贵金属日报2025-10-20：贵金属-20251020

Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The current Fed's monetary policy is at the beginning of an easing cycle, and the most important driver - the selection of the new Fed Chair - has not been announced. It is recommended to maintain a long - position mindset in precious metals strategies. After a short - term rapid price correction and stabilization, it will form a good window for buying on dips. The reference operating range for the main contract of Shanghai Gold is 934 - 1050 yuan/gram, and for the main contract of Shanghai Silver is 10937 - 12500 yuan/kilogram [4] 3. Summary According to Relevant Catalogs 3.1 Market Quotes - On October 20, 2025, Shanghai Gold fell 1.27% to 973.88 yuan/gram, Shanghai Silver fell 3.94% to 11748.00 yuan/kilogram; COMEX Gold fell 0.85% to 4267.90 US dollars/ounce, COMEX Silver fell 5.01% to 50.63 US dollars/ounce. The US 10 - year Treasury yield was reported at 4.02%, and the US dollar index was reported at 98.56 [2] - The Fed's monetary policy has entered a critical turning point. Fed Chairman Powell said that the US economic data during the government shutdown was better than expected, the downside risk in the labor market has increased, and commodity price increases are mainly due to tariff policies. He announced that the Fed will soon end the quantitative tightening (QT) operation. Recently, loan risk events occurred in some small US banks, which, combined with Powell's speech, provides a reason for the Fed to end balance - sheet contraction and move towards expansion [2] - On October 17, the silver spot leasing rate dropped significantly from 25.8% to 15.9%. From October 1 to the present, COMEX silver inventory decreased by 663.3 tons to 15845 tons. The silver price difference between New York and London has recovered. Overseas silver spot shortages are not a short - term event, and the tight supply of overseas silver spot will continue to support the silver price [3] 3.2 Strategy Views - It is recommended to maintain a long - position mindset in precious metals strategies. After a short - term rapid price correction and stabilization, it will form a good window for buying on dips. The reference operating range for the main contract of Shanghai Gold is 934 - 1050 yuan/gram, and for the main contract of Shanghai Silver is 10937 - 12500 yuan/kilogram [4] 3.3 Data Summary - For COMEX Gold on October 17, 2025, the closing price of the active contract was 4267.90 US dollars/ounce, a decrease of 1.76% from the previous day; the trading volume was 55.89 million lots, an increase of 52.37%; the open interest was 52.88 million lots, an increase of 2.43% [7] - For COMEX Silver on October 17, 2025, the closing price of the active contract was 50.63 US dollars/ounce, a decrease of 5.25% from the previous day; the open interest was 16.58 million lots, an increase of 1.75%; the inventory was 15846 tons, a decrease of 0.53% [7]