贵金属：贵金属日报2025-12-03-20251203

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The weaker-than-expected key economic data in the US has further increased the market's pricing for the Fed's loose monetary policy. The ISM manufacturing PMI in November was 48.2, lower than the expected 49 and the previous value of 48.7, indicating a weak performance in the US manufacturing industry and increasing the market's pricing for overseas recession expectations [1]. - If Hassett is nominated as the new Fed Chairman, the market will further trade on the impact of the weakened independence and influence of the Fed on the US dollar's credit, which is why the price of silver, a monetary metal, is showing strength [2]. - The current silver price has entered an accelerated upward phase. It is expected that the price may still rise significantly during the week. Pay attention to the upper pressure level of 14,500 yuan/kg. If the price weakens during the day, timely profit-taking is required. Opening new long positions or shorting at high levels at this stage carry significant risks. Shanghai Gold is still in a breakthrough pattern at the end of the triangular convergence, and it is recommended to lay out long positions on dips. The reference operating range for the main contract of Shanghai Silver is 12,366 - 14,500 yuan/kg, and that for the main contract of Shanghai Gold is 927 - 982 yuan/g [2]. Summary by Relevant Catalogs Market Quotes - Shanghai Gold fell 0.85% to 953.82 yuan/g, and Shanghai Silver rose 1.10% to 13,640.00 yuan/kg. COMEX Gold was reported at 4,238.70 US dollars/ounce, and COMEX Silver was reported at 59.15 US dollars/ounce. The 10-year US Treasury yield was 4.09%, and the US dollar index was 99.33 [1]. Key Data of Gold and Silver - Gold: COMEX gold's closing price (active contract) was 4,238.70 US dollars/ounce, down 0.62%; trading volume was 21.21 million lots, down 5.10%; open interest was 48.58 million lots, up 0.05%; inventory remained unchanged at 1,128 tons. Shanghai Futures Exchange (SHFE) gold's closing price (active contract) was 958.42 yuan/g, down 0.50%; trading volume was 38.63 million lots, down 8.54%; open interest was 34.22 million lots, down 0.59%; inventory remained unchanged at 90.87 tons; the settled funds outflow was 1.09% to 52.473 billion yuan. The closing price of Au(T+D) was 954.69 yuan/g, down 0.37%; trading volume was 45.46 tons, down 25.02%; open interest was 224.46 tons, down 2.69% [4]. - Silver: COMEX silver's closing price (active contract) was 59.15 US dollars/ounce, up 1.20%; open interest was 17.24 million lots, up 3.57%; inventory was 14,181 tons, down 0.01%. SHFE silver's closing price (active contract) was 13,423.00 yuan/kg, up 1.09%; trading volume was 342.78 million lots, down 5.29%; open interest was 79.11 million lots, down 1.03%; inventory was 594.63 tons, up 3.65%; the settled funds inflow was 0.05% to 28.671 billion yuan. The closing price of Ag(T+D) was 13,398.00 yuan/kg, up 1.03%; trading volume was 894.35 tons, down 44.07%; open interest was 3,969.488 tons, up 0.05% [4]. Fed Chairman Nomination - Hassett has expressed his willingness to serve if nominated as the Fed Chairman. Trump has hinted that Hassett will be the new Fed Chairman and will announce the nomination early next year [2].