黄金：如期降息，白银：高位调整

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report The report presents data on precious metals, including gold and silver, and also mentions some macro - and industry - related news. Gold is expected to see an on - schedule interest rate cut, while silver is in a high - level adjustment phase. The trend intensity for both gold and silver is neutral [1][4]. 3. Summary by Relevant Catalogs Precious Metals Fundamental Data - Price and Performance: - Gold: The closing prices of various gold products showed increases, such as the 1.33% increase in the closing price of Shanghai Gold 2602 and 0.48% in Comex Gold 2602. Silver prices had mixed performance, with some showing increases and others decreases, like the 2.81% increase in Shanghai Silver 2602 and - 2.95% in Comex Silver 2602 [1]. - Trading Volume and Open Interest: The trading volume and open interest of gold and silver products also changed. For example, the trading volume of Shanghai Gold 2602 increased by 49,026 compared to the previous day, and the open interest of Comex Gold 2602 increased by 8,735 [1]. - ETF and Inventory: The positions of SPDR Gold ETF and SLV Silver ETF changed, and the inventories of gold and silver in different markets also had corresponding adjustments, such as a 5,986 increase in Comex gold inventory (in troy ounces) [1]. - Spread: The spreads between different gold and silver products also changed. For example, the spread between Gold T + D and London Gold increased by 605.72 compared to the previous day [1]. - Exchange Rates: The exchange rates of major currencies also changed, such as a - 0.10% change in the US dollar against the offshore RMB [1]. Macro and Industry News - Trump is inclined to appoint Warsh or Hassett as the Fed Chair and says the next Fed Chair should consult him on interest rate issues [1][3]. - In November, China's new social financing reached 2.49 trillion yuan, new RMB loans were 390 billion yuan, and the M2 - M1 gap widened [3]. - Multiple Chinese ministries responded to the Central Economic Work Conference. The central bank will use various monetary policy tools flexibly; the NDRC will take practical measures to boost consumption; the Ministry of Finance will make good use of government bond funds and issue ultra - long - term special treasury bonds [3]. - He Lifeng emphasizes preventing "explosive risks" in 2026 [3]. - Han Wenxiu says that next year, incremental policies will be introduced according to the situation to promote the synchronous growth of residents' income and the economy, and both exports and imports will be increased [3]. Trend Intensity The trend intensity of gold and silver is 0, indicating a neutral view [4].