瑞达期货贵金属产业日报-20250911

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The upward momentum in the precious metals market remains strong, and speculative buying demand in the market may continue until the FOMC meeting in mid - September. However, since the interest - rate cut expectations are already fully priced into the current gold and silver futures prices, there may be a short - term phased correction risk. The trading strategy is recommended to focus on range - band trading. The market will focus on the US August CPI data released on Thursday for more guidance on interest - rate cuts. An unexpectedly high CPI growth rate may increase the correction risk in the precious metals market. The report also provides price - watching intervals for different contracts [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai gold main contract is 830.78 yuan/gram, down 2.64; the closing price of the Shanghai silver main contract is 9798 yuan/kilogram, up 2 yuan. The main contract positions of Shanghai gold are 114,423 hands, down 5001 hands; the main contract positions of Shanghai silver are 203,343 hands, down 9187 hands. The net positions of the top 20 in the Shanghai gold main contract are 173,627 hands, down 3286 hands; the net positions of the top 20 in the Shanghai silver main contract are 135,520 hands, down 3908 hands. The warehouse receipt quantity of gold is 45,951 kilograms, up 1536 kilograms; the warehouse receipt quantity of silver is 1,252,170 kilograms, up 1831 kilograms [2]. 3.2 Spot Market - The spot price of gold on the Shanghai Non - ferrous Metals Network is 828.55 yuan/gram, up 0.54 yuan; the spot price of silver on the Shanghai Non - ferrous Metals Network is 9788 yuan/kilogram, up 31 yuan. The basis of the Shanghai gold main contract is - 2.23 yuan/gram, up 3.18 yuan; the basis of the Shanghai silver main contract is - 10 yuan/kilogram, up 29 yuan [2]. 3.3 Supply - Demand Situation - The gold ETF holdings are 979.95 tons, up 0.27 tons; the silver ETF holdings are 15,069.6 tons, down 67.77 tons. The non - commercial net positions of gold in CFTC are 249,530 contracts, up 35,219 contracts; the non - commercial net positions of silver in CTFC are 55,923 contracts, up 9457 contracts. The total supply of gold in the quarter is 1313.01 tons, up 54.84 tons; the total supply of silver in the year is 987.8 million troy ounces, down 21.4 million troy ounces. The total demand for gold in the quarter is 1313.01 tons, up 54.83 tons; the global total demand for silver in the year is 1195 million ounces, down 47.4 million ounces [2]. 3.4 Option Market - The 20 - day historical volatility of gold is 10.13%, up 0.8%; the 40 - day historical volatility of gold is 10.78%, up 0.35%. The implied volatility of at - the - money call options for gold is 23.59%, up 1.61%; the implied volatility of at - the - money put options for gold is 23.59%, up 1.61% [2]. 3.5 Industry News - US President Trump criticized Fed Chairman Powell again and urged an immediate and significant interest - rate cut. US Treasury Secretary also called on the Fed to re - evaluate its policy stance. Trump appealed against a federal judge's order. The US August PPI inflation unexpectedly declined, adding support for the Fed's interest - rate cut decision next week. The US Department of Labor's Inspector General's Office is launching a review of the Bureau of Labor Statistics' data collection and release [2]. 3.6 Price - Watching Intervals - The Shanghai gold 2510 contract focuses on the range of 750 - 850 yuan/gram; the Shanghai silver 2510 contract focuses on the range of 9600 - 9800 yuan/kilogram. For the outer market, the London gold price focuses on the range of 3550 - 3650 US dollars/ounce, and the London silver price focuses on the range of 40.5 - 41.5 US dollars/ounce [2][3]