Workflow
五矿期货贵金属日报-20250911
Wu Kuang Qi Huo·2025-09-11 01:45
  1. Report Industry Investment Rating - The precious metals sector is recommended to maintain a buy-on-dip approach, with a focus on the upward potential of silver prices. The reference trading ranges are 809 - 850 yuan/gram for the main Shanghai Gold futures contract and 9526 - 11000 yuan/kilogram for the main Shanghai Silver futures contract [3]. 2. Core View of the Report - The inflation data released in the US was significantly lower than expected, and the US labor market has weakened, increasing market expectations for the Fed's subsequent easing policies. It is believed that the Fed will conduct more than three interest rate cuts in the remaining interest rate meetings this year, which is more than the market expects [2][3]. 3. Summary by Relevant Catalogs Market Performance - Shanghai Gold (Au) rose 0.21% to 835.16 yuan/gram, and Shanghai Silver (Ag) rose 0.47% to 9817.00 yuan/kilogram. COMEX Gold fell 0.09% to 3678.80 dollars/ounce, and COMEX Silver rose 0.11% to 41.65 dollars/ounce. The US 10-year Treasury yield was 4.04%, and the US Dollar Index was 97.79 [2]. Inflation Data - The US August PPI year-on-year value was 2.6%, significantly lower than the expected 3.3% and the previous value of 3.3%. The month-on-month value was -0.1%, significantly lower than the expected 0.3% and the previous value of 0.7%. The US August core PPI year-on-year value was 2.8%, lower than the expected 3.5% and the previous value of 3.4%. The month-on-month value was -0.1%, lower than the expected 0.3% [2]. Labor Market Data - From April 2024 to March 2025, the US private - sector non - farm employment data was revised down by 880,000, and the government - sector employment was revised down by 31,000. The total non - farm employment was revised down by 911,000, significantly higher than the market expectation of 700,000, Besant's expectation of 800,000, and the previous value of 598,000 [3]. Key Data of Gold and Silver - For gold, on September 10, 2025, the COMEX closing price (active contract) was 3680.40 dollars/ounce, up 0.45%. The SHFE closing price (active contract) was 833.42 yuan/gram, down -0.13%. - For silver, on September 10, 2025, the COMEX closing price (active contract) was 41.65 dollars/ounce, up 0.71%. The SHFE closing price (active contract) was 9796.00 yuan/kilogram, down -0.51% [7].