贵金属数据日报-20250829

Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - Short - term: Trump's Fed appointment event and potential September rate cuts, along with a weakening dollar, support precious metal prices. However, the US economic data shows some resilience, like positive Q2 GDP and a decrease in weekly jobless claims. Today's US July PCE data may cause short - term fluctuations. Overall, short - term precious metal prices are still supported. Gold is recommended to hold long positions or increase long positions on pullbacks. Silver is expected to remain strong due to gold's rise and tariff factors, but its medium - term performance may be based on fundamentals, and caution is needed regarding its upside and duration [5] - Medium - to long - term: With expectations of Fed rate cuts, ongoing global geopolitical uncertainties, intensified great - power competition, and the de - dollarization trend, central bank gold purchases are likely to continue, and the medium - to long - term price center of gold will probably rise [5] 3. Summary by Relevant Catalogs 3.1 Price Tracking of Internal and External Gold and Silver - On August 28, 2025, compared with August 27, 2025, London gold spot rose 0.5% to $3395.28/ounce, London silver spot rose 1.1% to $38.84/ounce, COMEX gold rose 0.7% to $3451.20/ounce, COMEX silver rose 2.7% to $39.50/ounce, AU2510 rose 0.3% to 783.22 yuan/gram, AG2510 rose 0.8% to 9377 yuan/kg, AU (T + D) rose 0.3% to 780.22 yuan/gram, and AG (T + D) rose 0.8% to 9345 yuan/kg [5] 3.2 Tracking of Price Spreads/Ratios - From August 27 to August 28, 2025, the gold TD - SHFE active price spread decreased by 4.5% to - 3 yuan/gram, the silver TD - SHFE active price spread decreased by 8.6% to - 32 yuan/kg, the gold internal - external (TD - London) price spread decreased by 25.1% to 4.49 yuan/gram, the silver internal - external (TD - London) price spread increased by 3.6% to - 603 yuan/kg, the SHFE gold - silver main contract ratio decreased by 0.5% to 83.53, the COMEX gold - silver main contract ratio decreased by 1.9% to 87.38, the AU2512 - 2510 spread increased by 6.4% to 2.34 yuan/gram, and the AG2512 - 2510 spread decreased by 13.0% to 20 yuan/kg [5] 3.3 Position Data - As of August 27, 2025, compared with August 26, 2025, the gold ETF - SPDR increased by 0.27% to 962.5 tons, the silver ETF - SLV remained unchanged at 15274.6947 tons. COMEX gold non - commercial long positions decreased by 4.46% to 275277 contracts, non - commercial short positions increased by 6.92% to 62687 contracts, and non - commercial net long positions decreased by 7.36% to 212590 contracts. COMEX silver non - commercial long positions increased by 2.79% to 68102 contracts, non - commercial short positions decreased by 1.96% to 21553 contracts, and non - commercial net long positions increased by 5.15% to 46549 contracts [5] 3.4 Inventory Data - On August 28, 2025, compared with August 27, 2025, SHFE gold inventory increased by 5.34% to 39504 kg, SHFE silver inventory increased by 1.12% to 1178523 kg, COMEX gold inventory remained unchanged at 38578730 troy ounces, and COMEX silver inventory increased by 0.54% to 511505129 troy ounces [5] 3.5 Interest Rates/Exchange Rates/Stock Market - On August 28, 2025, compared with August 27, 2025, the US dollar/Chinese yuan central parity rate decreased by 0.06% to 7.11, the US dollar index decreased by 0.05% to 98.19, the 2 - year US Treasury yield decreased by 0.55% to 3.59%, the 10 - year US Treasury yield decreased by 0.47% to 4.24%, the VIX increased by 1.57% to 14.85, the S&P 500 increased by 0.24% to 6481.40, and NYMEX crude oil increased by 0.87% to 63.86 [5]