贵金属日报2025-10-23：贵金属-20251023

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Core Viewpoints - The current monetary policy of the Federal Reserve is still in the early stage of the easing cycle, and the most important driver - the new Fed Chair nominee has not been announced. It is recommended to maintain a long - term view on precious metals. Wait for the price to stabilize and then enter long positions on dips. The reference operating range for the main contract of Shanghai Gold is 928 - 982 yuan/gram, and for the main contract of Shanghai Silver is 10962 - 11690 yuan/kilogram [4]. - Precious metal prices have found short - term support after a significant decline. The macro environment still has positive factors for gold and silver prices, but from the perspective of positions, they still need to consolidate. Overseas risk aversion has increased, leading to a short - term stabilization of gold prices. Tomorrow evening, the US September CPI data will be released. The US Treasury Secretary expects the CPI to decline next month [2]. 3. Summary According to Related Catalogs 3.1 Market Quotes - On October 23, 2025, Shanghai Gold fell 1.56% to 934.72 yuan/gram, and Shanghai Silver rose 0.04% to 11331.00 yuan/kilogram. COMEX Gold was reported at 4101.80 US dollars/ounce, and COMEX Silver was reported at 48.03 US dollars/ounce. The US 10 - year Treasury yield was 4.02%, and the US dollar index was 98.92 [2]. - Comparing this week with last week, SHFE Gold was at 994.06 yuan/gram, up 5.87%; SHFE Silver was at 11805.00 yuan/kilogram, up 2.36%. COMEX Gold was at 4138.50 US dollars/ounce, down 0.51%; COMEX Silver was at 48.16 US dollars/ounce, down 4.34% [5]. 3.2 Position and Inventory - The positions of gold and silver ETFs were relatively weak due to the impact of price shocks. The SLV Silver ETF position decreased by 79.03 tons to 15597.61 tons yesterday, and the SPDR Gold ETF total position decreased by 6.29 tons to 1052.37 tons [3]. - For COMEX Gold on October 22, 2025, the position (CFTC latest reporting period: weekly) increased by 2.43% to 52.88 million lots, and the inventory decreased by 0.14% to 1212 tons. For COMEX Silver, the position increased by 1.75% to 16.58 million lots, and the inventory decreased by 0.56% to 15584 tons [8]. 3.3 Market News - US President Trump expressed disappointment with ending the negotiation process in Ukraine. The US government announced a significant increase in sanctions against Russia and cancelled the meeting between Trump and Putin, leading to an increase in overseas risk aversion [2]. - The US Treasury Secretary, Baysent, said that energy prices have declined, and he expects the CPI to decline next month. He also mentioned that "the rise in gold prices is helpful to us" [2].