贵金属数据日报-20250915

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - In the short - term, after the weakening of the US employment market in August and relatively controllable inflation pressure in August, the preliminary value of the University of Michigan Consumer Confidence Index in September hit a new low since May, which supports the market to continue trading the Fed's interest - rate cut expectations and boosts the strong rise of precious metal prices. Concerns about US economic stagflation are rising, boosting the industrial properties of silver. Before the interest - rate cut in September, precious metal prices are still supported and expected to remain strong at high levels, but volatility may intensify. Key events to watch this week include the Fed's August FOMC meeting and China - US economic and trade talks [6]. - In the long - term, due to the Fed's interest - rate cut expectations, continuous global geopolitical uncertainties, intensified great - power competition, and the de - dollarization wave with continuous gold purchases by global central banks, the long - term center of gold prices is likely to continue to rise [6]. 3. Summary by Relevant Contents 3.1 Price Tracking - On September 12, 2025, compared with September 11, 2025, London gold spot rose 0.5% to $3650.31/ounce, London silver spot rose 2.4% to $42.04/ounce, COMEX gold rose 0.5% to $3688.50/ounce, COMEX silver rose 2.6% to $42.60/ounce, AU2510 rose 0.4% to 834.22 yuan/gram, AG2510 rose 2.4% to 10035 yuan/kg, AU (T + D) rose 0.4% to 830.68 yuan/gram, and AG (T + D) rose 2.5% to 10010 yuan/kg [5]. - Regarding price differences, from September 11 to 12, 2025, the gold TD - SHFE active price difference increased by 7.9%, the silver TD - SHFE active price difference decreased by 10.7%, the gold internal - external (TD - London) price difference increased by 31.8%, the silver internal - external (TD - London) price difference increased by 0.9%, the SHFE gold - silver ratio decreased by 2.0%, the COMEX gold - silver ratio decreased by 2.0%, the AU2512 - 2510 price difference increased by 20.4%, and the AG2512 - 2510 price difference increased by 13.0% [5]. 3.2 Position Data - From September 11 to 12, 2025, the gold ETF - SPDR position decreased by 0.32% to 974.8 tons, the silver ETF - SLV position remained unchanged at 15069.6026 tons. COMEX gold non - commercial long positions increased by 2.87% to 324875 contracts, non - commercial short positions decreased by 4.72% to 63135 contracts, and the non - commercial net long position increased by 4.89% to 261740 contracts. COMEX silver non - commercial long positions decreased by 2.71% to 72450 contracts, non - commercial short positions decreased by 0.16% to 18513 contracts, and the non - commercial net long position decreased by 3.55% to 53937 contracts [5]. 3.3 Inventory Data - On September 12, 2025, compared with September 11, 2025, SHFE gold inventory increased by 5.58% to 52950 kg, SHFE silver inventory increased by 0.51% to 1246569 kg, COMEX gold inventory increased by 0.01% to 38914491 troy ounces, and COMEX silver inventory increased by 0.55% to 527423230 troy ounces [5]. 3.4 Interest Rate, Exchange Rate, and Stock Market Data - From September 11 to 12, 2025, the US dollar/CNY central parity rate decreased by 0.02%, the US dollar index increased by 0.09%, the 2 - year US Treasury yield increased by 1.14% to 3.56%, the 10 - year US Treasury yield increased by 1.25% to 4.06%, the VIX increased by 0.34%, the S&P 500 decreased by 0.05% to 6584.29, and NYMEX crude oil increased by 0.58% to $62.60 [5]. 3.5 Market Review - On September 12, the main contract of Shanghai gold futures rose 0.1% to 80.68 yuan/gram, and the main contract of Shanghai silver futures rose 2.36% to 10035 yuan/kg [5].