贵金属数据日报-20251124

Group 1: Report Overview - Report Name: Precious Metals Data Daily [4] - Date: November 24, 2025 [5] - Research Center: Precious Metals and New Energy Research Center [5] - Analyst: Bai Suna [5] - Investment Consulting Number: Z0013700 [5] - Qualification Number: F3023916 [5] Group 2: Price Tracking Gold and Silver Prices - On November 21, 2025, the prices of London Gold Spot, London Silver Spot, COMEX Gold, COMEX Silver, AU2512, AG2512, AU (T+D), and AG (T+D) were $4030.46/oz, $49.40/oz, $4027.40/oz, $48.94/oz, 924.00 yuan/g, 11696.00 yuan/kg, 921.93 yuan/g, and 11685.00 yuan/kg respectively [5] - Compared with November 20, 2025, the price changes were -0.9%, -3.4%, -1.0%, -3.7%, -0.9%, -2.9%, -0.9%, and -2.9% respectively [5] Price Spreads and Ratios - On November 21, 2025, the gold TD - SHFE active price spread was -2.07 yuan/g, and the silver TD - SHFE active price spread was -11 yuan/kg [5] - The price changes compared with November 20, 2025 were -12.3% and 83.3% respectively [5] Group 3: Position and Inventory Data Position Data - As of November 21, 2025, the holdings of Gold ETF - SPDR and Silver ETF - SLV were 1040.57 tons and 15257.9153 tons respectively [5] - The changes compared with November 20, 2025 were 0.11% and 0.07% respectively [5] Inventory Data - On November 21, 2025, the SHFE gold inventory and SHFE silver inventory were 90426.00 kg and 519271.00 kg respectively [5] - The changes compared with November 20, 2025 were 0.00% and -2.96% respectively [5] Group 4: Interest Rates, Exchange Rates, and Stock Market - On November 21, 2025, the USD/CNY central parity rate was 7.09, the US Dollar Index was 100.15, the 2 - year US Treasury yield was 3.51%, and the 10 - year US Treasury yield was 4.06% [5] - Compared with November 20, 2025, the changes were -0.04%, -0.07%, -1.13%, and -0.98% respectively [5] Group 5: Market Review - On November 21, the main contract of Shanghai gold futures closed down 1.4% to 926.94 yuan/g, and the main contract of Shanghai silver futures closed down 3.7% to 11680 yuan/kg [5] Group 6: Influencing Factors Analysis - The Fed's October meeting minutes revealed internal differences on December rate cuts. The non - release of US October non - farm payrolls and CPI data led to a sharp drop in the probability of a December rate cut, which was negative for precious metal prices. However, Fed officials' remarks on Friday night eased the liquidity tightening risk, and precious metal prices rebounded [6] - Russia's central bank's sale of physical gold reserves under Western sanctions initially pressured gold prices, but the impact on international gold prices may be limited. Most central banks globally still maintain net gold purchases, providing long - term support for gold prices [6] - If progress is made in the Russia - Ukraine peace process, it may temporarily suppress precious metal prices [6] - US economic data shows that the economy has resilience but also faces downward risks [6] - Silver prices follow gold prices, but tight domestic spot supply and falling inventory may limit the downside space [6] Group 7: Strategy Outlook - In the short term, precious metal prices may remain volatile at high levels. It is recommended to buy on dips or sell out - of - the - money options [6] - In the long term, the Fed is in a rate - cut cycle, and factors such as global geopolitical uncertainty, unsustainable US debt, and intensified great - power competition will increase the risk of the US dollar's credit. The long - term trend of gold prices is likely to rise, and long - term investors are advised to buy on dips [6]