贵金属日报2025-09-30：贵金属-20250930

1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report - The Fed is expected to enter a further easing cycle in the medium - term, which is the main trading logic in the precious metals market. It is recommended to buy on dips, especially paying attention to the upward opportunities of silver prices. However, due to the upcoming long holiday, it is advisable to use put - option tools for risk hedging. The reference operating range for the main contract of Shanghai gold is 852 - 900 yuan/gram, and for the main contract of Shanghai silver is 10466 - 11800 yuan/kilogram [3][4]. 3. Summary by Relevant Catalogs 3.1 Market Quotes - Precious Metals Prices: Shanghai gold rose 1.02% to 870.42 yuan/gram, Shanghai silver rose 0.66% to 10907.00 yuan/kilogram; COMEX gold rose 0.05% to 3857.00 dollars/ounce, COMEX silver fell 0.08% to 46.98 dollars/ounce. Au(T + D) rose 1.13% to 862.50 yuan/gram, Ag(T + D) rose 3.10% to 10878.00 yuan/kilogram. London gold rose 1.51% to 3826.85 dollars/ounce, London silver rose 4.33% to 46.95 dollars/ounce [2][5]. - Other Market Indicators: The yield of the 10 - year US Treasury bond was 4.15%, the US dollar index was 97.94, the TIPS was 1.8000%, and the offshore RMB exchange rate was 7.2545. The Dow Jones Index rose 0.15%, the S&P 500 rose 0.26%, the Nasdaq Index rose 0.48%, the VIX Index rose 5.43%, the London FTSE 100 rose 0.16%, and the Tokyo Nikkei 225 Index fell 0.69% [2][5]. 3.2 Positioning Situation - COMEX gold managed - fund net positions increased by 1578 lots to 160,500 lots in the week of September 23, and COMEX silver managed - fund net positions increased by 1293 lots to 37,000 lots. The SPDR gold ETF holdings increased by 6.01 tons to 1011.73 tons, and the SLV silver ETF holdings increased by 159.51 tons to 15521.35 tons [3]. 3.3 Key Data of Gold and Silver - Gold: COMEX gold's closing price (active contract) rose 1.93% to 3862.90 dollars/ounce, trading volume rose 21.79% to 251,000 lots, and open interest rose 2.43% to 528,800 lots. SHFE gold's closing price (active contract) rose 1.22% to 866.52 yuan/gram, trading volume rose 20.85% to 471,400 lots, and open interest fell 2.12% to 443,900 lots. The precipitation funds of SHFE gold flowed out by 0.92% to 61.545 billion yuan [8]. - Silver: COMEX silver's closing price (active contract) rose 1.61% to 47.11 dollars/ounce, open interest rose 1.75% to 165,800 lots, and inventory rose 0.21% to 16,531 tons. SHFE silver's closing price (active contract) rose 2.89% to 10,939.00 yuan/kilogram, trading volume rose 40.49% to 2,294,700 lots, and open interest fell 7.20% to 846,700 lots. The precipitation funds of SHFE silver flowed out by 4.52% to 25.007 billion yuan [8]. 3.4 Internal - External Price Differences - Gold: On September 29, 2025, the SHFE - COMEX spread of gold was - 16.51 yuan/gram (- 72.10 dollars/ounce), and the SGE - LBMA spread was - 5.85 yuan/gram (- 25.51 dollars/ounce). - Silver: On September 29, 2025, the SHFE - COMEX spread of silver was 169.82 yuan/kilogram (0.74 dollars/ounce) [54].