Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-11-11 03:09Report Industry Investment Rating - Not provided in the content Core Viewpoints - The price of precious metals is expected to continue rising in the medium and long term due to central bank gold purchases and increasing investment demand. In the short term, precious metals have strengthened. For London gold, the resistance level is at 4150, and the support level is between 4000 - 4050. For silver, the support level is between 49.5 - 50, and the resistance level is at 52.5 [5] Summary by Relevant Catalogs Market Review - On Monday, precious metal prices rose strongly. The potential end of the US government shutdown alleviated the current shortage of market liquidity and supported the Fed's December interest rate cut expectation. COMEX Gold 2512 contract closed at $4123.4 per ounce, up 2.83%; US Silver 2512 contract closed at $50.405 per ounce, up 4.7%. SHFE Gold 2512 main contract closed at 935.98 yuan per gram, up 2%; SHFE Silver 2512 contract closed at 11719 yuan per kilogram, up 2.85% [2] Interest Rate Cut Expectation and Fund Holdings - According to CME "FedWatch" data, the probability that the Fed will keep the interest rate unchanged on December 11 is 35.9%, and the probability of a 25 - basis - point cut is 64.1%. The long - term SPDR Gold ETF holdings remained at 1042.06 tons, and iShares Silver ETF holdings remained at 15088.63 tons. SHFE silver inventory decreased by 14 tons to 610 tons, and SGX silver inventory decreased by 74.9 tons to 830.33 tons in the week ending October 31 [3] This Week's Focus - In terms of data, focus on the US CPI report on Thursday evening. In terms of events, on Wednesday, FOMC permanent voter and New York Fed President Williams will speak at 22:20; 2026 FOMC voter and Philadelphia Fed President Paulson will speak on fintech at 23:00; US Treasury Secretary Bessent will speak at 23:45. On Friday, 2025 FOMC voter and St. Louis Fed President Musalem will speak on monetary policy at 01:15; 2026 FOMC voter and Cleveland Fed President Hamark will participate in a fireside chat at 01:20; 2025 FOMC voter and Kansas City Fed President Schmid will speak on economic outlook and monetary policy at 23:05. On Saturday, 2026 FOMC voter and Dallas Fed President Logan will participate in a fireside chat at 03:30 [4] Precious Metal Spot and Futures Price Table - SHFE Gold Main Continuous contract is at 935.98 yuan per gram, up 1.6%; SGX Gold TD is at 933.02 yuan per gram, up 1.68%. CME Gold Main contract is at $4123.4 per ounce, up 2.88%. SHFE Silver Main Continuous contract is at 11719 yuan per kilogram, up 2.05%; SGX Silver TD is at 11726 yuan per kilogram, up 2.14%; CME Silver Main contract is at $50.405 per ounce, up 4.52%. SHFE - TD Gold is at 2.96 yuan per gram, down 18.23%; SHFE - TD Silver is at - 7 yuan per kilogram, down 33.33%. CME Gold - Silver Ratio is at 81.8054, down 1.57% [6][7] Inventory and Position Table - SHFE Gold inventory is 89616 kilograms, unchanged; CME Gold inventory is 1173.5181 tons, unchanged; SHFE Gold position is 136657 lots, down 3 lots. SPDR Gold position is 1042.06 tons, unchanged. SHFE Silver inventory is 609.978 tons, down 2.1%; CME Silver inventory is 14901.8329 tons, down 0.21%; SGX Silver inventory is 830.31 tons, down 8.28%; SHFE Silver position is 243217 lots, down 0.94%. SLV Silver position is 15088.632696 tons, unchanged [16] Stock, Bond, and Commodity Summary - The US Dollar Index is at 99.6233, up 0.08%; the US Dollar against the Chinese Yuan is at 7.1232, up 0.03%. The Dow Jones Industrial Average is at 47368.63 points, up 0.81%. WTI crude oil spot is at $59.75 per barrel, up 0.54%. LmeS Copper 03 is at $10874.5 per ton, up 1.68%. The 10 - year US Treasury yield is at 4.13%, up 0.49%; the 10 - year US real interest rate is at 1.84%, up 0.55%; the 10 - 2 year US Treasury yield spread is at 0.56%, up 3.7% [22]