五矿期货贵金属日报-20250916

Report Industry Investment Rating No relevant information provided. Core View of the Report - The current macro - background is favorable for precious metals, especially the price increase of silver. It is recommended to buy on dips. The reference operating range for the main contract of Shanghai Gold is 816 - 860 yuan/gram, and for the main contract of Shanghai Silver is 9710 - 10800 yuan/kilogram [2][3] Summary by Relevant Content Market Quotes - Shanghai Gold rose 0.78% to 839.08 yuan/gram, Shanghai Silver rose 0.88% to 10116.00 yuan/kilogram; COMEX Gold fell 0.01% to 3718.50 US dollars/ounce, COMEX Silver rose 0.43% to 43.15 US dollars/ounce. The US 10 - year Treasury yield was reported at 4.06%, and the US dollar index was reported at 97.33 [2] - Various precious metal - related varieties showed different price and volume changes. For example, Au(T + D) fell 0.28% to 828.03 yuan/gram, and London Silver rose 2.88% to 42.26 US dollars/ounce [4] Market Expectations - Trump said there would be significant interest rate cuts, and the nominee for the Fed governor, Milan, was about to be confirmed. The market expected a 95.9% probability of a 25 - basis - point interest rate cut by the Fed in this meeting, and also priced in 25 - basis - point cuts in the October and December meetings [2] Historical Performance and Driving Factors - Historically, gold benefits from the expansion of the US fiscal deficit, while the rise in silver prices is driven by the Fed's loose monetary policy expectations. Powell's speech marked the start of a new round of Fed interest - rate cut cycle [3] Key Data Summary - Comprehensive data on gold and silver, including closing prices, trading volumes, open interests, inventories, and historical quantiles of various contracts in different markets, were presented [6] Charts and Data Sources - Multiple charts showed the relationship between precious metal prices, trading volumes, open interests, and other factors, as well as the structure of near - and far - month contracts. The data sources were mainly WIND and the research center of Minmetals Futures [7][21]