贵金属数据日报-20251204

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - In the short - term, silver is expected to enter a high - volatility and wide - range oscillation. It's recommended to wait and see for silver, while gold can still be bought on dips as the gold price may be supported by the expectation of the Fed's December rate cut [6]. - In the long - term, the center of gravity of gold is likely to continue to move up due to factors like the Fed's interest - rate cut cycle, global geopolitical uncertainties, etc. Long - term investors are advised to mainly adopt a strategy of buying on dips [6]. Group 3: Summary by Related Catalogs 1. Price Tracking - On December 3, 2025, compared with December 2, London gold spot was at $4208.38/ounce (-0.1%), London silver spot was at $58.00/ounce (1.5%), COMEX gold was at $4238.80/ounce (-0.1%), COMEX silver was at $58.66/ounce (1.5%), AU2512 was at 953.38 yuan/gram (-0.2%), AG2512 was at 13575.00 yuan/kg (1.2%), AU (T + D) was at 951.28 yuan/gram (-0.2%), and AG (T + D) was at 13559.00 yuan/kg (1.0%) [3][5]. - Regarding price spreads/ratios on December 3, 2025, compared with December 2, the gold TD - SHFE active price spread was -2.1 yuan/gram (16.0%), the silver TD - SHFE active price spread was -16 yuan/kg (-300.0%), etc. [5]. 2. Position Data - As of December 2, 2025, compared with December 1, the gold ETF - SPDR was 1048.29 tons (-0.16%), the silver ETF - SLV was 15863.15021 tons (0.38%), and there were changes in COMEX non - commercial long and short positions of gold and silver [5]. 3. Inventory Data - On December 3, 2025, compared with December 2, SHFE gold inventory was 90873.00 kg (0.00%), SHFE silver inventory was 626633.00 kg (5.38%), COMEX gold inventory was 36281915 troy ounces (0.00%), and COMEX silver inventory was 455933737 troy ounces (-0.01%) [5]. 4. Interest Rate/Exchange Rate/Stock Market - On December 3, 2025, compared with December 2, the US dollar/Chinese yuan central parity rate was 7.08 (-0.06%), the US dollar index was 99.32 (-0.09%), the 2 - year US Treasury yield was 3.51% (-0.85%), etc. [5]. 5. Market Review - On December 3, the main contract of Shanghai gold futures closed down 0.55% to 956.7 yuan/gram, and the main contract of Shanghai silver futures closed up 0.67% to 13582 yuan/kg [5]. 6. Analysis of Influencing Factors and Short - term Outlook - For silver, due to large cumulative gains and profit - taking pressure, and the continuous 5 - day increase in SHFE silver inventory, the B40K structure depth of domestic silver futures inter - month spreads continues to weaken, and the silver transfer fee of the Gold Exchange is again "short pays long". It's expected to enter high - volatility wide - range oscillation, and the December silver delivery in New York needs attention [6]. - For gold, the lower - than - expected US November ADP employment number strengthens the Fed's December rate - cut expectation, so the gold price may be supported. Attention should be paid to US economic data and the Fed's tone [6]. 7. Medium - and Long - term Viewpoints - In the medium and long term, the Fed is in an interest - rate cut cycle, and factors like global geopolitical uncertainties will increase the long - term risk of the US dollar's credit. The center of gravity of gold is likely to move up, and long - term investors are advised to buy on dips [6].