贵金属数据日报-20251113

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On November 12, the main contract of Shanghai gold futures closed up 0.16% to 945.76 yuan/gram, and the main contract of Shanghai silver futures closed up 2.02% to 12,073 yuan/kilogram [5] - The US Senate has officially passed the appropriation bill, and the market generally expects the US government to end the shutdown soon, which may mean that the US Treasury's TGA account will release liquidity. The decrease of 45,000 in the number of private - sector employees in the US in October, the largest decline in two and a half years, boosts the expectation of a Fed rate cut in December. With the dual expectations of fiscal and monetary liquidity easing, precious metal prices still have some support. However, there are still significant differences within the Fed regarding the December rate cut, so the rate - cut rhythm will affect the upward rhythm and short - term space of gold prices. Silver, with a tight supply, performs stronger than gold, and the domestic futures - spot spread has narrowed to near parity, so the silver price is expected to remain relatively strong in the short term. It is recommended to hold long positions or make long - term allocations by buying on dips [6] - In the long - term, the Fed is still in an interest - rate cut cycle. Global geopolitical uncertainties persist, the US debt is unsustainable, and great - power competition intensifies, which will increase the credit risk of the US dollar in the long run. The continuation of gold purchases by global central banks means that the long - term center of gravity of gold prices is likely to continue to rise. Long - term investors are advised to make allocations on dips [6] Group 3: Summary by Relevant Catalogs Price Tracking - Internal and External Market Gold and Silver Prices: On November 12, 2025, London gold spot was at $4,117.87/ounce, London silver spot was at $51.58/ounce, COMEX gold was at $4,123.00/ounce, and COMEX silver was at $51.46/ounce. Compared with November 11, the price of gold decreased by about 0.3%, and the price of silver increased by about 1.7% - 1.8%. The prices of domestic gold and silver futures and spot also changed accordingly, with gold down about 0.3% - 0.4% and silver up about 1.6% - 2.02% [5] - Price Spread/Ratio Tracking: On November 12, 2025, the gold TD - SHFE active price difference was - 2.9 yuan/gram, and the silver TD - SHFE active price difference was 0 yuan/kilogram. Compared with November 11, the gold price spread increased by 9.4%, and the silver price spread decreased by 100.0%. The SHFE gold - silver ratio was 78.34, and the COMEX gold - silver ratio was 80.12, showing a downward trend compared with November 11 [5] Position Data - As of November 11, 2025, the gold ETF - SPDR was 1,046.36 tons, with a 0.41% increase compared with November 10. The silver ETF - SLV was 15,088.6327 tons, with no change. The non - commercial long - position and short - position holdings of COMEX gold and silver also had corresponding changes, with the long - position of COMEX gold increasing by 1.85% and the short - position increasing by 9.43% [5] Inventory Data - On November 12, 2025, the SHFE gold inventory was 89,616.00 kilograms, with no change compared with November 11. The SHFE silver inventory was 583,060.00 kilograms, a 1.49% decrease. The COMEX gold inventory on November 11 was 37,575,140 troy ounces, a 0.41% decrease compared with November 10, and the COMEX silver inventory was 478,558,059 troy ounces, a 0.11% decrease [5] Interest Rate/Exchange Rate/Stock Market - On November 12, 2025, the US dollar/Chinese yuan central parity rate was 7.08, a 0.05% decrease compared with November 11. The US dollar index on November 11 was 99.48, a 0.14% decrease compared with November 10. The yields of 2 - year and 10 - year US Treasuries decreased, and the VIX index decreased by 1.82%, while the S&P 500 index increased by 0.21%, and NYMEX crude oil increased by 1.65% [5]