贵金属：贵金属日报-20251118

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The dovish statements of Federal Reserve officials such as Waller and Jefferson have strengthened the market's expectation of the Fed's subsequent interest rate cuts, which will support the short - term prices of gold and silver [2] - The Fed's balance - sheet expansion cycle is still in the early "information transmission" stage, with significant room for interest rate cuts. It's expected that the expansion cycle will gradually start after the Fed officially ends the balance - sheet contraction in December [3] - Despite the pull - back of gold and silver prices, the upward drivers remain unchanged. The Fed is about to enter a balance - sheet easing cycle, and silver demand in the fourth quarter is resilient. It is recommended to wait for the prices to stabilize after a pull - back and then go long on silver. The reference operating range for the main contract of Shanghai Gold is 903 - 982 yuan/gram, and for Shanghai Silver is 11534 - 12639 yuan/kilogram [4] 3. Summary According to Related Catalogs 3.1 Market Quotes - Shanghai gold rose 0.04% to 931.24 yuan/gram, and Shanghai silver fell 0.17% to 11983.00 yuan/kilogram; COMEX gold was reported at 4045.10 US dollars/ounce, and COMEX silver was reported at 50.05 US dollars/ounce; the US 10 - year Treasury yield was 4.13%, and the US dollar index was 99.53 [2] 3.2 Key Data of Gold and Silver | Category | Indicator | Unit | 2025 - 11 - 17 Value | 2025 - 11 - 14 Value | Daily Change | Daily Percentage Change | One - Year Historical Quantile | | --- | --- | --- | --- | --- | --- | --- | --- | | Gold | COMEX Closing Price (Active Contract) | US dollars/ounce | 4045.10 | 4084.40 | Down | - 0.96% | 93.25% | | | COMEX Volume | Ten thousand lots | 23.13 | 33.25 | Down | - 30.43% | 72.61% | | | COMEX Gold Open Interest (CFTC Latest Report Period: Weekly) | Ten thousand lots | 52.88 | 51.62 | Up | 2.43% | 79.24% | | | COMEX Gold Inventory | Tons | 1161 | 1163 | Down | - 0.17% | 31.34% | | | LBMA Gold Closing Price | US dollars/ounce | 4072.50 | 4071.10 | Up | 0.03% | 94.46% | | | SHFE Gold Closing Price (Active Contract) | Yuan/gram | 929.46 | 953.20 | Down | - 2.49% | 93.44% | | | SHFE Gold Volume | Ten thousand lots | 72.49 | 53.01 | Up | 36.74% | 89.75% | | | SHFE Gold Open Interest | Ten thousand lots | 33.97 | 34.76 | Down | - 2.27% | 6.14% | | | SHFE Gold Inventory | Tons | 90.43 | 90.43 | Flat | 0.00% | 98.77% | | | SHFE Gold Precipitated Funds | Hundred million yuan | 505.17 | 530.11 | Outflow | - 4.71% | 47.95% | | | AuT + D Closing Price | Multi - pay - short | 930.22 | 947.98 | Down | - 1.87% | 93.44% | | | AuT + D Volume | Tons | 82.07 | 45.92 | Up | 78.71% | 95.90% | | | AuT + D Open Interest | Tons | 232.23 | 233.17 | Down | - 0.41% | 89.34% | | Silver | COMEX Closing Price (Active Contract) | US dollars/ounce | 50.05 | 50.40 | Down | - 0.69% | 95.08% | | | COMEX Silver Open Interest (CFTC Latest Report Period: Weekly) | Ten thousand lots | 16.58 | 16.30 | Up | 1.75% | 77.35% | | | COMEX Silver Inventory | Tons | 14604 | 14795 | Down | - 1.29% | 35.71% | | | LBMA Silver Closing Price | US dollars/ounce | 51.06 | 52.01 | Down | - 1.84% | 95.65% | | | SHFE Silver Closing Price (Active Contract) | Yuan/kilogram | 11933.00 | 12351.00 | Down | - 3.38% | 97.13% | | | SHFE Silver Volume | Ten thousand lots | 279.16 | 237.80 | Up | 17.39% | 97.13% | | | SHFE Silver Open Interest | Ten thousand lots | 71.32 | 76.30 | Down | - 6.52% | 17.21% | | | SHFE Silver Inventory | Tons | 569.36 | 576.89 | Down | - 1.31% | 0.40% | | | SHFE Silver Precipitated Funds | Hundred million yuan | 229.78 | 254.43 | Outflow | - 9.69% | 82.37% | | | AgT + D Closing Price | Short - pay - multi | 11970.00 | 12326.00 | Down | - 2.89% | 97.54% | | | AgT + D Volume | Tons | 759.03 | 800.16 | Down | - 5.14% | 87.70% | | | AgT + D Open Interest | Tons | 4091.434 | 4040.198 | Up | 1.27% | 85.24% | [6]