黄金：通胀温和回落，白银：再创新高

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - The report focuses on the fundamentals of precious metals, including price, trading volume, position, ETF holdings, inventory, and spreads. It also covers macro - and industry - related news [1][4]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Fundamental Data - Price: Yesterday, the closing prices of various gold and silver products showed different trends. For example, Comex gold 2602 had a 0.11% increase, while Shanghai gold 2602 had a - 0.06% decrease. Comex silver 2602 rose by 2.97%, and Shanghai silver 2602 fell by 0.93% [1]. - Trading Volume and Position: The trading volume and position of different gold and silver contracts also changed compared to the previous day. For instance, the trading volume of Shanghai gold 2602 increased by 87,762, and its position decreased by 7,090 [1]. - ETF Holdings: The SPDR gold ETF holdings remained unchanged at 1,052.54, and the SLV silver ETF holdings (the day before yesterday) increased by 48 to 16,066.24 [1]. - Inventory: The inventory of gold and silver in different markets also had changes. For example, the inventory of Comex gold (in troy ounces, the day before yesterday) increased by 78,815 to 36,070,160, and the inventory of Shanghai silver decreased by 12,528 to 899,636 [1]. - Spreads: The spreads between different gold and silver contracts and products also changed. For example, the spread between gold T + D and AU2602 remained unchanged at - 4.08, and the spread between silver T + D and AG2602 increased by 1 to 58 [1]. 3.2 Macro and Industry News - The competition for the Fed Chairmanship is intensifying. Waller is reported to have performed "excellently" in the interview and has the support of corporate executives, while Wall Street is lobbying for Warsh, and Trump may shift his focus to the job market [1][4]. - Fed's "third - in - command" Williams said there is no urgent need for further interest - rate cuts, and the November CPI data is somewhat distorted [4]. - The Bank of Japan raised interest rates by 25 basis points as expected and said it would continue to raise rates if the economic and price outlook is achieved. The yen fell more than 1% during trading, and traders bet that the next rate hike may be in September next year [4]. - The Ukrainian delegation held a series of meetings with the US and Europe from Friday to Sunday, and the US envoy said the meetings were "productive." Zelensky said the US proposed a tri - party meeting between Ukraine, Russia, and the US [4]. - The US intercepted a third oil tanker near Venezuelan waters [4]. - The State Council executive meeting emphasized taking proactive measures to ensure a good start for the "15th Five - Year Plan" [4]. - The Cyberspace Administration and the China Securities Regulatory Commission jointly took action to deal with accounts spreading rumors and providing illegal stock - recommendation services [4]. 3.3 Trend Intensity - The trend intensity of gold is 0, and that of silver is also 0. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3].