贵金属日报2025-09-25：贵金属-20250925

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - After the interest rate cut in the September FOMC meeting, the monetary policy statements of key Fed figures remain dovish. It is recommended to buy on dips in the precious metals market. The reference operating range for the main contract of Shanghai Gold is 843 - 870 yuan/gram, and for the main contract of Shanghai Silver is 9799 - 10800 yuan/kilogram [3] 3. Summary According to Related Catalogs 3.1 Market Quotes - Shanghai Gold (Au) dropped 0.65% to 853.06 yuan/gram, and Shanghai Silver (Ag) fell 0.52% to 10349.00 yuan/kilogram. COMEX Gold rose 0.06% to 3770.50 dollars/ounce, and COMEX Silver declined 0.20% to 44.11 dollars/ounce. The 10 - year US Treasury yield was 4.16%, and the US Dollar Index was 97.83 [2] - The US real - estate data released last night was strong, putting short - term pressure on gold and silver prices. However, key Fed officials' dovish statements suggest that the Fed is still on the path to a new round of easing [2] - The annualized value of new home sales in the US in August was 800,000 units, significantly higher than the expected 650,000 units and the previous value of 664,000 units [2] - Fed Chair Powell said the current interest rate stance is still slightly tight. He also mentioned that officials will review growth, employment, and inflation data and decide if policy adjustments are needed. Regarding the labor market, he thought the jobs created this summer were insufficient to meet the demand of job - seekers [2] - Fed Governor Bowman expects the Fed to cut interest rates three times in 2025. Given the weakened labor market, she believes the Fed will adjust policies more quickly and with larger magnitudes [2] 3.2 Strategy - After the September interest rate cut, with dovish statements from key Fed figures, it is recommended to buy precious metals on dips. The reference operating range for the main contract of Shanghai Gold is 843 - 870 yuan/gram, and for the main contract of Shanghai Silver is 9799 - 10800 yuan/kilogram [3] 3.3 Market Data - For gold: Au(T + D) closed at 856.27 yuan/gram, up 0.79%; London Gold closed at 3761.60 dollars/ounce, down 0.59%; SPDR Gold ETF holdings were 996.85 tons, down 0.37% [4] - For silver: Ag(T + D) closed at 10349.00 yuan/kilogram, up 0.72%; London Silver closed at 43.88 dollars/ounce, down 1.02%; SLV Silver ETF holdings remained unchanged at 15469.12 tons [4] - Other market indicators: The 10 - year US Treasury yield rose to 4.16%; the US Dollar Index rose 0.65% to 97.8657; major US stock indexes such as the Dow Jones, S&P 500, and Nasdaq all declined [4] 3.4 Key Data of Gold and Silver - Gold: COMEX Gold's closing price (active contract) was 3768.50 dollars/ounce, down 0.75%; trading volume was 232,500 lots, down 18.57%; open interest was 516,200 lots, up 1.29%; inventory was 1238 tons, up 0.16% [7] - Silver: COMEX Silver's closing price (active contract) was 44.12 dollars/ounce, down 0.34%; open interest was 163,000 lots, up 3.99%; inventory was 16396 tons, up 0.08% [7]