贵金属日报2025-09-23：贵金属-20250923

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Viewpoints of the Report - Concern should be given to the possibility of Milan becoming the new Fed Chair. After Milan's statement, both domestic and foreign silver prices showed strength due to expectations of loose monetary policy, and the price of the main contract of Shanghai silver reached a new historical high. It is recommended to buy on dips in the current precious metals strategy, with the reference operating range for the main contract of Shanghai gold being 843 - 870 yuan/gram and that for the main contract of Shanghai silver being 9799 - 10800 yuan/kilogram [4] Group 3: Summary by Relevant Catalogs Market Quotes - On September 23, 2025, Shanghai gold rose 1.46% to 850.98 yuan/gram, and Shanghai silver rose 1.77% to 10348.00 yuan/kilogram; COMEX gold rose 0.06% to 3777.40 dollars/ounce, and COMEX silver rose 0.13% to 44.27 dollars/ounce. The yield of the 10 - year US Treasury bond was reported at 4.15%, and the US dollar index was reported at 97.31 [2] - Atlanta Fed President Bostic is temporarily reluctant to support another rate cut in October due to inflation concerns. Cleveland Fed President Harmark, a hawkish Fed official, said that the Fed needs to be cautious about lifting restrictive monetary policies when inflation remains stubbornly above the 2% target [2] - Milan, the candidate for the new Fed Chair, is a voting member who supports a 150 - basis - point rate cut this year. He believes there is no inflation caused by tariffs, and the longer the Fed maintains a tight stance, the greater the risk to the employment market. He will strive to persuade other policymakers to cut rates more quickly [3] Strategy Views - Attention should be paid to the possibility of Milan becoming the new Fed Chair. After Milan's statement, the prices of domestic and foreign silver showed strength, and the price of the main contract of Shanghai silver reached a new historical high. It is recommended to buy on dips in the precious metals strategy, with the reference operating range for the main contract of Shanghai gold being 843 - 870 yuan/gram and that for the main contract of Shanghai silver being 9799 - 10800 yuan/kilogram [4] Key Data - Gold: COMEX gold's closing price, trading volume, open interest, and inventory all showed an upward trend; LBMA gold's closing price rose 1.54%; SHFE gold's closing price and open interest increased, while trading volume decreased slightly; Au(T + D)'s closing price and open interest rose, and trading volume decreased [8] - Silver: COMEX silver's closing price, trading volume, open interest, and inventory all showed an upward trend; LBMA silver's closing price rose 3.55%; SHFE silver's closing price, trading volume, and open interest increased, while inventory decreased; Ag(T + D)'s closing price, trading volume, and open interest all rose [8] Price and Volume Charts - Multiple charts show the relationships between the prices of COMEX gold, Shanghai gold, COMEX silver, and Shanghai silver and factors such as the US dollar index, real interest rates, trading volume, and open interest, as well as the near - far month structures and price differences between different markets [10][12][14] Price Difference Statistics - On September 22, 2025, the SHFE - COMEX price difference for gold was - 65.69 dollars/ounce, and the SGE - LBMA price difference was - 34.12 dollars/ounce; the SHFE - COMEX price difference for silver was 1.02 dollars/ounce, and the SGE - LBMA price difference was 0.79 dollars/ounce [55]