贵金属：贵金属日报2025-11-13-20251113

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the context of liquidity repair and the further deepening of expectations for the Fed's loose monetary policy, the prices of gold and silver continued their strong performance. After the news of Bostic's retirement was announced, the prices of gold and silver showed strength. The House of Representatives will vote on a bill to end the government shutdown today, and the U.S. government is likely to reopen. The funds released from the Treasury's general account will have a positive impact on market liquidity and also support the prices of precious metals [2][3]. - Since the Fed's current easing cycle is still in its early stage, the strategy suggests buying silver on dips as it will benefit more. There is still room for the gold - silver ratio to repair downward. The reference operating range for the main contract of Shanghai gold is 937 - 1001 yuan/gram, and for the main contract of Shanghai silver is 11734 - 13000 yuan/kilogram [4]. 3. Summary According to Relevant Catalogs 3.1 Market Quotes - Shanghai gold rose 1.78% to 963.32 yuan/gram, and Shanghai silver rose 4.81% to 12508.00 yuan/kilogram. COMEX gold was reported at 4201.40 dollars/ounce, and COMEX silver at 53.23 dollars/ounce. The U.S. 10 - year Treasury yield was reported at 4.08%, and the U.S. dollar index at 99.49 [2]. 3.2 Key Data Changes - Gold: The closing price of the active COMEX gold contract rose 1.65% to 4201.40 dollars/ounce, the trading volume rose 16.05% to 27.80 million lots, and the open interest rose 2.43% to 52.88 million lots. The inventory decreased by 0.08% to 1168 tons. The closing price of LBMA gold rose 0.33% to 4136.75 dollars/ounce. The closing price of the active SHFE gold contract decreased by 0.33% to 945.76 yuan/gram, the trading volume decreased by 8.42% to 41.88 million lots, and the open interest decreased by 0.20% to 35.50 million lots. The inventory remained unchanged at 89.62 tons, and the settled funds decreased by 0.53% to 537.13 billion yuan. The closing price of Au(T + D) decreased by 0.23% to 944.31 yuan/gram, the trading volume decreased by 18.05% to 51.67 tons, and the open interest decreased by 2.35% to 243.14 tons [6]. - Silver: The closing price of the active COMEX silver contract rose 4.22% to 53.23 dollars/ounce, and the open interest rose 1.75% to 16.58 million lots. The inventory decreased by 0.08% to 14873 tons. The closing price of LBMA silver rose 0.58% to 51.54 dollars/ounce. The closing price of the active SHFE silver contract rose 1.62% to 12073.00 yuan/kilogram, the trading volume rose 8.09% to 148.10 million lots, and the open interest rose 3.56% to 75.12 million lots. The inventory decreased by 1.49% to 583.06 tons, and the settled funds rose 5.25% to 244.86 billion yuan. The closing price of Ag(T + D) rose 1.91% to 12092.00 yuan/kilogram, the trading volume rose 20.04% to 870.43 tons, and the open interest decreased by 3.91% to 4077.296 tons [6]. 3.3 Graphical Data - Multiple graphs show the relationships between precious metal prices, trading volumes, open interests, exchange rates, and other factors over different time periods, including the relationships between COMEX gold price and the U.S. dollar index, COMEX gold price and real interest rate, Shanghai gold price and trading volume, etc. [8][11][16] 3.4 Internal - External Price Differences - On November 12, 2025, the SHFE - COMEX gold price difference was - 19.38 yuan/gram (- 84.68 dollars/ounce), and the SGE - LBMA gold price difference was - 18.04 yuan/gram (- 78.88 dollars/ounce). The SHFE - COMEX silver price difference was - 142.21 yuan/kilogram (- 0.62 dollars/ounce), and the SGE - LBMA silver price difference was - 86.84 yuan/kilogram (- 0.38 dollars/ounce) [49].