贵金属日报2025-12-17-20251217

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The weak US non - farm employment data boosts the expectation of interest rate cuts. It is recommended to hold long positions in gold, with the reference operating range of the main Shanghai gold contract being 940 - 989 yuan/gram, and the reference operating range of the main Shanghai silver contract being 13918 - 15000 yuan/kilogram. For silver, it is recommended to maintain a wait - and - see attitude as the silver price has risen significantly during the previous rumor of Hassett's nomination [2][3] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai gold fell 0.14% to 974.22 yuan/gram, and Shanghai silver fell 0.24% to 14731.00 yuan/kilogram. COMEX gold was reported at 4334.90 US dollars/ounce, and COMEX silver was reported at 63.81 US dollars/ounce. The US 10 - year Treasury yield was reported at 4.15%, and the US dollar index was reported at 98.21 [2] - The key US economic data announced yesterday was comprehensively lower than expected, which supported the short - term prices of gold and silver as the market traded on the further easing of the Fed's subsequent monetary policy [2] - The number of new non - farm employment in the US in November was 64,000, higher than the expected 50,000, but the new non - farm employment data in October recorded a decline of 105,000 [2] 3.2 Employment Data Analysis - From the non - farm employment data in October and November, the construction industry supported employment in commodity production, while healthcare was almost the only support for new employment in the service industry. Government employment was greatly disturbed by the government shutdown. The overall employment pattern was weak in terms of sub - items, which was in line with Powell's statement that the labor market was at risk [3] - In the construction industry, the number of new employment was 28,000 in November, a decrease of 1,000 in October, and an increase of 25,000 in September, making it the largest new item in commodity production in the past three months. In contrast, the manufacturing industry's employment performance was poor [3] - In service employment, the new employment in finance and information recorded negative values for two consecutive months. The employment in the travel and accommodation industry before Christmas still decreased by 12,000 in November. The healthcare industry could play a supporting role, with more than 50,000 new employees for three consecutive months and 65,000 in November [3] - Government employment was greatly disturbed. The government shutdown in October led to a decrease of 157,000 in employment, and there was a slight decrease of 4,000 in November [3] 3.3 Key Data Summary of Gold and Silver - Gold: The closing price of the active COMEX gold contract was 4332.20 US dollars/ounce, a decrease of 0.05%; the trading volume was 206,500 lots, an increase of 2.44%; the position was 432,900 lots, a decrease of 8.27%; the inventory was 1119 tons, an increase of 0.07%. The closing price of LBMA gold was 4324.20 US dollars/ounce, an increase of 0.19%. The closing price of the active Shanghai gold contract was 971.42 yuan/gram, a decrease of 1.19%; the trading volume was 388,800 lots, a decrease of 32.31%; the position was 343,000 lots, a decrease of 2.35%; the inventory was 91.30 tons, unchanged. The precipitation funds were 5.3304 billion yuan, a decrease of 3.52%. The closing price of AuT + D was 964.67 yuan, a decrease of 1.27%; the trading volume was 69.96 tons, a decrease of 10.06%; the position was 218.85 tons, an increase of 1.06% [6] - Silver: The closing price of the active COMEX silver contract was 63.80 US dollars/ounce, a decrease of 0.52%; the position was 144,500 lots, a decrease of 5.71%; the inventory was 14116 tons, a decrease of 0.16%. The closing price of LBMA silver was 62.98 US dollars/ounce, a decrease of 1.39%. The closing price of the active Shanghai silver contract was 14,666.00 yuan/kilogram, a decrease of 0.86%; the trading volume was 2,697,600 lots, a decrease of 31.64%; the position was 755,900 lots, a decrease of 2.29%; the inventory was 890.72 tons, an increase of 3.84%. The precipitation funds were 2.9934 billion yuan, a decrease of 3.13%. The closing price of AgT + D was 14,649.00 yuan, a decrease of 0.99%; the trading volume was 1064.44 tons, an increase of 15.82%; the position was 3727.118 tons, a decrease of 2.45% [6]