贵金属日报2025-09-26：贵金属-20250926

Group 1: Report Industry Investment Rating - No relevant content provided Group 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 for precious metals. 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 - 11000 yuan/kilogram [4] Group 3: Summary by Related Catalogs Market Quotes - Shanghai Gold rose 0.25% to 858.12 yuan/gram, and Shanghai Silver rose 1.72% to 10575.00 yuan/kilogram. COMEX Gold rose 0.27% to 3781.30 US dollars/ounce, and COMEX Silver rose 0.31% to 45.26 US dollars/ounce. The US 10 - year Treasury yield was reported at 4.18%, and the US dollar index was reported at 98.44 [2] - The recently released US economic data exceeded market expectations, easing the market's recession expectations for the overseas economy. However, expectations for loose monetary policy still remain significant due to the statements of Fed officials. The performance of silver prices is significantly stronger than that of gold [2] - The month - on - month value of US durable goods orders in August was 2.9%, significantly higher than the expected - 0.5% and the previous value of - 2.7%. The number of initial jobless claims in the week ending September 20 was 218,000, better than the expected 235,000 and the previous value of 232,000. The revised quarter - on - quarter annualized value of the US real GDP in the second quarter was 3.8%, significantly higher than the expected and previous value of 3.3% [2] Fed Officials' Statements - Fed Chairman Powell said that the current stance of the Fed's interest rate is still slightly tight. He also mentioned that officials will examine growth, employment, and inflation data and consider whether the policy is in the right position, and will take action if necessary. In the labor market, Powell believes that the number of jobs created this summer is insufficient to meet the needs of job seekers, hinting at the Fed's tendency for further policy adjustments [3] - Fed Governor Bowman expects the Fed to cut interest rates three times in 2025. Based on the currently weakened labor market, Bowman believes that the Fed will adjust policies at a faster pace and with a larger margin [3] Key Data Comparison - For gold, COMEX Gold's closing price (active contract) was 3780.50 US dollars/ounce, up 0.32%; trading volume was 254,900 lots, up 9.63%; open interest was 516,200 lots, up 1.29%; inventory was 1242 tons, up 0.29%. LBMA Gold's closing price was 3730.75 US dollars/ounce, down 0.82%. SHFE Gold's closing price (active contract) was 854.72 yuan/gram, down 0.61%; trading volume was 408,600 lots, down 9.43%; open interest was 461,100 lots, down 4.29%; inventory was 65.63 tons, up 8.41%. Au(T + D)'s closing price was 851.99 yuan/gram, down 0.50%; trading volume was 53.52 tons, up 11.44%; open interest was 219.67 tons, down 1.07% [8] - For silver, COMEX Silver's closing price (active contract) was 45.47 US dollars/ounce, up 3.07%; open interest was 163,000 lots, up 3.99%; inventory was 16483 tons, up 0.53%. LBMA Silver's closing price was 44.94 US dollars/ounce, up 2.43%. SHFE Silver's closing price (active contract) was 10,411.00 yuan/kilogram, up 0.13%; trading volume was 1,121,100 lots, down 13.35%; open interest was 913,900 lots, down 2.18%; inventory was 1156.86 tons, down 0.43%. Ag(T + D)'s closing price was 10,353.00 yuan/kilogram, up 0.04%; trading volume was 485.90 tons, down 23.09%; open interest was 3310.104 tons, down 0.09% [8]