贵金属：贵金属日报2025-11-24-20251124

1. Report's Industry Investment Rating - No information provided about the industry investment rating 2. Core Viewpoints - The expectation of the Fed's loose monetary policy significantly rebounded after the key voting members of the Fed spoke last Friday, and the overseas interest - rate cut cycle will continue, but the further driving force will be concentrated in December. The Fed will hold its last interest - rate meeting of the year and release an economic outlook report on December 10 (local time), and Trump will probably complete the selection of the new Fed chair in late December. Currently, it is recommended to keep the bottom position in precious - metal strategies and mainly wait and see. The reference operating range for the main contract of Shanghai Gold is 896 - 940 yuan/gram, and that for the main contract of Shanghai Silver is 11367 - 12639 yuan/kilogram [3] 3. Summary by Related Catalogs 3.1 Market Quotes - Shanghai Gold rose 0.06% to 935.80 yuan/gram, Shanghai Silver fell 0.43% to 11893.00 yuan/kilogram; COMEX Gold was reported at 4062.80 dollars/ounce, COMEX Silver was reported at 49.66 dollars/ounce; the US 10 - year Treasury yield was reported at 4.06%, and the US Dollar Index was reported at 100.21. In the context of the weak performance of the US stock market, several Fed voting members "rescued the market dovishly" last Friday, which gave relatively strong short - term support to precious - metal prices [2] 3.2 Inventory Changes - As of November 21, the Shanghai Futures Exchange silver inventory decreased by 50.08 tons to 519.3 tons compared with the 17th, and the COMEX silver inventory decreased by 274.73 tons to 14329.5 tons during the same period. The current Shanghai Silver 2512 contract has a premium over the 2602 contract, indicating that the silver demand side in the domestic fourth quarter still has resilience. The COMEX silver inventory continues to decline, but the current overseas spot has not become the main driving force, and the one - month spot implied lease rate of silver has now dropped to 3.93% [3] 3.3 Data Comparison - The report provides a detailed comparison of key gold and silver data on November 21, 2025, and November 20, 2025, including closing prices, trading volumes, open interests, and inventories in different markets such as COMEX, LBMA, SHFE, and AuT + D/AgT + D, and shows the daily changes, daily percentage changes, and historical quantiles of these data [5]