Report Industry Investment Rating - No relevant content provided Core Viewpoints - In the context of significant setbacks to the US dollar's credit and the maintained expectation of the Federal Reserve's interest rate cuts, a medium - term bullish view on precious metals should be maintained. Although the current prices of foreign - market gold and silver are at relatively high levels and there is a risk of short - term price corrections, price pullbacks present good entry opportunities for long positions. The reference operating range for the main contract of Shanghai gold is 867 - 950 yuan/gram, and for the main contract of Shanghai silver is 10646 - 11600 yuan/kilogram [3] Summary by Related Catalogs Market Information - In the morning session, COMEX gold fell 0.80% to $4037.70 per ounce, and COMEX silver fell 1.57% to $48.23 per ounce. The US 10 - year Treasury yield was 4.13%, and the US dollar index was 98.83. During the National Day holiday, multiple overseas risk events occurred, further impacting the US dollar's credit, leading to a trend of rising precious metal prices. The US government is facing a "shutdown" crisis due to budget constraints, and the non - farm payrolls and unemployment rate data originally scheduled for release last Friday were not released on time, which further impacted the US dollar's credit and was the main reason for the breakthrough rise in gold prices. The Fed meeting minutes released early today showed that Fed officials have greater differences regarding the subsequent interest rate path, and most officials believe that further easing policies are appropriate this year. Although many Fed officials think the US labor market will not continue to weaken, the weakening of the labor market cannot be disproven due to the lack of non - farm and unemployment rate data, and the market still expects further interest rate cuts by the Fed [2] Strategy Views - Maintain a medium - term bullish view on precious metals. There is a short - term risk of price corrections in gold and silver. Price pullbacks are good opportunities to enter long positions. The reference operating range for the main contract of Shanghai gold is 867 - 950 yuan/gram, and for the main contract of Shanghai silver is 10646 - 11600 yuan/kilogram [3] Key Data - Gold: The closing price of COMEX gold (active contract) was $4060.60 per ounce, up 1.31% from the previous day; the trading volume was 334,200 lots, up 15.87%; the open interest was 528,800 lots, up 2.43%; the inventory was 1247 tons, down 0.12%. The closing price of London gold was $4040.05 per ounce, up 1.53%. The closing price of Au(T + D) was 871.40 yuan/gram, up 1.03% [4][7] - Silver: The closing price of COMEX silver (active contract) was $48.44 per ounce, up 1.65%; the open interest was 165,800 lots, up 1.75%; the inventory was 16428 tons, down 0.41%. The closing price of London silver was $49.01 per ounce, up 1.15%. The closing price of Ag(T + D) was 10,857.00 yuan/kilogram, down 0.19% [4][7] - Other Data: The US 10 - year Treasury yield was 4.13%, down 0.01 percentage points; the US dollar index was 98.8490, up 0.27%; the offshore RMB exchange rate was 7.2545, down 0.49% [4]
贵金属日报2025-10-09-20251009
Wu Kuang Qi Huo·2025-10-09 01:01