贵金属数据日报-20250918

Report Industry Investment Rating - No relevant content provided Core Viewpoints - On September 17, the main contract of Shanghai gold futures closed down 0.36% to 835.08 yuan/gram, and the main contract of Shanghai silver futures closed down 1.77% to 9,906 yuan/kilogram. As the interest rate cut is about to be implemented, the market is worried about the "buy the rumor, sell the fact" risk. Asian - session precious metals showed an early downward trend, with silver performing weaker than gold. However, in the European and American sessions, precious metals rebounded. In the short - term, after the Fed's interest rate cut, precious metals prices will enter a high - level shock. In the long - term, with the Fed restarting interest rate cuts and having more room for cuts, continuous global geopolitical uncertainties, intensified great - power games, and the wave of de - dollarization, the long - term center of gold prices is likely to continue to rise [5] Summary by Relevant Catalogs Price Tracking of Domestic and Foreign Gold and Silver - On September 17, 2025, London Gold Spot was at $3,675.20 per ounce, London Silver Spot was at $41.91 per ounce, COMEX Gold was at $3,712.20 per ounce, and COMEX Silver was at $42.24 per ounce. Compared with September 16, the prices of gold and silver decreased, with gold down about 0.5% and silver down about 1.9% - 2.2%. In the domestic market, AU2510 was at 835.08 yuan/gram, AG2510 was at 9,906 yuan/kilogram, AU(T + D) was at 832.55 yuan/gram, and AG(T + D) was at 9,892 yuan/kilogram, all showing a decline [5] Spread/Ratio and Price Spread Analysis - On September 17, 2025, the gold TD - SHFE active price spread was - 2.53 yuan/gram, and the silver TD - SHFE active price spread was - 14 yuan/kilogram. Compared with September 16, the gold spread decreased by 38.0%, and the silver spread decreased by 22.2%. The SHFE gold - silver main ratio was 84.30, and the COMEX gold - silver main ratio was 87.89, showing an increase compared with September 16 [5] Position Data - As of September 16, 2025, the gold ETF - SPDR position was 979.95 tons, and the silver ETF - SLV position was 15,217.84357 tons, showing an increase compared with September 15. COMEX gold non - commercial long positions increased by 2.87%, non - commercial short positions decreased by 4.72%, and non - commercial net long positions increased by 4.89%. COMEX silver non - commercial long positions decreased by 2.71%, non - commercial short positions decreased by 0.16%, and non - commercial net long positions decreased by 3.55% [5] Inventory Data - On September 17, 2025, SHFE gold inventory was 54,126 kilograms, an increase of 1.69% compared with September 16. SHFE silver inventory was 1,221,428 kilograms, a decrease of 0.80% compared with September 16. COMEX gold inventory on September 16 was 39,166,833 troy ounces, a decrease of 0.04% compared with September 15, and COMEX silver inventory was 524,632,441 troy ounces, a decrease of 0.57% compared with September 15 [5] Interest Rate/Exchange Rate/Stock Market Data - On September 17, 2025, the US dollar/Chinese yuan central parity rate was 7.10, a decrease of 0.02% compared with September 16. The US dollar index on September 16 was 96.64, a decrease of 0.73% compared with September 15. The 2 - year US Treasury yield decreased by 0.85%, the 10 - year US Treasury yield decreased by 0.25%, the VIX increased by 4.27%, the S&P 500 decreased by 0.13%, and NYWEX crude oil increased by 2.01% [5]