Core Viewpoint - Precious metal prices surged significantly on November 12, with silver rising over 4% and nearing historical highs, driven by easing concerns over U.S. dollar liquidity, declining U.S. Treasury yields, and speculation regarding Federal Reserve personnel changes [1][2]. Group 1: Market Dynamics - The most actively traded December 2025 gold futures price increased by $68.2, closing at $4,201.4 per ounce, marking a 1.65% rise [1]. - The 10-year U.S. Treasury yield fell to its lowest level since November 5, further supporting the upward trend in precious metals on November 12 [1]. - The announcement by Atlanta Fed President Bostic regarding his retirement in February 2026 heightened market speculation about a dovish shift in Federal Reserve policy [1]. Group 2: Demand and Future Outlook - Despite a more than 4% drop in international oil prices due to OPEC's changing stance, the upward momentum in precious metals remained unaffected [2]. - Analysts believe that as the Federal Reserve's accommodative monetary policy is expected to continue, the physical demand for precious metals remains stable, indicating strong fundamentals for gold and silver [2]. - Solomon Global market analysts suggest that unless significant changes occur, both gold and silver are likely to trend higher in the coming weeks [2].

Group 1 - India's gold exchange-traded funds (ETFs) are experiencing record inflows, with purchases nearing $3 billion, equivalent to approximately 26 tons of gold this year [1] - The surge in investment is attributed to historical high gold prices, central bank purchases, geopolitical and economic concerns, and the Federal Reserve's loose monetary policy, with gold prices rising over 50% year-to-date [1] - In October, Indian gold ETFs saw an inflow of $850 million, slightly lower than the previous month's $942 million, bringing total assets to $11 billion and total gold holdings to 83.5 tons [1] Group 2 - As of the end of October, China's gold reserves stood at 74.09 million ounces, an increase of 30,000 ounces from the end of September, marking 12 consecutive months of gold accumulation [2] - However, the monthly purchase volume has dropped to the lowest level since the resumption of accumulation in November 2024 [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The primary driver of the current rise in platinum - group metal prices is the expectation of the Fed's loose monetary policy. Although Fed Chairman Powell's stance in this month's interest - rate meeting was more hawkish than market expectations, the new Fed chair candidates in 2026 are in favor of further easing. The Fed is likely to implement a significantly loose monetary policy after the new chair takes office in 2026. This week, the prices of NYMEX platinum and palladium main contracts increased. The inventory of platinum - group metals in the US continues to accumulate, and the one - month implied lease rate of platinum has rebounded. The expectation of Fed rate cuts will continue to drive the prices of platinum - group metals higher, and a long - position strategy is still recommended [9]. 3. Summary by Directory 3.1. Weekly Assessment and Market Outlook - **Platinum Key Data**: The closing price of the NYMEX platinum active contract rose 12.04% to $1,589.80 per ounce, the five - day average trading volume increased 22.61%, the main - contract open interest decreased 72.34%, the inventory rose 3.22% to 18.95 tons, the CFTC managed - fund net long position increased by 3,638 lots to 18,285 lots, the CFTC commercial net short position increased by 1,178 lots to 26,284 lots, the platinum ETF holdings increased 0.18% to 74.69 tons, and the spread between London platinum spot and NYMEX platinum settlement price was - $30.00 per ounce [9]. - **Palladium Key Data**: The closing price of the NYMEX palladium active contract rose 11.08% to $1,303.50 per ounce, the five - day average trading volume increased 11.76%, the main - contract open interest increased 4.89%, the inventory rose 8.49% to 5.08 tons, the CFTC managed - fund net short position decreased by 15 lots to 5,176 lots, the CFTC commercial net short position increased by 216 lots to 2,293 lots, the palladium ETF holdings increased 0.11% to 14.15 tons, and the spread between London palladium spot and NYMEX palladium settlement price was - $36.10 per ounce [9]. - **Technical Analysis**: The NYMEX platinum main - contract price broke through after seven consecutive weekly positive lines, and it is expected to remain strong, with short - term attention on the resistance level at $1,744.5 per ounce. The NYMEX palladium main - contract price stabilized at the $1,100 per ounce trend - line and showed a large positive line this week. Although the technical chart is weaker than platinum, the price still has room to strengthen, with short - term attention on the resistance level at $1,532 per ounce [12][15]. 3.2. Market Review - **Platinum Price**: The NYMEX platinum main - contract price rose 12.04% to $1,589.8 per ounce, and the open interest decreased by 2,311 lots to 97,900 lots [21]. - **Palladium Price**: The NYMEX palladium main - contract price rose 11.08% to $1,303.5 per ounce, and the open interest increased by 422 lots to 20,300 lots [24]. - **Domestic Platinum Price and Spread**: As of September 26, the spot price of platinum on the Shanghai Gold Exchange was 366.55 yuan per gram [27]. - **Lease Rate**: As of September 26, the one - month implied lease rate of platinum rose to 17.47%, and that of palladium was 4.48% [31]. - **Platinum CFTC Net Position**: As of the latest reporting period on September 23, the net long position of NYMEX platinum managed funds increased by 3,638 lots to 18,285 lots [34]. - **Palladium CFTC Net Position**: As of the latest reporting period on September 23, the net short position of NYMEX palladium managed funds was 5,176 lots [37]. - **CFTC Platinum and Palladium Commercial Net Short Position**: Relevant data on commercial net short positions are presented in the report [38]. - **Price Ratio**: The report shows the platinum - palladium and platinum - silver price ratios [41]. 3.3. Inventory and ETF Holdings Changes - **Platinum ETF Holdings**: As of September 26, the total holdings of platinum ETFs were 74.69 tons [48]. - **Palladium ETF Holdings**: As of September 26, the total holdings of palladium ETFs were 14.15 tons [51]. - **Platinum Inventory**: This week, the CME platinum inventory increased by 591.97 kilograms to 18.95 tons [55]. - **Palladium Inventory**: As of September 26, the CME palladium inventory was 5,078.54 kilograms, an increase of 397.47 kilograms this week [60]. 3.4. Supply and Demand - **Platinum Mine Supply**: The forecast of the top 15 platinum mines shows that the platinum production in the fourth quarter of 2025 will reach 33.18 tons, and the annual production in 2025 will be 127.47 tons, a 1.9% decrease from 2024, indicating a contraction in platinum mine supply [66]. - **Palladium Mine Supply**: The production of the top 15 palladium mines in the fourth quarter of 2025 will be 41.36 tons. In 2025, the production of some mines will decline, while that of Impala in South Africa will increase by 12%. Overall, the annual production of the top 15 mines will decline by 0.86% to 165.78 tons [69]. - **China's Platinum Imports**: China's platinum imports in August were 8.21 tons, showing a rebound from July [72]. - **China's Palladium Imports**: China's palladium imports in August were 2.06 tons, showing a decline from July [75]. - **Automobile Production**: The report presents data on automobile production in China, Japan, Germany, and the US, which are related to the demand for platinum - group metals [76][79][81]. - **Global Supply - Demand Balance**: The global platinum supply - demand balance shows a supply shortage in 2025, and the global palladium supply - demand balance shows a slight supply surplus in 2025 [85][86]. 3.5. Monthly Spread and Cross - Market Spread - **NYMEX Platinum Monthly Spread**: The report shows data on the monthly spreads of NYMEX platinum [89]. - **NYMEX Palladium Monthly Spread**: The report shows data on the monthly spreads of NYMEX palladium [97]. - **London Spot and NYMEX Spread**: The report shows the spreads between London spot platinum/palladium prices and NYMEX platinum/palladium prices [104].

Core Insights - The article highlights the significant rise in gold prices, with both London gold spot and COMEX gold futures reaching historical highs, driven by various factors including monetary policy shifts and geopolitical tensions [1][3]. Group 1: Gold Price Trends - On September 23, London gold spot prices peaked at $3,791.08 per ounce, marking a historical high with a daily increase of 1.21% and a monthly increase of approximately 8.7% [1]. - COMEX gold futures reached a maximum of $3,824.6 per ounce, with a daily increase of 1.31% and a monthly increase of about 7.6% [1]. Group 2: Influencing Factors - The rise in gold prices is primarily attributed to the Federal Reserve's shift towards a more accommodative monetary policy, including a recent 25 basis point rate cut, which has fueled expectations of a global easing cycle [3]. - Structural factors such as escalating geopolitical tensions and military conflicts have led to increased safe-haven investments in gold [3]. - The sensitivity of gold to global liquidity and inflation, along with strong demand from central banks, particularly in light of ongoing fiscal pressures in the U.S., are significant catalysts for the price increase [3][5]. Group 3: Central Bank Activities - Central banks globally have continued to purchase gold, with a net acquisition of 166 tons reported in the second quarter of 2025, indicating a positive outlook for gold demand despite a slowdown in purchasing pace [4]. - The People's Bank of China has increased its gold reserves for ten consecutive months, reaching 7.402 million ounces by the end of August 2025 [4]. Group 4: Investment Strategies - Investors are advised to adopt a phased buying strategy in gold, focusing on gold ETFs and companies involved in gold mining and sales, while being cautious with high-leverage products like futures and options [6]. - It is emphasized that investors should understand their risk tolerance and actively monitor macroeconomic changes affecting the gold market [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall price of precious metals is supported. The employment and economic data in the US released last night exceeded expectations, and the independence of the Federal Reserve has been undermined, which makes it difficult to reverse the market's expectation of the Fed's subsequent loose monetary policy. The silver price is more driven by the expectation of the Fed's loose monetary policy. It is believed that there may be an unexpected 75 - basis - point interest rate cut by the Fed this year. In this context, the increase in the silver price will be significantly greater than that of the gold price, and the gold - silver ratio will be further downward - corrected. It is recommended to go long on silver at low prices. The reference operating range for the main contract of Shanghai gold is 770 - 794 yuan/gram, and for the main contract of Shanghai silver is 9135 - 10000 yuan/kilogram [2][3]. 3. Summary According to Relevant Catalogs Market Quotes - **Precious Metal Prices**: Shanghai gold rose 0.29% to 785.02 yuan/gram, Shanghai silver rose 0.90% to 9405.00 yuan/kilogram; COMEX gold rose 0.03% to 3475.20 dollars/ounce, COMEX silver fell 0.03% to 39.69 dollars/ounce. The US 10 - year Treasury yield was 4.22%, and the US dollar index was 97.92 [2]. - **Other Market Data**: The US initial jobless claims for the week ending August 23 were 229,000, lower than the expected 230,000 and the previous value of 234,000. The revised annualized quarterly rate of real GDP in the second quarter of the US was 3.3%, higher than the expected 3.1% and the previous value of 3% [2]. Data Comparison - **Gold Data**: The closing price of COMEX gold (active contract) was 3476.90 dollars/ounce, up 0.73%; the trading volume was 151,600 lots, up 3.12%; the open interest was 438,500 lots, down 1.71%; the inventory was 1206 tons, up 0.48%. The closing price of LBMA gold was 3407.65 dollars/ounce, up 0.93%. The closing price of SHFE gold (active contract) was 783.22 yuan/gram, up 0.26%; the trading volume was 192,100 lots, up 0.04%; the open interest was 390,400 lots, down 4.54%; the inventory was 39.5 tons, up 5.34%. The closing price of Au(T + D) was 779.86 yuan/gram, up 0.29%; the trading volume was 30.94 tons, up 13.32%; the open interest was 202.47 tons, up 1.20% [4][6]. - **Silver Data**: The closing price of COMEX silver (active contract) was 39.71 dollars/ounce, up 2.64%; the open interest was 158,500 lots, up 1.31%; the inventory was 16,087 tons, up 1.11%. The closing price of LBMA silver was 38.94 dollars/ounce, up 1.88%. The closing price of SHFE silver (active contract) was 9377 yuan/kilogram, up 0.77%; the trading volume was 583,900 lots, up 30.49%; the open interest was 763,000 lots, up 3.07%; the inventory was 1178.52 tons, up 1.12%. The closing price of Ag(T + D) was 9347 yuan/kilogram, up 0.93%; the trading volume was 475.1 tons, up 33.92%; the open interest was 3329.106 tons, down 0.76% [4][6]. Price Structure and Spread - **Gold Price Structure and Spread**: Included COMEX gold's near - far month structure, the difference between London gold spot and COMEX gold continuous one, the near - far month structure of Shanghai gold, and the difference between Au(T + D) and Shanghai gold continuous one. Also, the gold internal - external spread statistics showed that on August 28, 2025, the SHFE - COMEX spread of gold was - 41.86 dollars/ounce, and the SGE - LBMA spread was - 12.93 dollars/ounce [17][19][53]. - **Silver Price Structure and Spread**: Included COMEX silver's near - far month structure, the difference between London silver and COMEX silver continuous one, the near - far month structure of Shanghai silver, and the difference between Ag(T + D) and Shanghai silver continuous one. The silver internal - external spread statistics showed that on August 28, 2025, the SHFE - COMEX spread of silver was 1.53 dollars/ounce, and the SGE - LBMA spread was 1.81 dollars/ounce [31][40][53].