贵金属日报：贵金属-20251107

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The release of the Fed's loose monetary policy expectations still requires a certain period. The Fed Chairman has explained balance - sheet expansion. The October FOMC meeting signaled that a December rate cut remains uncertain while strengthening the subsequent "rate cut + balance - sheet expansion" monetary policy approach. In the loose monetary policy cycle, combined with potential spot shortages, it is recommended to buy silver on dips. The reference operating range for the main contract of Shanghai Gold is 880 - 966 yuan/gram, and that for the main contract of Shanghai Silver is 11001 - 12366 yuan/kilogram [4] Group 3: Summary According to Related Catalogs Market Quotes - Shanghai Gold rose 0.06% to 915.24 yuan/gram, Shanghai Silver rose 0.11% to 11359.00 yuan/kilogram; COMEX Gold was reported at 3984.80 dollars/ounce, COMEX Silver at 47.85 dollars/ounce; the US 10 - year Treasury yield was reported at 4.11%, and the US dollar index at 99.72 [2] - The Fed's hawkish voting member expressed concerns about inflation and even signaled a rate hike. Gold and silver prices rose and then fell, remaining in a short - term trading range [2] Fed Officials' Speeches - 2026 FOMC voting member and hawkish official Hamark emphasized inflation risks in her speech early today. She believes that monetary policy may not be well - prepared to deal with the current inflation level, and the current economic environment is not conducive to further rate cuts. She also said that the Fed does not need to raise rates to combat inflationary pressures, but admitted that this view "may change" [2] - New York Fed President Williams said that the neutral interest rate is difficult to estimate, showing 1% at the model level. He also emphasized the tenacity of inflation and believes it is right to bring inflation down to 2% as soon as possible [3] - Fed Governor Milan continued to state that a 50 - basis - point rate cut is reasonable and expects the Fed to cut rates further in December [3] Gold and Silver Data - COMEX Gold: The closing price of the active contract was 3984.80 dollars/ounce (down 0.14% from the previous day), the trading volume was 18.36 million lots (up 6.90%), the open interest was 52.88 million lots (up 2.43%), and the inventory was 1177 tons (down 0.09%) [6] - LBMA Gold: The closing price was 3986.50 dollars/ounce (up 0.46%) [6] - SHFE Gold: The closing price of the active contract was 917.80 yuan/gram (up 0.61%), the trading volume was 32.39 million lots (down 30.13%), the open interest was 33.62 million lots (up 0.61%), the inventory was 87.82 tons (unchanged), and the settled funds were 493.66 billion yuan (up 1.22%) [6] - AuT + D: The closing price was 917.51 yuan/gram (up 0.88%), the trading volume was 40.59 tons (down 31.84%), and the open interest was 254.88 tons (down 0.20%) [6] - COMEX Silver: The closing price of the active contract was 47.85 dollars/ounce (down 0.03%), the open interest was 16.58 million lots (up 1.75%), and the inventory was 14975 tons (unchanged) [6] - LBMA Silver: The closing price was 48.69 dollars/ounce (up 2.26%) [6] - SHFE Silver: The closing price of the active contract was 11427.00 yuan/kilogram (up 1.34%), the trading volume was 102.78 million lots (down 26.10%), the open interest was 68.88 million lots (up 1.19%), the inventory was 639.94 tons (down 2.47%), and the settled funds were 212.52 billion yuan (up 2.55%) [6] - AgT + D: The closing price was 11421.00 yuan/kilogram (up 1.61%), the trading volume was 460.06 tons (down 9.58%), and the open interest was 4303.142 tons (up 0.55%) [6]