Group 1 - Gold prices have retreated to above $4200, attempting to hold support levels between $4170 and $4180 but rebounding above $4200 after losing momentum [1][3] - If gold prices close above $4250, they may advance towards recent resistance levels of $4370-$4380 [3] - Silver is under pressure as traders took profits after failing to break through resistance levels of $58.60-$58.80, with a potential drop below $56.50 opening the path to test support levels of $52.60-$52.80 [6] Group 2 - Platinum is losing momentum as traders focus on silver market performance, with a potential drop below $1620 leading to a move towards the 50-day moving average at $1591 [9] - A drop below the 50-day moving average could push platinum towards support levels of $1520-$1530 [9] - As of December 4, the iShares Silver Trust held 16,094.45 tons of silver, an increase of 95.9 tons from the previous trading day, while the SPDR Gold Trust held 1,050.58 tons of gold, an increase of 4 tons [9]

（文章来源：每日经济新闻） 每经AI快讯，周五（12月5日）纽约尾盘，COMEX铜期货涨1.47%，报5.4525美元/磅，本周累涨 3.37%。现货铂金跌0.09%，报1644.59美元/盎司，本周累跌1.58%；现货钯金涨0.41%，报1461.26美元/ 盎司，本周累涨0.79%。 ...

12月5日，近期贵金属市场呈现出温和分化的走势，黄金小幅上涨而白银略有回落。NCE平台认为，这 种分化体现了市场参与者在不同品种上的操作偏好与风险管理策略。黄金的温和上涨主要受到技术性买 盘推动，多头试图在关键支撑位附近建立仓位，而白银的回落则反映出短线获利了结的需求，同时也是 长期上升趋势中的正常调整。NCE平台表示，当前市场情绪整体偏稳，投资者对于贵金属的多空观点各 有侧重，短期波动性仍然存在。 力。然而，NCE平台认为，这种压力并未改变整体货币政策预期，美联储下周可能继续执行适度降息的 计划，为贵金属提供潜在的支撑。与此同时，美元指数保持稳定，国际原油价格小幅上行，而10年期美 债收益率仍处于相对高位，这些外部因素共同影响着贵金属的短期波动。 从市场结构来看，黄金和白银的价格形成机制各具特点。现货市场提供即时交割价格，而期货市场则决 定未来交割的预期价格。NCE平台认为，年底临近，交易活跃度和流动性变化对期货市场尤为关键，目 前12月黄金期货成为最受关注的交易品种。技术分析显示，黄金多头若能够突破历史高位，将进一步确 认上行趋势，而空头在关键支撑位附近仍存在一定防守压力。这表明市场短期内可能以震荡上行为 ...

周三（12月3日）纽约尾盘，现货黄金大致持平，报4207.07美元/盎司，日内呈现出M形走势，交投于 4241.50-4194.65美元区间。 纽约证交所ARCA金矿开采商指数收跌0.47%，报2278.38点，美股开盘之前微幅上涨，随后快速走高至 2321.09点——短时呈现出M形走势。 现货白银大致持平，报58.4880美元/盎司，日内交投于58.9789-57.5578美元区间。 COMEX黄金期货涨0.44%，报4239.30美元/盎司，交投于4273.30-4225.10美元区间。 费城金银指数收跌0.35%，报318.01点。 COMEX白银期货涨0.49%，报58.990美元/盎司，日内交投于58.210-59.655美元区间。 COMEX铜期货涨2.87%，报5.3935美元/磅，全天处于上涨状态，北京时间00：00过后高位持稳。 现货铂金涨1.98%，现货钯金跌0.40%。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：丁文武 周三（12月3日）纽约尾盘，现货黄金大致持平，报4207.07美元/盎司，日内呈现出M形走势，交投于 4241.50-4194.65美元区间。 COMEX黄金期货 ...

Core Insights - International precious metals futures experienced a general increase, with COMEX gold futures rising by 0.24% to $4265.00 per ounce and COMEX silver futures increasing by 2.25% to $58.45 per ounce [1] - Spot silver prices reached a historic high, surpassing $58 per ounce for the first time, peaking at $58.84, with a year-to-date increase exceeding 100%, significantly outperforming gold [1] - COMEX silver futures traded above $59 per ounce for the first time, while the Shanghai Futures Exchange's main silver contract hit a new high of 13766 yuan per kilogram [1] - A report indicated that silver prices surged due to supply shortages exacerbated by trading interruptions, with a previous trading day seeing a price increase of up to 6% [1] Market Analysis - Analysts suggest that rising expectations for a Federal Reserve interest rate cut are contributing to a decline in the dollar, while the EU's energy interconnectivity plan is boosting industrial demand [3] - Geopolitical factors are also supporting the precious metals market, with silver standing out due to its dual role as both a financial and industrial asset [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The expectation of a Fed rate cut has significantly increased, and the precious metals market has maintained a strong performance. The "short squeeze" in the silver market has intensified, driving the recent accelerated rise in silver prices. The slowdown in the US core PPI growth rate and the cooling of the employment market have boosted market sentiment. Although geopolitical risks have eased to some extent, the mainstream market expectation of a rate cut in December is likely to continue to boost market bullish sentiment. The tight inventory of physical silver may exacerbate the short - squeeze in the short term. Any macro data or news falling short of expectations may amplify the callback risk in the precious metals market. In the long - term, the US debt pressure makes gold an attractive asset, and central bank gold purchases provide structural support for gold prices [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract was 963.28 yuan/gram, up 9.4 yuan; the closing price of the Shanghai Silver main contract was 13,278 yuan/kilogram, up 551 yuan. The trading volume of the Shanghai Gold main contract was 342,979 lots, up 153,266 lots; the trading volume of the Shanghai Silver main contract was 2,703,384 lots, up 1,072,037 lots. The position of the Shanghai Gold main contract was 205,325 lots, up 3,196 lots; the position of the Shanghai Silver main contract was 38,724 lots, down 8,486 lots. The warehouse receipt quantity of Shanghai Gold was 90,873 kilograms, unchanged; the warehouse receipt quantity of Shanghai Silver was 573,702 kilograms, up 14,820 kilograms [2] 3.2 Spot Market - The spot price of gold on the Shanghai Gold Exchange was 958.46 yuan/gram, up 10.31 yuan; the spot price of Huatong No.1 silver was 13,303 yuan, up 685 yuan [2] 3.3 ETF and CFTC Data - The SPDR Gold ETF holdings were 1,045.43 tons, unchanged; the SLV Silver ETF holdings were 15,610.54 tons, up 28.21 tons. The non - commercial net long position of gold in CFTC was 203,916 contracts; the non - commercial net long position of silver in CFTC was 43,181 contracts, down 3,036 contracts [2] 3.4 Supply and Demand - The total quarterly supply of gold was 1,313.07 tons, up 86.24 tons; the total annual supply of silver was 32,056 tons, up 482 tons. The total quarterly demand for gold was 1,257.90 tons, up 174.15 tons; the total annual demand for silver was 35,716 tons, down 491 tons [2] 3.5 Macro Data - The US dollar index was 99.44, down 0.12; the 10 - year US Treasury real yield was 1.79%, up 0.02%. The VIX volatility index was 16.35, down 0.86; the CBOE gold volatility index was 22.87, up 0.92. The ratio of S&P 500 to gold price was 1.63, down 0.01; the gold - silver ratio was 77.74, down 0.05 [2] 3.6 Industry News - US Secretary of State Rubio said the US - Ukraine talks were "productive". White House official Kevin Hassett hinted that Trump might name the next Fed chair by the end of the year. Goldman Sachs said the Fed would cut interest rates at the December 9 - 10 meeting, with a market - priced probability of about 85% - 86% for a 25 - basis - point cut. According to CME "FedWatch", the probability of a 25 - basis - point cut in December was 87.4%, and the probability of a cumulative 25 - basis - point cut by January next year was 67.5% [2] 3.7 Key Events to Watch - US November ISM Manufacturing PMI on December 1st, US JOLTS job openings data on December 2nd, US ADP private sector employment data on December 3rd, and US September PCE personal consumption expenditure data (time to be determined) [2]

Core Viewpoint - The price of silver has reached a historic high, surpassing $57 per ounce for the first time, with a year-to-date increase of over 90% [1][3]. Group 1: Market Dynamics - The recent rise in expectations for a Federal Reserve interest rate cut has provided strong support for silver and the entire precious metals market [3]. - A significant supply shortage exists due to declining silver production in recent years, leading to low global exchange silver inventories, which are at their lowest in nearly a decade [3]. - The demand for silver in industrial sectors, such as photovoltaics and electric vehicles, continues to grow, exacerbating the tightness in the physical market [3]. Group 2: Market Indicators - In the leasing market, short-term silver leasing rates have surged, highlighting the scarcity of silver supply in the market [3]. - The current gold-to-silver price ratio is approximately 75:1, significantly higher than the historical average of 60:1 over the past two decades, indicating that silver may be undervalued within the precious metals sector [3]. - Bank of America has raised its silver price target for 2026 to $65 per ounce, reflecting positive long-term outlooks for silver prices [3].

11月28日晚间，现货黄金(伦敦金现)直线拉升，盘中一度突破4200美元/盎司，刷新近两周盘中新高。截 至发稿，现货黄金报4198.020美元/盎司，涨近1%，COMEX黄金期货同步上涨，报4222.8美元/盎司。 兴业期货28日早报称，CME数据显示，美联储12月降息25个基点的概率升至86.9%。美联储降息周期未 结束。金价支撑增强，长线看涨逻辑清晰。 国信期货28日发布报告认为，短期来看，贵金属市场预计将在避险需求与政策观望之间维持震荡格局。 技术面上，纽约黄金需重点关注能否有效站稳4200美元/盎司一线，若能企稳该位置，则下一阻力位上 看4250美元/盎司附近。操作上建议以回调后轻仓布局多单为主，重点关注俄乌和谈进展及欧美央行政 策信号演变。 现货白银日内涨幅扩大至超2%，报54.62美元/盎司，创历史新高。 SPTAGUSDO 2017-11- (40) 100 150 150 修效糖酸 d a t do do at the iller in the min PTAGEADOCHISOCHERED - 2022-06-12 - 8: MASSO STAT 8 黑水 t M 11:00 PM IN M ...

（责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇11月25日｜现货黄金站上4150美元/盎司，为11月14日以来首次，日内涨0.39%。纽约期银日内涨 幅达2%，现报51.34美元/盎司。 ...

Report Industry Investment Rating - Not provided Core View of the Report - The precious metals market continued its volatile adjustment pattern during the session. The preliminary value of the US S&P Global Manufacturing PMI in November was 51.9, a 4 - month low, while the service industry index was 55, with the employment sub - item declining. The labor market faces further downward risks. The probability of a Fed rate cut in December has risen from 40% to 70%, potentially benefiting precious metal prices. Geopolitically, the US and Ukraine are negotiating a cease - fire, but the military conflict between Russia and Ukraine continues. In the short term, the precious metals market lacks clear positive factors, and gold and silver prices will enter a range - bound period. In the long term, the US government's debt pressure weakens the US dollar's credit foundation, and gold remains attractive. The recommended price range for the Shanghai Gold 2602 contract is 900 - 950 yuan/gram, and for the Shanghai Silver 2602 contract is 11500 - 12300 yuan/kilogram [2] Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai Gold main contract was 930.32 yuan/gram, up 3.38 yuan; the closing price of the Shanghai Silver main contract was 11808 yuan/kilogram, up 128 yuan. The main contract positions of Shanghai Gold were 164620 hands, up 4310 hands; those of Shanghai Silver were 347468 hands, up 830 hands. The net positions of the top 20 in the Shanghai Gold main contract were 106620 hands, up 1060 hands; those of Shanghai Silver were 91476 hands, up 4192 hands. The warehouse receipt quantity of gold was 0 kilograms, unchanged; that of silver was 0 kilograms, unchanged [2] 现货市场 - The spot price of gold on the Shanghai Non - ferrous Metals Network was 925.39 yuan/gram, down 2.11 yuan; the spot price of silver was 11818 yuan/kilogram, down 97 yuan. The basis of the Shanghai Gold main contract was - 4.93 yuan/gram, down 5.49 yuan; the basis of the Shanghai Silver main contract was 10 yuan/kilogram, down 225 yuan [2] Supply and Demand Situation - The gold ETF holdings were 1040.57 tons, up 1.14 tons; the silver ETF holdings were 15257.92 tons, up 11.29 tons. The non - commercial net positions of gold in CFTC were 231956 contracts, down 20952 contracts; those of silver were 46217 contracts, down 3522 contracts. The total supply of gold in the quarter was 1248.76 tons, up 42.73 tons; the total supply of silver in the year was 987.8 million troy ounces, down 21.4 million troy ounces. The total demand for gold in the quarter was 1313.07 tons, up 86.25 tons; the global total demand for silver in the year was 1195 million ounces, down 47.4 million ounces [2] Option Market - The 20 - day historical volatility of gold was 22.13%, up 0.18%; the 40 - day historical volatility was 28.38%, down 0.12%. The implied volatility of at - the - money call options for gold was 22.09%, down 3.17%; the implied volatility of at - the - money put options for gold was 22.09%, down 3.17% [2] Industry News - Ukraine's Zelensky reported multiple rounds of high - level peace talks in Geneva, Switzerland, saying that "substantive dialogue" had begun, but the specific plan was still highly uncertain. The US Treasury Secretary said that the government shutdown caused a permanent loss of $11 billion to the US GDP, and the overall economy was not at risk of recession. Multiple Fed officials signaled a rate cut, and after their speeches, the market's bet on a Fed rate cut in December exceeded 50% [2]