贵金属：贵金属日报-20251209

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term driving factors for loose monetary policy have been exhausted due to the "appointment hint" from Hassett, and the gold and silver prices did not continue their strong performance of breaking historical highs in the face of the positive employment data. It is recommended to gradually liquidate existing long positions and shift to a wait - and - see state. The reference operating range for the main contract of Shanghai gold is 935 - 968 yuan/gram, and for the main contract of Shanghai silver is 12639 - 14200 yuan/kilogram [4] Group 3: Summary by Related Catalogs Market Quotes Information - Shanghai gold dropped 0.72% to 953.50 yuan/gram, and Shanghai silver dropped 0.69% to 13606.00 yuan/kilogram. COMEX gold was reported at 4221.70 dollars/ounce, and COMEX silver was reported at 58.45 dollars/ounce. The yield of the 10 - year US Treasury bond was 4.17%, and the US dollar index was 99.09 [2] - The new Fed Chairman candidate Hassett's stance has become marginally more cautious. Although he expected a 25 - basis - point interest rate cut at the FOMC meeting this week last week, he now says it's time for the Fed to be cautious in cutting interest rates, and he believes it's irresponsible to commit to the interest rate level six months later [2] - The weak employment report before the Fed's December FOMC meeting showed that 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 47,000. However, the market reaction was small after the release of the data [3] Strategy Views - Given the current situation, it is advisable to gradually close out existing long positions in gold and silver and enter a wait - and - see mode. The reference range for the main contract of Shanghai gold is 935 - 968 yuan/gram, and for Shanghai silver is 12639 - 14200 yuan/kilogram [4] Key Data Summary - For gold, the closing price of the active COMEX contract dropped 0.18% to 4219.90 dollars/ounce, the trading volume decreased by 24.88% to 143,400 lots, the CFTC - reported position decreased by 3.24% to 457,100 lots, and the inventory dropped 0.27% to 1126 tons. The closing price of LBMA gold rose 1.01% to 4243.00 dollars/ounce. In the Shanghai Futures Exchange, the closing price of the active gold contract dropped 0.24% to 958.70 yuan/gram, the trading volume increased by 28.57% to 373,000 lots, the position increased by 0.19% to 338,300 lots, and the inventory remained unchanged at 91.3 tons. The precipitation funds flowed out by 0.05% to 51.894 billion yuan. For Au(T + D), the closing price dropped 0.27% to 953.43 yuan/gram, the trading volume increased by 45.18% to 43.38 tons, and the position decreased by 2.24% to 206.39 tons [6] - For silver, the closing price of the active COMEX contract dropped 0.51% to 58.50 dollars/ounce, the CFTC - reported position decreased by 6.63% to 158,200 lots, and the inventory dropped 0.20% to 14188 tons. The closing price of LBMA silver rose 0.94% to 58.11 dollars/ounce. In the Shanghai Futures Exchange, the closing price of the active silver contract rose 0.14% to 13,706.00 yuan/kilogram, the trading volume increased by 20.89% to 3.1033 million lots, the position decreased by 0.85% to 787,100 lots, and the inventory increased by 1.65% to 699.29 tons. The precipitation funds flowed out by 0.71% to 29.129 billion yuan. For Ag(T + D), the closing price rose 0.07% to 13,649.00 yuan/kilogram, the trading volume increased by 28.61% to 889.54 tons, and the position decreased by 0.02% to 3894.722 tons [6]