贵金属日报-20251121

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - In the context of hawkish statements from Fed officials and better - than - expected non - farm payroll data, the market's expectation of a further interest rate cut by the Fed in December has weakened. However, the trend of a weakening US labor market remains unchanged, and further easing by the Fed is just a matter of time. - Currently, it is recommended to enter long silver positions on dips. The reference operating range for the main contract of SHFE gold is 903 - 982 yuan/gram, and for the main contract of SHFE silver is 11534 - 12639 yuan/kilogram [3]. 3. Summary by Related Catalogs 3.1 Market Quotes - On November 21, 2025, SHFE gold fell 0.66% to 933.90 yuan/gram, and SHFE silver fell 1.34% to 11967.00 yuan/kilogram. COMEX gold was reported at 4076.70 dollars/ounce, and COMEX silver at 50.36 dollars/ounce. The US 10 - year Treasury yield was 4.1%, and the US dollar index was 100.23 [2]. - The September non - farm payroll employment change in the US was 119,000, higher than the expected 50,000 and the revised previous value of - 22,000. But considering the previous revisions, the September employment data did not show an improvement in the US labor market. Except for healthcare and hospitality, the new employment in the service industry was poor, and employment in goods production relied on real estate. The main contributors to the new non - farm payrolls were healthcare (+59,000), hospitality (+47,000), government (+22,000), and construction (+19,000). The government employment sub - item will not support the combined non - farm data for October and November. The construction industry improved in September, but it is difficult to support overall employment in quantity like the service industry. Manufacturing employment decreased by 6,000, and all sub - items declined, continuing the weak performance in August. The number of people unemployed for more than 15 weeks reached 3.105 million, the highest since 2022. The new employment in the information manufacturing (IT industry) was 0, slightly better than the previous decline of 700 [2]. 3.2 Gold and Silver Data - COMEX Gold: The closing price of the active contract was 4076.70 dollars/ounce, down 0.04% from the previous day. The trading volume was 26.69 million lots, up 16.83%. The open interest was 49.37 million lots, down 6.63%. The inventory was 1149 tons, down 0.09% [5]. - LBMA Gold: The closing price was 4090.60 dollars/ounce, down 0.88% [5]. - SHFE Gold: The closing price of the active contract was 932.56 yuan/gram, down 0.47%. The trading volume was 54.02 million lots, up 10.99%. The open interest was 33.20 million lots, down 1.08%. The inventory was 90.43 tons, unchanged. The settled funds were 49.54 billion yuan, out - flowed 1.55% [5]. - COMEX Silver: The closing price of the active contract was 50.36 dollars/ounce, down 1.39%. The open interest was 16.38 million lots, down 1.19%. The inventory was 14367 tons, down 0.13% [5]. - LBMA Silver: The closing price was 50.85 dollars/ounce, down 2.60% [5]. - SHFE Silver: The closing price of the active contract was 12,050.00 yuan/kilogram, down 0.81%. The trading volume was 258.09 million lots, up 32.77%. The open interest was 74.14 million lots, up 1.91%. The inventory was 535.09 tons, down 2.30%. The settled funds were 24.122 billion yuan, in - flowed 1.09% [5]. 3.3 Price Structure and Spread - Gold: In the COMEX gold near - far month structure, and the spreads between London gold and COMEX gold, SHFE gold and COMEX gold, and SGE gold and LBMA gold were analyzed. For example, on November 20, 2025, the SHFE - COMEX spread for gold was - 0.95 dollars/ounce, and the SGE - LBMA spread was - 7.57 dollars/ounce [5][51]. - Silver: In the COMEX silver near - far month structure, and the spreads between London silver and COMEX silver, SHFE silver and COMEX silver, and SGE silver and LBMA silver were analyzed. On November 20, 2025, the SHFE - COMEX spread for silver was 2.28 dollars/ounce, and the SGE - LBMA spread was 1.92 dollars/ounce [5][51].