贵金属：贵金属日报2025-12-15-20251215

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - After the Fed's interest - rate meeting cut rates, the silver price fell after accelerating its rise, and it is currently recommended to maintain a wait - and - see attitude. For gold, it is recommended to hold long positions. The reference operating range for the main contract of Shanghai gold is 940 - 989 yuan/gram, and for the main contract of Shanghai silver, it is 13918 - 15000 yuan/kilogram [3]. - The Fed's unexpectedly dovish statement made the silver price strong, but the short - term exhaustion of positive factors after the interest - rate meeting means that the upward trend of silver has entered an acceleration phase. From a macro - driving perspective, the upward momentum of gold and silver is relatively weakened. The strong economic data will be a negative factor for the Fed's easing expectations in the first half of 2026 [2]. - The logic of tight overseas silver spot in December has significantly weakened. The de - stocking rate of COMEX silver has slowed down, and the LBMA silver inventory has increased [2]. 3. Summary by Related Content Market Quotes - Shanghai gold rose 0.84% to 972.76 yuan/gram, Shanghai silver fell 2.28% to 14437.00 yuan/kilogram; COMEX gold was reported at 4334.40 dollars/ounce, COMEX silver was reported at 62.16 dollars/ounce; the yield of the 10 - year US Treasury bond was 4.19%, and the US dollar index was 98.38 [2]. - From December 5th to 11th, the COMEX silver inventory decreased by 38.99 tons to 14177.5 tons. The LBMA silver inventory increased from 2.62 million tons at the end of October to 2.72 million tons, with a single - month inventory increase of 931.9 tons. The overseas one - month spot lease rate was 7.18%, remaining at a relatively high level in the same period of the past five years [2]. Key Data of Gold and Silver - For COMEX gold on December 12, 2025, the closing price of the active contract was 4329.80 dollars/ounce (up 0.48% from the previous day), the trading volume was 28.37 million lots (up 28.65%), the position was 47.20 million lots (up 2.60%), and the inventory was 1119 tons (down 0.41%) [5]. - For SHFE gold on December 12, 2025, the closing price of the active contract was 970.66 yuan/gram (up 1.33% from the previous day), the trading volume was 36.65 million lots (up 20.20%), the position was 34.86 million lots (up 5.69%), and the inventory was 91.30 tons (unchanged) [5]. - For COMEX silver on December 12, 2025, the closing price of the active contract was 62.09 dollars/ounce (down 2.95% from the previous day), the position was 15.33 million lots (down 3.98%), and the inventory was 14101 tons (down 0.54%) [5]. - For SHFE silver on December 12, 2025, the closing price of the active contract was 14,892.00 yuan/kilogram (up 2.79% from the previous day), the trading volume was 276.66 million lots (up 7.11%), the position was 78.82 million lots (down 0.45%), and the inventory was 820.92 tons (up 5.17%) [5].