贵金属数据日报-20251125

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - In the short - term, with the ongoing debate about the Fed's December rate cut, precious metal prices are likely to maintain high - level volatility. It is recommended to focus on the economic data released by the US. The strategy is to buy on dips or sell out - of - the - money put options. - In the long - term, as the Fed remains in the rate - cut cycle, global geopolitical uncertainties persist, the US debt is unsustainable, and great - power competition intensifies, the credit risk of the US dollar will increase. With the continued gold purchases by global central banks, the long - term center of gold prices is likely to continue to rise. Long - term investors are advised to allocate by buying on dips [4]. 3. Summary by Related Content Price Tracking - Precious Metal Prices: On November 24, 2025, compared with November 21, London Gold Spot was at $4054.27/ounce (up 0.6%), London Silver Spot was at $49.88/ounce (up 1.0%), COMEX Gold was at $4050.80/ounce (up 0.6%), COMEX Silver was at $49.52/ounce (up 1.2%), AU2512 was at 927.36 yuan/gram (up 0.4%), AG2512 was at 11810 yuan/kg (up 1.0%), AU (T + D) was at 926.00 yuan/gram (up 0.4%), and AG (T + D) was at 11803 yuan/kg (up 1.0%) [3]. - Price Spreads/Ratios: From November 21 to November 24, 2025, the spread of gold TD - SHFE active price decreased by 34.3%, the spread of silver TD - SHFE active price decreased by 36.4%, the spread of gold TD - London decreased by 28.2%, the spread of silver TD - London increased by 0.1%, the SHFE gold - silver ratio decreased by 0.6%, the COMEX gold - silver ratio decreased by 0.6%, the spread of AU2602 - 2512 increased by 0.7%, and the spread of AG2602 - 2512 decreased by 87.5% [3]. Position Data - As of November 21, 2025, compared with November 20, the gold ETF - SPDR was 1040.57 tons (up 0.11%), the silver ETF - SLV was 15257.9153 tons (up 0.07%), the non - commercial long positions of COMEX gold decreased by 5.65%, the non - commercial short positions increased by 4.47%, the non - commercial net long positions decreased by 8.28%, the non - commercial long positions of COMEX silver decreased by 3.42%, the non - commercial short positions increased by 5.55%, and the non - commercial net long positions decreased by 7.08% [3]. Inventory Data - On November 24, 2025, compared with November 21, the SHFE gold inventory was 90426.00 kg (unchanged), the SHFE silver inventory was 532299.00 kg (up 2.51%). From November 21 to November 20, the COMEX gold inventory decreased by 0.47% to 36764181 troy ounces, and the COMEX silver inventory decreased by 0.26% to 460702562 troy ounces [3]. Other Market Data - From November 21 to November 24, 2025, the US dollar index decreased by 0.04% to 100.15, the 10 - year US Treasury yield decreased by 0.98% to 3.51%, the 2 - year US Treasury yield decreased by 11.32% to 4.06%, the US dollar/Chinese yuan central parity rate decreased by 0.07% to 7.08, the VIX decreased by 1.13% to 23.43, the S&P 500 increased by 0.98% to 6602.99, and NYMEX crude oil decreased by 1.33% to 57.98 [4]. Market Analysis - Market Review: On November 24, the main contract of Shanghai gold futures closed down 0.52% to 930.32 yuan/gram, and the main contract of Shanghai silver futures closed down 1.14% to 11808 yuan/kg [4]. - Influencing Factors: Fed officials soothed the market, saying that further rate cuts were expected in the future, and the expectation of a December rate cut rebounded, supporting precious metal prices. However, the Russian central bank's sale of physical gold, the US' 28 - point plan, and the joint statement of the US and Ukraine may ease the geopolitical tensions between Russia and Ukraine, suppressing precious metal prices. For silver, in addition to its absolute price following the gold price trend, the tight domestic spot market may limit the downside space of silver prices, and the futures term structure may be maintained after turning into a B - structure [4].