贵金属：贵金属日报-20251205

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The driving force of the loose monetary policy expectation on precious metal prices has shown an obvious marginal weakening, and attention should be paid to the risk of short - term sharp price corrections in precious metals [1]. - After the release of the weak ADP employment data, the market reaction was small. The subsequent release of the US November ISM non - manufacturing PMI was higher than expected, and the initial job - less claims data for the week announced last night was better than expected, causing the silver price to weaken [2]. - Given that gold and silver prices did not continue their strong performance in the face of the positive factors of this week's ADP employment data, and Hassett's "appointment hint" has exhausted the short - term driving factors of loose monetary policy, it is recommended to gradually liquidate existing long positions in gold and silver and enter a wait - and - see state [3]. 3. Summary by Related Content Market Quotes - Shanghai gold rose 0.09% to 958.46 yuan/gram, Shanghai silver fell 1.91% to 13366.00 yuan/kilogram; COMEX gold was reported at 4237.90 US dollars/ounce, COMEX silver was reported at 57.53 US dollars/ounce; the US 10 - year Treasury yield was reported at 4.11%, and the US dollar index was reported at 99.07 [1]. Economic Data - The last employment report before the Federal Reserve's December interest - rate meeting was weak. The number of ADP employed people in the US in November decreased by 32,000, lower than the expected increase of 10,000 and the previous value of an increase of 47,000. The US November ISM non - manufacturing PMI was 52.6, higher than the expected 52.1 and the previous value of 52.4. The number of initial job - less claims in the US for the week ending November 29 was 191,000, significantly lower than the expected 220,000 and the previous value of 218,000 [2]. Strategy Suggestions - It is recommended to gradually liquidate existing long positions in gold and silver and enter a wait - and - see state. The reference operating range for the Shanghai gold main contract is 935 - 968 yuan/gram, and the reference operating range for the Shanghai silver main contract is 12639 - 14000 yuan/kilogram [3]. Data Summary - For gold on December 4, 2025, the COMEX closing price (active contract) was 4237.90 US dollars/ounce (up 0.07% from the previous day), the trading volume was 155,200 lots (down 8.51% from the previous day), etc. For silver on the same day, the COMEX closing price (active contract) was 57.53 US dollars/ounce (down 2.38% from the previous day), the trading volume was 3,302,500 lots (down 10.43% from the previous day), etc. [5]