五矿期货贵金属日报-20250829

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall price of precious metals is supported. The employment and economic data in the US released last night exceeded expectations, and the independence of the Federal Reserve has been undermined, which makes it difficult to reverse the market's expectation of the Fed's subsequent loose monetary policy. The silver price is more driven by the expectation of the Fed's loose monetary policy. It is believed that there may be an unexpected 75 - basis - point interest rate cut by the Fed this year. In this context, the increase in the silver price will be significantly greater than that of the gold price, and the gold - silver ratio will be further downward - corrected. It is recommended to go long on silver at low prices. The reference operating range for the main contract of Shanghai gold is 770 - 794 yuan/gram, and for the main contract of Shanghai silver is 9135 - 10000 yuan/kilogram [2][3]. 3. Summary According to Relevant Catalogs Market Quotes - Precious Metal Prices: Shanghai gold rose 0.29% to 785.02 yuan/gram, Shanghai silver rose 0.90% to 9405.00 yuan/kilogram; COMEX gold rose 0.03% to 3475.20 dollars/ounce, COMEX silver fell 0.03% to 39.69 dollars/ounce. The US 10 - year Treasury yield was 4.22%, and the US dollar index was 97.92 [2]. - Other Market Data: The US initial jobless claims for the week ending August 23 were 229,000, lower than the expected 230,000 and the previous value of 234,000. The revised annualized quarterly rate of real GDP in the second quarter of the US was 3.3%, higher than the expected 3.1% and the previous value of 3% [2]. Data Comparison - Gold Data: The closing price of COMEX gold (active contract) was 3476.90 dollars/ounce, up 0.73%; the trading volume was 151,600 lots, up 3.12%; the open interest was 438,500 lots, down 1.71%; the inventory was 1206 tons, up 0.48%. The closing price of LBMA gold was 3407.65 dollars/ounce, up 0.93%. The closing price of SHFE gold (active contract) was 783.22 yuan/gram, up 0.26%; the trading volume was 192,100 lots, up 0.04%; the open interest was 390,400 lots, down 4.54%; the inventory was 39.5 tons, up 5.34%. The closing price of Au(T + D) was 779.86 yuan/gram, up 0.29%; the trading volume was 30.94 tons, up 13.32%; the open interest was 202.47 tons, up 1.20% [4][6]. - Silver Data: The closing price of COMEX silver (active contract) was 39.71 dollars/ounce, up 2.64%; the open interest was 158,500 lots, up 1.31%; the inventory was 16,087 tons, up 1.11%. The closing price of LBMA silver was 38.94 dollars/ounce, up 1.88%. The closing price of SHFE silver (active contract) was 9377 yuan/kilogram, up 0.77%; the trading volume was 583,900 lots, up 30.49%; the open interest was 763,000 lots, up 3.07%; the inventory was 1178.52 tons, up 1.12%. The closing price of Ag(T + D) was 9347 yuan/kilogram, up 0.93%; the trading volume was 475.1 tons, up 33.92%; the open interest was 3329.106 tons, down 0.76% [4][6]. Price Structure and Spread - Gold Price Structure and Spread: Included COMEX gold's near - far month structure, the difference between London gold spot and COMEX gold continuous one, the near - far month structure of Shanghai gold, and the difference between Au(T + D) and Shanghai gold continuous one. Also, the gold internal - external spread statistics showed that on August 28, 2025, the SHFE - COMEX spread of gold was - 41.86 dollars/ounce, and the SGE - LBMA spread was - 12.93 dollars/ounce [17][19][53]. - Silver Price Structure and Spread: Included COMEX silver's near - far month structure, the difference between London silver and COMEX silver continuous one, the near - far month structure of Shanghai silver, and the difference between Ag(T + D) and Shanghai silver continuous one. The silver internal - external spread statistics showed that on August 28, 2025, the SHFE - COMEX spread of silver was 1.53 dollars/ounce, and the SGE - LBMA spread was 1.81 dollars/ounce [31][40][53].