贵金属数据日报-20251210

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - In the short - term, before the interest rate cut, precious metal prices are expected to remain in a high - level oscillation. It is recommended to wait and see for silver in the short - term, while gold can still be bought on dips [3][4]. - In the long - term, the Fed is still in an interest rate cut cycle. With global geopolitical uncertainties, unsustainable US debt, and intensified great - power competition, the risk of US dollar credit will increase. The long - term center of gold prices is likely to continue to move up. Long - term investors are advised to mainly adopt a strategy of buying on dips [3][4]. Group 3: Summary by Relevant Catalogs 1. Price Data - On December 9, 2025, compared with December 8, London gold spot decreased by 0.8% to $4180.79 per ounce, London silver spot decreased by 0.6% to $57.97 per ounce, COMEX gold decreased by 0.8% to $4208.50 per ounce, and COMEX silver decreased by 0.7% to $58.40 per ounce. AU2512 decreased by 0.7% to 948.68 yuan per gram, AG2512 decreased by 0.7% to 13600 yuan per kilogram, AU (T + D) decreased by 0.7% to 946.73 yuan per gram, and AG (T + D) decreased by 0.5% to 13602 yuan per kilogram [4]. - Regarding price spreads/ratios on December 9, 2025, compared with December 8, the gold TD - SHFE active price spread was - 1.95 yuan per gram (up 6.6%), the silver TD - SHFE active price spread was 2 yuan per kilogram (down 108.7%), the gold internal - external price spread (TD - London) was - 4.57 yuan per gram (up - 21.7%), the silver internal - external price spread (TD - London) was - 1154 yuan per kilogram (up - 2.1%), the SHFE gold - silver ratio was 69.76 (up 0.0%), the COMEX gold - silver ratio was 72.07 (up - 0.1%), AU2602 - 2512 was 2.86 yuan per gram (up - 21.0%), and AG2602 - 2512 (not given on December 9) had a previous value of 15 yuan per kilogram with a change of - 53.3% [4]. 2. Position Data - As of December 8, 2025, compared with December 5, the gold ETF - SPDR decreased by 0.11% to 1049.11 tons, the silver ETF - SLV decreased by 0.23% to 15888.54201 tons. For COMEX gold non - commercial long positions, it increased by 4.91% to 266308 contracts, non - commercial short positions decreased by 20.19% to 61644 contracts, and non - commercial net long positions increased by 15.89% to 204664 contracts. For COMEX silver non - commercial long positions, it decreased by 8.12% to 60904 contracts, non - commercial short positions decreased by 20.32% to 18840 contracts, and non - commercial net long positions decreased by 0.38% to 37119 contracts [4]. 3. Inventory Data - On December 9, 2025, compared with December 8, SHFE gold inventory remained unchanged at 91299 kilograms (0.00% change), and SHFE silver inventory increased by 2.65% to 717788 kilograms. On December 8, 2025, compared with December 5, COMEX gold inventory decreased by 0.27% to 36213039 troy ounces, and COMEX silver inventory decreased by 0.20% to 456143022 troy ounces [4]. 4. Interest Rate/Exchange Rate/Stock Market Data - On December 9, 2025, compared with December 8, the US dollar/Chinese yuan central parity rate increased by 0.01% to 7.08. The US dollar index increased by 0.12% to 99.10, the 2 - year US Treasury yield increased by 0.28% to 3.57%, the 10 - year US Treasury yield increased by 0.72% to 4.17%, the VIX increased by 8.11% to 16.66, the S&P 500 decreased by 0.35% to 6846.51, and NYMEX crude oil decreased by 2.14% to 58.85 [4]. 5. Market Review and Outlook - On December 9, the main contract of Shanghai gold futures closed down 0.92% to 951.54 yuan per gram, and the main contract of Shanghai silver futures closed down 0.68% to 13607 yuan per kilogram [4]. - With the Fed's interest - rate meeting approaching, although the market has largely priced in a 26bp interest rate cut in December, "Fed Chair" Hammond said that Powell may also think that waiting is prudent, increasing the uncertainty of future interest - rate cut paths. Coupled with the Bank of Japan's continuous strengthening of the possibility of a December interest - rate hike, market sentiment has become cautious [4].