贵金属数据日报-20251218

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On December 17, the main contract of Shanghai gold futures closed up 0.42 to 979.72 yuan/gram, and the main contract of Shanghai silver futures closed up 6.05% to 15,512 yuan/kilogram. Precious metal prices are expected to remain high and strong in the short - term, but the market will face events such as the US PPI and the Bank of Japan's interest rate decision this week. In the medium - to - long - term, the Fed is in an easing cycle, geopolitical uncertainties are high, and the demand for precious metal allocation from global central banks, institutions, and residents is expected to continue. Gold prices are likely to move upward in the long run. The strategy suggests short - term unilateral observation or buying call options, and long - term investors should mainly configure by buying on dips [5]. 3. Summary by Category Market Quotes - On December 17, 2025, London gold spot was at 4327.72 dollars/ounce, up 1.0% from the previous day; London silver spot was at 66.07 dollars/ounce, up 4.8%. COMEX gold was at 4358.40 dollars/ounce, up 1.1%, and COMEX silver was at 66.31 dollars/ounce, up 5.3%. The main contract of Shanghai gold futures (AU2602) closed at 979.72 yuan/gram, up 0.9%, and the main contract of Shanghai silver futures (AG2602) closed at 15512 yuan/kilogram, up 5.8% [5]. Price Difference and Ratio - On December 17, the gold TD - SHFE active price spread was - 5.93 yuan/gram, up 17.9% from the previous day; the silver TD - SHFE active price spread was - 34 yuan/kilogram, up 112.5%. The gold internal - external price spread (TD - London) was - 8.16 yuan/gram, up 23.1%, and the silver internal - external price spread (TD - London) was - 1294 yuan/kilogram, down 3.7%. The SHFE gold - silver main contract ratio was 63.16, down 4.6%, and the COMEX gold - silver main contract ratio was 65.73, down 4.1% [5]. Position Data - As of December 16, 2025, the gold ETF - SPDR position was 1051.68 tons, unchanged from the previous day; the silver ETF - SLV position was 16018.29102 tons, down 0.26%. COMEX gold non - commercial long positions were 253266 contracts, down - 6.04% from the previous week, and non - commercial short positions were 48678 contracts, down - 17.80%. COMEX silver non - commercial long positions were 204588 contracts, down - 2.73% from the previous week, and non - commercial short positions were 52002 contracts, down - 4.64% [5]. Inventory Data - On December 17, 2025, SHFE gold inventory was 91722.00 kilograms, up 0.46% from the previous day; SHFE silver inventory was 911924.00 kilograms, up 2.38%. COMEX gold inventory was 35991345 troy ounces, up 0.07%, and COMEX silver inventory was 453846137 troy ounces, down - 0.16% [5]. Interest Rate, Exchange Rate, and Stock Market Data - On December 17, 2025, the US dollar/Chinese yuan central parity rate was 7.06, down - 0.04% from the previous day. The US dollar index was 98.22, down - 0.06%, the 2 - year US Treasury yield was 3.48%, down - 0.85%, and the 10 - year US Treasury yield was 4.15%, down - 0.72%. The VIX was 16.48, down - 0.12%, the S&P 500 was 6800.26, down - 0.24%, and NYMEX crude oil was 55.17 dollars/barrel, down - 2.66% [5].