贵金属数据日报-20251014

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On October 13, the main contract of Shanghai gold futures closed up 1.99% to 927.56 yuan/gram, and the main contract of Shanghai silver futures closed up 2.84% to 11,531 yuan/kilogram [4] - The escalation of Sino-US trade frictions and the rise of risk aversion sentiment boosted the prices of precious metals to strengthen again. In the short term, the uncertainty of Sino-US trade, the ongoing US government shutdown, and the high probability of the Fed cutting interest rates in October will keep the gold price strong. Silver will also maintain a strong trend in the short term, but there is a risk of adjustment when the high premium of London silver eases [4] - In the long - term, the Fed still has room to cut interest rates this year, global geopolitical uncertainties persist, the US debt is unsustainable, and great - power competition intensifies, which will increase the credit risk of the US dollar. The central bank's gold purchases continue, so the long - term center of gold prices is likely to continue to move up [4] Group 3: Summary by Relevant Catalogs Metal Price Tracking - From October 10 to October 13, London gold spot rose 2.6%, London silver spot rose 3.4%, COMEX gold rose 2.7%, COMEX silver rose 4.3%, AU2512 rose 2.9%, AG2512 rose 4.1%, AU (T + D) rose 2.9%, and AG (T + D) rose 3.7% [3] Spread/Ratio Tracking - From October 10 to October 13, the spread of gold TD - SHFE active price decreased by 8.7%, the spread of silver TD - SHFE active price increased by 62.9%, the spread of gold (TD - London) decreased by 44.5%, the spread of silver (TD - London) increased by 1.0%, the SHFE gold - silver main ratio decreased by 1.1%, the COMEX gold - silver main ratio decreased by 1.5%, the spread of AU2602 - 2512 decreased by 5.4%, and the spread of AG2602 - 2512 decreased by 25.0% [3] Position Data - From October 9 to October 10, the gold ETF - SPDR increased by 0.37%, the silver ETF - SLV decreased by 0.05%, the non - commercial long position of COMEX gold increased by 1.85%, the non - commercial short position of COMEX gold increased by 9.43%, the non - commercial net long position of COMEX gold increased by 0.13%, the non - commercial long position of COMEX silver increased by 0.97%, the non - commercial short position of COMEX silver decreased by 0.21%, and the non - commercial net long position of COMEX silver increased by 1.43% [3] Inventory Data - From October 10 to October 13, SHFE gold inventory remained unchanged, SHFE silver inventory decreased by 3.82%. From October 9 to October 10, COMEX gold inventory remained unchanged, and COMEX silver inventory decreased by 0.70% [3] Other Market Data - From October 10 to October 13, the US dollar index decreased by 2.22%, the 2 - year US Treasury yield increased by 31.83%, the 10 - year US Treasury yield decreased by 0.06%, the S&P 500 decreased by 0.59%, NYMEX crude oil decreased by 2.17%, the US dollar/Chinese yuan central parity rate decreased by 2.71%, and VIX decreased by 5.33% [4]