Report Overview - Report Date: September 11, 2025 [1] - Report Author: Xiang Weiyi from Dayue Futures Investment Consulting Department [1] Industry Investment Rating - Not provided in the report Core Viewpoints - Gold: After the adjustment of non - farm payroll data, the gold price dropped slightly during the previous day, but due to the continued slowdown of PPI and high expectations of interest rate cuts, the gold price fluctuated and closed higher. With the approaching of the September Fed meeting and high expectations of interest rate cuts, paying attention to today's CPI data, the gold price remains strong [4]. - Silver: With the continued slowdown of PPI and high expectations of interest rate cuts, risk appetite recovered, and the silver price fluctuated and closed higher. As the September meeting approaches and interest rate cut expectations are high, paying attention to the US CPI data today, the silver price follows the gold price and remains strong [6]. Summary by Directory 1. Previous Day Review - Gold: The US PPI in August declined more than expected, and the gold price fluctuated and closed higher. The three major US stock indexes rose and fell differently, and the main European stock indexes also showed mixed results at the close. The US Treasury yields fell collectively, with the 10 - year Treasury yield dropping 4.21 basis points to 4.047%. The US dollar index rose 0.08% to 97.85, and the offshore RMB appreciated slightly against the US dollar to 7.1226. COMEX gold futures closed down 0.05% at $3680.4 per ounce [4]. - Silver: The US PPI in August declined more than expected, and the silver price fluctuated at a high level. The three major US stock indexes rose and fell differently, and the main European stock indexes also showed mixed results at the close. The US Treasury yields fell collectively, with the 10 - year Treasury yield dropping 4.21 basis points to 4.047%. The US dollar index rose 0.08% to 97.85, and the offshore RMB appreciated slightly against the US dollar to 7.1226. COMEX silver futures closed up 0.75% at $41.65 per ounce [6]. 2. Daily Tips - Gold: The basis is - 3.92, with the spot at a discount to the futures; the inventory of gold futures warrants increased by 1536 kilograms to 45951 kilograms; the 20 - day moving average is upward, and the K - line is above the 20 - day moving average; the main net position is long, and the main long position increased [5]. - Silver: The basis is - 25, with the spot at a discount to the futures; the inventory of Shanghai silver futures warrants increased by 1831 kilograms to 1252170 kilograms; the 20 - day moving average is upward, and the K - line is above the 20 - day moving average; the main net position is long, and the main long position decreased [6]. 3. Today's Focus - Time TBD: South Korean President Lee Jae - myung holds a press conference on his 100th day in office; the 7th China Financial Technology Forum is held; the 2025 China International Fair for Trade in Services is held at Shougang Park; the 2025 E - commerce Conference is held; the 17th meeting of the 14th National People's Congress Standing Committee is held in Beijing from September 8 - 12; Reserve Bank of New Zealand Governor Adrian Orr gives a speech [15]. - 20:15: The European Central Bank releases its interest rate decision [15]. - 20:30: US CPI for August and the number of initial jobless claims for the week of September 6 are released [15]. - 20:45: ECB President Christine Lagarde holds a monetary policy press conference [15]. - 23:10: Bank of England Executive Director Sasha Mills speaks at the European Settlement System Conference [15]. - Next Day 00:00: US household net worth in the second quarter is released [15]. - Next Day 02:00: US government budget for August is released [15]. 4. Fundamental Data - Gold Logic: After Trump took office, the world entered a period of extreme turmoil and change. The inflation expectation has shifted to an economic recession expectation, and the gold price is difficult to fall. The verification between the expected and actual policies of the new US government will continue, and the sentiment for the gold price is high, still prone to rise and difficult to fall [10]. - Silver Logic: After Trump took office, the world entered a period of extreme turmoil and change. The inflation expectation has shifted to an economic recession expectation, and the silver price still mainly follows the gold price. The concern about tariffs has a stronger impact on the silver price itself, and there is a risk of an enlarged increase in the silver price [13]. 5. Position Data - Gold: On September 10, 2025, the long position volume was 251,787, a decrease of 1,379 or 0.54% compared with September 9; the short position volume was 82,397, an increase of 1,398 or 1.73%; the net position was 169,390, a decrease of 2,777 or 1.61% [31]. - Silver: On September 10, 2025, the long position volume was 366,328, an increase of 2,030 or 0.56% compared with September 9; the short position volume was 247,265, a decrease of 448 or 0.18%; the net position was 119,063, an increase of 2,478 or 2.13% [32].
贵金属早报-20250911
Da Yue Qi Huo·2025-09-11 01:27