贵金属数据日报-20251024

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - In the short - term, after a significant adjustment, precious metal prices are recovering. Due to the cancellation of the US - Russia summit increasing geopolitical uncertainties and the upcoming Fed rate cut in October. However, considering the upcoming China - US trade consultations and the decline in the London silver lease rate, and the end of the historic rally since late August, gold and silver are expected to maintain a wide - range oscillation. But the long - term bullish logic for precious metals remains unchanged, and a long - term strategy of buying on dips is recommended. Today, attention should be paid to the US CPI data [6]. - In the long - term, the Fed still has room for rate cuts this year, global geopolitical uncertainties persist, the unsustainable US debt and intensified great - power competition will increase the credit risk of the US dollar in the long run, and global central bank gold purchases continue. So, the long - term center of gold prices is likely to move up, and long - term investors are advised to buy on dips [6]. 3. Summary by Relevant Catalogs 3.1 Price Tracking - 15 - point price on October 23, 2025: London gold spot was at $4113.55 per ounce, London silver spot at $49.12 per ounce, COMEX gold at $4127.90 per ounce, COMEX silver at $48.54 per ounce, AU2512 at 942.28 yuan per gram, AG2512 at 11467 yuan per kilogram, AU (T + D) at 940.79 yuan per gram, and AG (T + D) at 11447 yuan per kilogram. Compared with October 22, 2025, the price changes were - 1.0%, - 0.1%, - 0.9%, 0.1%, - 1.1%, 0.6%, - 1.0%, and 0.5% respectively [5]. - Spread/ratio on October 23, 2025: Gold TD - SHFE active spread was - 1.49 yuan per gram, silver TD - SHFE active spread was - 20 yuan per kilogram, gold internal - external spread (TD - London) was 2.87 yuan per gram, silver internal - external spread (TD - London) was - 1068 yuan per kilogram, SHFE gold - silver ratio was 82.17, COMEX gold - silver ratio was 85.05, AU2602 - 2512 was 2.74 yuan per gram, and AG2602 - 2512 was 14 yuan per kilogram. Compared with October 22, 2025, the changes were - 35.5%, 53.8%, 5.9%, - 5.7%, - 1.6%, - 1.1%, 7.0%, and 7.7% respectively [5]. 3.2 Position Data - As of October 22, 2025: Gold ETF - SPDR was 1052.37 tons, silver ETF - SLV was 15597.6132 tons, COMEX gold non - commercial long positions were 332808 contracts, non - commercial short positions were 66059 contracts, non - commercial net long positions were 266749 contracts, COMEX silver non - commercial long positions were 72318 contracts, non - commercial short positions were 20042 contracts, and non - commercial net long positions were 52276 contracts. Compared with October 21, 2025, the changes were - 0.59%, - 0.50%, 1.85%, 9.43%, 0.13%, 0.97%, - 0.21%, and 1.43% respectively [5]. 3.3 Inventory Data - On October 23, 2025: SHFE gold inventory was 87015 kilograms (unchanged from October 22, 2025), SHFE silver inventory was 663366 kilograms (down 4.09% from October 22, 2025). COMEX gold inventory on October 22, 2025, was 38968027 troy ounces (down 0.14% from October 21, 2025), and COMEX silver inventory on October 22, 2025, was 501026992 troy ounces (down 0.56% from October 21, 2025) [5]. 3.4 Interest Rate/Exchange Rate/Stock Market Data - On October 23, 2025: The US dollar/Chinese yuan central parity rate was 7.09 (down 0.05% from October 22, 2025), the US dollar index on October 22, 2025, was 98.91 (down 0.06% from October 21, 2025), the 2 - year US Treasury yield was 3.45% (unchanged), the 10 - year US Treasury yield was 3.97% (down 0.25% from October 21, 2025), VIX was 18.60 (up 4.09% from October 21, 2025), the S&P 500 was 6699.40 (down 0.53% from October 21, 2025), and NYMEX crude oil was $59.38 per barrel (up 3.13% from October 21, 2025) [5]. 3.5 Market Review - On October 23, 2025, the main contract of Shanghai gold futures closed down 0.77% at 942.28 yuan per gram, and the main contract of Shanghai silver futures closed up 1.24% at 11467 yuan per kilogram [5].