贵金属期货周报-20251128

Report Title - Weekly Report on Precious Metal Futures - November 28, 2025 [1] Core Views Gold AU - Trade war and economic recession curb consumption demand for gold and silver jewelry; precious metal demand comes from sovereign funds' de-dollarization [2]. - US interest rate cuts, dollar depreciation, and lower yield curves support precious metals; domestic gold warehouse receipts rise, US gold warehouse receipts fall, and domestic and foreign silver warehouse receipts drop sharply [2]. Silver AG - Similar to gold, trade war and economic recession impact jewelry consumption; demand from de - dollarization and interest - rate factors support prices; changes in warehouse receipts are the same as gold [4] Summary by Directory One - week Policy and Fundamental Review - Europe proposed a counter - proposal including US protection, Ukraine's non - military recovery of occupied territories, and conditions for Ukraine's NATO membership [9]. - Fed officials' views on interest rate cuts vary; some see room for cuts, others are cautious about December cuts but expect future cuts [9]. - US economic data shows mixed performance, with some indices at multi - month lows or highs, and private sector job losses [9]. - Trump administration prepares tariff backup plans; US may take new actions against Venezuela; and there are various international events such as Japan's economic stimulus and Italy's rating upgrade [9]. Gold Market Tracking - COMEX gold futures and options: long positions are 122,450, short positions are 35,978; ETF and other positions and their changes are also presented [10]. - Gold ETF total holdings, SPDR and iShares holdings, and changes in futures positions and warehouse receipts are tracked over time [10][11][13]. Silver Market Tracking - COMEX silver futures and options: long positions are 44,277, short positions are 27,801; ETF and other positions and their changes are shown [15]. - Silver ETF total holdings, SLV holdings, and changes in futures positions and warehouse receipts are tracked over time [15][16][18]. Gold and Silver Import Profit Tracking - Import gold and silver hedging profit margins are tracked over time, showing fluctuations [21]. Dollar Index Futures Position Tracking - ICE dollar index non - commercial net long positions and total positions are tracked over time [23]. US Treasury Futures Position Tracking - Non - commercial net long positions of 2 - year, 5 - year, and 10 - year US Treasury futures and options, as well as total positions, are tracked over time [26][27][28]. US Inflation Expectation - 5 - year, 7 - year, and 10 - year break - even inflation rates are presented over a period [31]. US Real Interest Rate - 5 - year, 7 - year, and 10 - year US Treasury real yield curves are shown over a long - term period [33]. US Interest Rate Term Structure - US Treasury interest rates, real interest rates, and inflation expectations for different maturities are presented [35][36]. US and Major Non - US Countries' 2 - year Treasury Yield Spreads - Yield spreads between US 2 - year Treasury and those of UK, Japan, China, and Germany are tracked over time [38]