贵金属数据日报-20251211

Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - On December 10, the main contract of Shanghai gold futures closed up 0.26% to 956.4 yuan/gram, and the main contract of Shanghai silver futures closed up 5.44% to 14,737 yuan/kilogram [5]. - Gold prices are maintaining high - level fluctuations as the market has fully priced in interest - rate cuts and there is uncertainty about the future path. Silver has risen significantly again due to the resonance of its "macro - industrial" dual attributes under the uncertain supply tightness. Both London spot silver and Shanghai silver futures have reached new historical highs [5]. - In the future, gold prices will remain high, and silver will show strong resilience due to the imbalance in supply - demand structure and overseas delivery risks. However, investors should be cautious of short - term sharp fluctuations in the silver market and control their positions [5]. - In the long - term, factors such as the Fed's ongoing interest - rate cut cycle, global geopolitical uncertainties, unsustainable US debt, increased great - power competition, and continued central - bank gold purchases will likely push up the long - term center of gold prices. Long - term investors are recommended to buy on dips [5]. 3. Summary by Relevant Catalogs 3.1 Price Tracking - Gold and Silver Prices on December 10, 2025: London gold spot was at $4,206.15/ounce, London silver spot at $61.34/ounce, COMEX gold at $4,234.20/ounce, COMEX silver at $61.88/ounce, AU2602 at 956.4 yuan/gram, AG2602 at 14,373 yuan/kilogram, AU (T + D) at 951.2 yuan/gram, and AG (T + D) at 14,351 yuan/kilogram. Compared with December 9, 2025, the price increases were 0.6%, 5.8%, 0.6%, 6.0%, 0.5%, 5.6%, 0.5%, and 5.5% respectively [3]. - Price Spreads and Ratios on December 10, 2025: The gold ID - SHFE active price spread was - 5.2 yuan/gram, the silver ID - SHFE active price spread was - 22 yuan/kilogram, the gold domestic - foreign (TD - London) spread was - 5.60 yuan/gram, the silver domestic - foreign (TD - London) spread was - 1,254 yuan/kilogram, the SHFE gold - silver main ratio was 66.54, the COMEX gold - silver main ratio was 68.43, AU2604 - 2602 was 2.06 yuan/gram, and AG2604 - 2602 was - 1 yuan/kilogram. Compared with December 9, 2025, the changes were 8.1%, 340.0%, 22.6%, 8.7%, - 4.8%, - 5.0%, - 9.6%, and - 150.0% respectively [3]. 3.2 Position Data - On December 9, 2025: Gold ETF - SPDR was 1,047.97 tons, silver ETF - SLV was 15,973.1589 tons, COMEX gold non - commercial long positions were 256,572 contracts, non - commercial short positions were 54,265 contracts, non - commercial net long positions were 202,307 contracts, COMEX silver non - commercial long positions were 54,166 contracts, non - commercial short positions were 20,945 contracts, and non - commercial net long positions were 33,221 contracts. Compared with December 8, 2025, the changes were - 0.11%, 0.53%, - 3.66%, - 11.97%, - 1.15%, - 3.20%, 11.17%, and - 10.50% respectively [3]. 3.3 Inventory Data - On December 10, 2025: SHFE gold inventory was 91,299 kilograms (unchanged from December 9, 2025), SHFE silver inventory was 741,845 kilograms (up 3.35% from December 9, 2025). On December 9, 2025, COMEX gold inventory was 36,099,219 fine ounces (down 0.31% from December 8, 2025), and COMEX silver inventory was 455,821,771 fine ounces (down 0.07% from December 8, 2025) [3]. 3.4 Other Market Data - On December 10, 2025: The 2 - year US Treasury yield was 3.61%, the 10 - year US Treasury yield was 4.18%, NYMEX crude oil was 16.93, the US dollar index was 99.24, VIX was 58.39, the S&P 500 was 6,840.51, and the US dollar/Chinese yuan central parity rate was 7.08. Compared with December 9, 2025, the changes were 0.24%, 1.62%, - 0.09%, 1.12%, 0.14%, - 0.78%, and - 0.03% respectively [4].