贵金属数据日报-20251027

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - In the short - term, due to the mixed influence of factors such as inflation data, economic indicators, and geopolitical events, precious metals are expected to show a volatile trend. It is recommended to pay attention to events like the Fed's October interest - rate decision, China - US economic and trade negotiations, and whether there will be a meeting between the Chinese and US presidents at the APEC Summit. For silver, the progress of physical silver in London should be continuously monitored [6]. - In the long - term, factors such as potential Fed rate cuts, global geopolitical uncertainties, unsustainable US debt, and intensified great - power competition will increase the credit risk of the US dollar. With the continuation of central bank gold purchases, the long - term center of gold prices is likely to move upward. Long - term investors are advised to buy on dips [6]. 3. Section - by - Section Summaries 3.1 Price Tracking - Precious Metal Prices: On October 24, 2025, compared with October 23, London gold spot price dropped 0.5% to $4091.85 per ounce, London silver spot price fell 1.7% to $48.30 per ounce. COMEX gold price decreased 0.5% to $4107.30 per ounce, and COMEX silver price declined 1.1% to $47.99 per ounce. The prices of domestic gold and silver futures and spot also showed varying degrees of decline [5]. - Price Spreads and Ratios: The gold TD - SHFE active price spread increased 32.2% to - 1.97 yuan/gram, and the silver TD - SHFE active price spread rose 5.0% to - 21 yuan/kg. The gold and silver price ratios of SHFE and COMEX also showed slight increases [5]. 3.2 Position Data - ETF Holdings: On October 24, 2025, compared with October 23, the gold ETF - SPDR holdings decreased 0.52% to 1046.93 tons, and the silver ETF - SLV holdings dropped 0.32% to 15419.8141 tons [5]. - COMEX Non - commercial Positions: The non - commercial long positions of COMEX gold increased 1.85% to 332808 contracts, and the non - commercial short positions increased 9.43% to 66059 contracts. For COMEX silver, the non - commercial long positions rose 0.97% to 72318 contracts, and the non - commercial short positions decreased 0.21% to 20042 contracts [5]. 3.3 Inventory Data - SHFE Inventories: On October 24, 2025, compared with October 23, the SHFE gold inventory remained unchanged at 87015 kg, and the SHFE silver inventory increased 0.24% to 664971 kg [5]. - COMEX Inventories: The COMEX gold inventory decreased 0.21% to 38877087 troy ounces, and the COMEX silver inventory declined 0.21% to 496946989 troy ounces [5]. 3.4 Interest Rates, Exchange Rates, and Stock Market Data - Interest Rates and Exchange Rates: On October 24, 2025, compared with October 23, the US dollar/Chinese yuan central parity rate increased 0.01% to 7.09, the US dollar index rose 0.01% to 98.94, the 2 - year US Treasury yield remained unchanged at 3.48%, and the 10 - year US Treasury yield increased 0.25% to 4.02% [5]. - Stock Market and Commodity Market: The VIX index decreased 5.38% to 16.37, the S&P 500 index rose 0.79% to 6791.69, and the NYMEX crude oil price decreased 0.50% to $61.44 per barrel [5]. 3.5 Market Review - On October 24, the main contract of Shanghai gold futures rose 0.43% to 938.1 yuan/gram, and the main contract of Shanghai silver futures fell 0.15% to 11332 yuan/kg [5].