贵金属：贵金属日报-20251128

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints of the Report - The current focus of the precious metals market is the subsequent personnel changes at the Federal Reserve and the resulting monetary policy expectations, making gold and silver prices prone to rise and difficult to fall [1] - If Hassett is officially nominated as the new Federal Reserve Chairman next month, the market will further trade the impact of the weakened independence and influence of the Federal Reserve on the US dollar's credit [2] - The expectation of the Federal Reserve's loose monetary policy has significantly rebounded after the speeches of key voting members of the Fed, and the overseas interest - rate cut cycle will continue. The further driving force will be concentrated in December. It is recommended to buy on dips in the precious metals strategy [3] 3. Summary According to Related Contents Market Quotes - On November 28, 2025, Shanghai gold rose 0.02% to 946.90 yuan/g, Shanghai silver rose 1.29% to 12,490.00 yuan/kg; COMEX gold was reported at 4,194.00 US dollars/ounce, COMEX silver was reported at 53.82 US dollars/ounce; the US 10 - year Treasury yield was reported at 4%, and the US dollar index was reported at 99.53 [1] Federal Reserve Personnel and Policy Expectations - Foreign media reported that Hassett, the current director of the White House Economic Council, is the most popular candidate for the next Federal Reserve Chairman. His appointment would bring Trump's intentions into the Federal Reserve, greatly impacting its monetary policy independence. He said this month that he would cut interest rates if he were the Fed Chairman now [2] - Trump's policy team members, US Treasury Secretary Bessent and current Fed Governor Milan, expressed the need for the Fed to conduct "natural balance - sheet reduction" while buying US Treasuries, aiming to weaken the Fed's influence on the economy [2] - The CME interest - rate observer shows that the market expects an 86.9% probability of a 25 - basis - point interest - rate cut at the Fed's December meeting and a 13.1% probability of keeping the interest rate unchanged [2] Strategy Suggestions - The expectation of the Federal Reserve's loose monetary policy has significantly rebounded, and the overseas interest - rate cut cycle will continue. The further driving force will be concentrated in December. On December 10, the Fed will hold its last interest - rate meeting of the year and release an economic outlook report. Trump will probably complete the selection of the new Fed Chairman in late December [3] - It is recommended to buy on dips in the precious metals strategy. The reference operating range for the main contract of Shanghai gold is 917 - 967 yuan/g, and for the main contract of Shanghai silver is 12,036 - 13,000 yuan/kg [3] Data Summary - For gold on November 27, 2025, compared with the previous day, COMEX gold's closing price, trading volume, and open interest increased, while inventory decreased slightly; LBMA gold's closing price increased; SHFE gold's closing price, open interest, and precipitation funds increased, while trading volume decreased; AuT + D's closing price and open interest increased, while trading volume decreased [5] - For silver on November 27, 2025, compared with the previous day, COMEX silver's closing price, open interest, and trading volume increased, while inventory decreased; LBMA silver's closing price increased; SHFE silver's closing price, open interest, trading volume, and precipitation funds increased, while inventory increased; AgT + D's closing price and trading volume increased, while open interest decreased [5]