贵金属数据日报-20250911

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - In the short - term, although the precious metals market experiences high - level fluctuations due to "buy the rumor, sell the fact", factors such as the unexpected decline in the US August PPI and the cooling of the US employment market increase the probability of a Fed rate cut in September and raise the expectation of a 50bp cut, so precious metal prices are still supported. Before the rate cut is implemented, precious metal prices are expected to remain at high levels, but investors should beware of increased volatility. Gold long positions can be held [5]. - In the long - term, with Fed rate cut expectations, continuous global geopolitical uncertainties, intensified great - power competition, and the wave of de - dollarization, the long - term center of gold prices is likely to continue to move up [5]. 3. Summary by Relevant Catalogs Price Tracking - On September 10, 2025, compared with September 9, London gold spot decreased by 0.1% to $3641.89/ounce, London silver spot decreased by 0.6% to $41.02/ounce, COMEX gold decreased by 0.2% to $3680.00/ounce, and COMEX silver decreased by 0.9% to $41.47/ounce. AU2510 was at 833.42 yuan/gram with a 0.1% decrease, and AG2510 was at 9796 yuan/kg with a 0.5% decrease. AU (T + D) decreased by 0.2% to 829.50 yuan/gram, and AG (T + D) decreased by 0.6% to 9771 yuan/kg [5]. - Regarding price spreads, from September 9 to 10, the gold TD - SHFE active price spread increased by 12.6%, the silver TD - SHFE active price spread increased by 47.1%, the gold internal - external price spread (TD - London) increased by 53.3%, and the silver internal - external price spread (TD - London) decreased by 0.2%. The SHFE gold - silver ratio increased by 0.4%, and the COMEX gold - silver ratio increased by 0.7% [5]. Position Data - As of September 9, 2025, compared with September 8, the gold ETF - SPDR remained unchanged at 979.68 tons, the silver ETF - SLV decreased by 0.45% to 15069.6026 tons. COMEX gold non - commercial long positions increased by 14.52% to 315796 contracts, and non - commercial short positions increased. COMEX silver non - commercial long positions increased by 16.43% to 249530 contracts, and non - commercial short positions decreased by 14.79% to 18543 contracts [5]. Inventory Data - On September 10, 2025, compared with September 9, SHFE gold inventory increased by 3.46% to 45951 kg, and SHFE silver inventory increased by 0.15% to 1252170 kg. COMEX gold inventory decreased by 0.21% to 38912305 troy ounces, and COMEX silver inventory increased by 0.35% to 520707139 troy ounces [5]. Interest Rates/Exchange Rates/Stock Market - On September 10, 2025, compared with September 9, the US dollar/Chinese yuan central parity rate increased by 0.08% to 7.11. The US dollar index increased by 0.33% to 97.77, the 2 - year US Treasury yield increased by 1.43% to 3.54%, the 10 - year US Treasury yield increased by 0.74% to 4.08%, the VIX decreased by 0.46% to 15.04, the S&P 500 increased by 0.27% to 6512.61, and NYMEX crude oil increased by 0.50% to 62.77 [5]. Market Review - On September 10, the main contract of Shanghai gold futures closed up 0.21% at 833.42 yuan/gram, and the main contract of Shanghai silver futures closed down 0.72% at 9796 yuan/kg [5].