贵金属日报2025-10-13：贵金属-20251013

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The uncertainty in US trade and economic policies has led to significant concerns about the credit of US Treasury bonds and US dollar assets, making gold a better choice for global central bank reserves and investor asset allocation, and Trump's tariff actions are favorable for the medium - term gold price [2] - The shortage of silver spot in London is difficult to ease in the short term, which will drive the international silver price to be strong, and it is recommended to buy precious metals on dips, especially focusing on the rising opportunity of silver price [3][4] Summary by Related Catalogs Market Information - On the given day, Shanghai gold rose 0.42% to 913.26 yuan/gram, Shanghai silver fell 1.37% to 11059.00 yuan/kilogram; COMEX gold rose 1.53% to 4061.40 US dollars/ounce, COMEX silver rose 2.23% to 48.30 US dollars/ounce; the US 10 - year Treasury yield was 4.05%, and the US dollar index was 99.03 [2] - London silver spot price rose 1.87% to 50.126 US dollars/ounce, and the spread between COMEX silver near - month contract and London silver reached 2.73 US dollars/ounce, a recent high, and the one - month implied lease rate of London silver spot has risen to 40.3% [2] Future Outlook - The shortage of silver spot is difficult to ease in the short term. COMEX silver inventory decreased from 16531 tons on September 29 to 16251 tons on October 10, but the shortage in London is difficult to be alleviated by the inflow of New York silver, and the total position of COMEX silver is at the highest level in the same period in the past five years [3] Strategy Viewpoint - It is recommended to buy precious metals on dips, with the reference operating range of Shanghai gold main contract being 898 - 950 yuan/gram and that of Shanghai silver main contract being 10937 - 12000 yuan/kilogram [4] Data Table - The data shows the price, volume, position, inventory and other information of gold and silver in different markets such as COMEX, London, and Shanghai Futures Exchange on October 10, 2025, as well as the data changes compared with the previous trading day [5][8] Price Structure and Spread - The document shows the near - far month structure of COMEX gold and silver, and the price spreads between Shanghai and overseas markets (COMEX, LBMA) for gold and silver on October 10, 2025 [22][25][36][57]