounce, up 10.20 US dollars or 0.31%; the London silver price was 37.08 US dollars/ounce, down 0.99 US dollars or -2.61% [4] - The SPDR Gold ETF holdings decreased by 4.01 tons to 958.20 tons, a decrease of -0.42%; the SLV Silver ETF holdings decreased by 33.89 tons to 15305.76 tons, a decrease of -0.22% [4] Group 2: Market Outlook - Trump and his team pressured the independence of the Federal Reserve through personnel appointments, causing a significant rebound in gold and silver prices [2] - The director of the US Federal Housing Finance Agency is urging a judicial review of two loans of Fed Governor Lisa Cook, and Trump called for her immediate resignation [2] - Fed Chairman Powell will speak at the Jackson Hole Central Bank Annual Meeting on the evening of August 22, and his speech will significantly impact the trend of gold and silver prices [3] - The fourth quarter will be the time to announce the new Fed Chairman, and there is a driving force for the interest rate cut expectation to further increase [3] Group 3: Investment Strategy - It is recommended to wait for Powell's specific statement in the precious metal strategy. If his monetary policy speech is significantly dovish, it is recommended to enter long silver orders on dips [3] - The reference operating range for the main contract of Shanghai gold is 765 - 794 yuan/gram, and the reference operating range for the main contract of Shanghai silver is 8885 - 9526 yuan/kilogram [3] Group 4: Data Summary - For gold on August 20, 2025, the closing price of the active contract on COMEX was 3392.20 US dollars/ounce, up 0.99%; the trading volume was 13.06 million lots, up 1.04%; the position was 44.62 million lots, down -0.78%; the inventory was 1199 tons, down -0.17% [7] - For silver on August 20, 2025, the closing price of the active contract on COMEX was 37.90 US dollars/ounce, up 1.51%; the position was 15.64 million lots, down -3.00%; the inventory was 15816 tons, up 0.07% [7]