黄金：如期降息，白银：再创新高，突破60

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Views - Gold has seen an expected interest rate cut, while silver has reached a new high, breaking through 60 [1]. - The trend strength for both gold and silver is 1, indicating a neutral stance according to the defined range [-2,2] where -2 is most bearish and 2 is most bullish [3]. 3) Summary by Relevant Catalogs Fundamental Tracking - Price Data: - Gold: Shanghai Gold 2512 closed at 956.40 with a daily increase of 0.51%, Gold T+D at 951.13 (0.47% increase), Comex Gold 2512 at 4258.30 (0.51% increase), and London Gold Spot at 4232.22 (0.51% increase). - Silver: Shanghai Silver 2512 closed at 14373 with a 5.59% daily increase, Silver T+D at 14377 (5.72% increase), Comex Silver 2512 at 62.200 (1.70% increase), and London Silver Spot at 61.907 (1.74% increase) [1]. - Trading Volume and Open Interest: - Gold: Shanghai Gold 25122510 trading volume was 222,609 (down 6,955 from the previous day), open interest was 192,659 (down 1,834). Comex Gold 2512 trading volume was 180,543 (up 6,122), open interest was 321,283 (up 1,832). - Silver: Shanghai Silver 2512 trading volume was 1,814,842 (up 505,812), open interest was 450,557 (up 33,231). Comex Silver 2512 trading volume was 118,368 (up 2,658), open interest remained unchanged at 119,397 [1]. - ETF and Inventory: - ETF: SPDR Gold ETF held 1,046.82 (down 1), SLV Silver ETF held 16,083.16 (up 110 from the day before yesterday). - Inventory: Shanghai Gold inventory was 91,299 kg (unchanged), Comex Gold inventory was 36,099,219 troy ounces (down 113,819 from the previous day). Shanghai Silver inventory was 741,845 kg (up 24057), Comex Silver inventory was 455,821,771 troy ounces (down 321,251 from the previous day) [1]. - Spreads: - Gold: Gold T+D to AU2512 spread was -5.27 (unchanged), Shanghai Gold 2512 to 2606 spread was N/A, buy December sell June cross - period arbitrage cost was 4.77 (down 0.87), Gold T+D to London Gold spread was 573.60 (up 584.08 from -10.49). - Silver: Silver T+D to AG2510 spread was 11 (down 46), Shanghai Silver 2512 to 2606 spread was -12,651 (up 85), buy December sell June cross - period arbitrage cost was 73.41 (down 11.3), Silver T+D to London Silver spread was -1,507 (up 528) [1]. - Exchange Rates: The US Dollar Index closed at 98.64 (down 0.61%), US Dollar to CNY spot was 7.06 (down 0.12%), Euro to US Dollar was 1.16 (unchanged), US Dollar to Japanese Yen was 156.86 (up 0.05), and British Pound to US Dollar was 1.21 (unchanged) [1]. Macro and Industry News - The US Federal Reserve removed the total limit on standing repurchase operations and announced monthly purchases of $40 billion in Treasury bills starting December 12 [1]. - Trump criticized the Fed for a too - small interest rate cut and plans to interview former Fed governor Kevin Warsh for the chairmanship [4]. - China's November CPI rose 0.7% year - on - year, the highest since March 2024, while PPI's year - on - year decline slightly widened [4]. - The AH - share real estate sector rose sharply on Wednesday afternoon, driven by Vanke's bond extension discussions and market expectations for a "mortgage interest subsidy" policy [4]. - Goldman Sachs' model shows the RMB is undervalued by 25% [4].