贵金属数据日报-20251224

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Influence factors: Affected by factors such as loose liquidity expectations and escalating geopolitical tensions, precious metal prices have strengthened again. Silver benefits from supply - demand imbalance and continuous inflow of ETF holdings, with funds boosting price elasticity. In the short - term, prices are expected to remain high and strong, but risks of sharp fluctuations exist due to accumulated leverage risks and potential weakening of macro - drivers. The better - than - expected Q3 GDP growth in the US weakens rate - cut expectations and may suppress prices. The short - term unilateral strategy suggests waiting and seeing [6]. - Medium - to - long - term view: In the long run, the Fed's easing cycle, geopolitical uncertainties, and increased dollar credit risks will drive up the demand for precious metals. Gold prices are likely to rise, and long - term investors are advised to buy on dips [6]. Group 3: Summary by Related Catalogs 1. Price Tracking - On December 23, 2025, compared with December 22, 2025, London gold spot rose 1.4% to $4479.01 per ounce, London silver spot rose 0.3% to $69.34 per ounce. COMEX gold rose 1.4% to $4511.40 per ounce, and COMEX silver rose 0.4% to $69.41 per ounce. AU2602 rose 1.3% to 1014.24 yuan per gram, and AG2602 rose 1.4% to 16441 yuan per kilogram [5]. 2. Spread/Ratio Tracking - On December 23, 2025, compared with December 22, 2025, the spread of gold TD - SHFE active price rose 8.7%, the spread of silver TD - SHFE active price fell 20.0%, the spread of gold TD - London rose 2.6%, and the spread of silver TD - London rose - 12.3%. The SHFE gold - silver ratio fell 0.1%, and the COMEX gold - silver ratio rose 0.9%. The spread of AU2604 - 2602 rose 30.2%, and the spread of AG2604 - 2602 rose 50.0% [5]. 3. Position Data - As of December 22, 2025, compared with December 19, 2025, the gold ETF - SPDR rose 1.14% to 1064.56 tons, and the silver ETF - SLV rose 3.32% to 16599.25081 tons. COMEX gold non - commercial long positions rose 2.74%, non - commercial short positions rose 1.89%, and net long positions rose 2.91%. COMEX silver non - commercial long positions rose 10.71%, non - commercial short positions rose 0.92%, and net long positions rose 16.07% [5]. 4. Inventory Data - On December 23, 2025, compared with December 22, 2025, SHFE gold inventory rose 2.18% to 93711 kilograms, and SHFE silver inventory fell 0.20% to 899663 kilograms. COMEX gold inventory rose 0.32% to 36120091 troy ounces, and COMEX silver inventory fell 0.68% to 450643486 troy ounces [5]. 5. Interest Rate/Exchange Rate/Stock Market - On December 23, 2025, compared with December 22, 2025, the US dollar/Chinese yuan central parity rate fell - 0.07% to 7.05. The US dollar index fell - 0.46% to 98.26, the 2 - year US Treasury yield fell - 1.15% to 3.44%, the 10 - year US Treasury yield rose 0.24% to 4.17%, the VIX fell - 5.57% to 14.08, the S&P 500 rose 0.64% to 6878.49, and NYWEX crude oil rose 2.49% to 57.95 [5]. 6. Market Review - On December 23, 2023, the main contract of Shanghai gold futures rose 2.73% to 1014.24 yuan per gram, and the main contract of Shanghai silver futures rose 4.3% to 16441 yuan per kilogram [5].