贵金属数据日报-20251021

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - In the short - term, precious metal prices may turn to a volatile trend. After a significant and rapid adjustment last Friday night, prices are supported by the US government shutdown and the Fed's stance in October, but demand decline restricts prices. Silver prices at historical highs may face further adjustment risks if the physical shortage in London eases [5] - In the long - term, the Fed still has room to cut interest rates this year, global geopolitical uncertainties persist, US debt is unsustainable, and great - power competition intensifies, increasing the long - term risk to the US dollar's credit. Central bank gold purchases continue, so the long - term center of gold prices is likely to move up. Long - term investors are advised to mainly buy on dips [5] Group 3: Summary by Related Catalogs 1. Price Tracking - On October 20, 2025, compared with October 17, 2025, London gold spot dropped 2.8%, London silver spot dropped 5.0%, COMEX gold dropped 2.8%, COMEX silver dropped 5.2%, AU2512 dropped 2.9%, AG2512 dropped 4.1%, AU (T + D) dropped 2.9%, and AG (T + D) dropped 4.1% [5] - Regarding price differences, from October 17 to 20, the gold TD - SHFE active price difference changed by - 27.1%, the silver TD - SHFE active price difference changed by - 24.1%, etc [5] 2. Position Data - From October 16 to 17, 2025, gold ETF - SPDR increased 1.22%, silver ETF - SLV increased 0.48%, COMEX gold non - commercial long positions increased 1.85%, etc [5] 3. Inventory Data - From October 17 to 20, 2025, SHFE gold inventory had a 0.00% change, SHFE silver inventory dropped 6.98%, COMEX gold inventory dropped 0.10%, and COMEX silver inventory dropped 0.53% [5] 4. Interest Rate/Exchange Rate/Stock Market Data - From October 17 to 20, 2025, the US dollar/Chinese yuan central parity rate increased 0.03%, the US dollar index increased 0.21%, the 2 - year US Treasury yield increased 1.47%, etc [5] 5. Market Review - On October 20, the main contract of Shanghai gold futures closed down 1.63% to 970.32 yuan/gram, and the main contract of Shanghai silver futures closed down 3.99% to 11,742 yuan/kilogram [5]