【行情回顾】 周三贵金属市场明显调整，因美联储利率决议及会后声明传递偏鹰信号不着急降息及美指回升。最终 黄金2506合约收报3372.6美元/盎司，-1.47%；美白银2507合约收报于32.61美元/盎司，-2.31%。 SHFE黄金2506主力合约收报803.5元/克，+0.88%；SHFE白银2506合约收8252元/千克，+0.17%。 【降息预期与基金持仓】 据CME"美联储观察"数据显示，美联储6月维持利率不变的概率为76.1%，降息25个基点的概率为 22.9%，降息50个基点的概率为1%。美联储7月维持利率不变的概率为27.3%，累计降息25个基点的概 率为57%，累计降息50个基点的概率为15%，累计降息75个基点的概率为0.6%。长线基金看，SPDR黄 金ETF持仓日减0.29吨至937.67吨；iShares白银ETF持仓维持在13958.7吨。库存方面，SHFE银库存日减 18.8吨至941吨；截止4月30日当周的SGX白银库存周减13.6吨至1626.5吨。 贵金属日报：美维持利率不变 贵金属高位震荡 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1 ...

水贝市场上演"冷热交替"！高金价下，黄金展厅门可罗雀，铂金专区却热度飙升，呈现出截然不同的景象。 受金价持续高位影响，黄金展厅客流量较往日大幅减少，部分商家生意冷清。与之形成鲜明对比的是，铂金成为市场"香饽饽"，各展厅内铂金货品遭采购 商哄抢，甚至出现有钱难买货的情况。据业内人士透露，目前铂金原料供应异常紧张，即便愿意出高价，也未必能及时采购到。 在金价高位波动的背景下，铂金短期需求迎来爆发式增长。不少商家表示，接下来铂金品类极有可能成为众多老板的首选。然而，这波铂金热潮究竟能持 续多久，目前仍是未知数。 白银、铂金"接棒"上涨 近日，国际金价波动加剧，在银行贵金属交易平台上，投资金条甚至一度出现断货情况。目前工商银行、建设银行的部分规格的投资金条库存也已告急。 剧烈震荡下，部分投资者转向白银、铂金等贵金属，并推动其价格同步走强，其中COMEX白银期货近期最高触及35.5美元/盎司创12年新高，NYME铂金 期货冲破1000美元/盎司关口，年内累计涨幅约10%。 4月22日，现货黄金价格一度突破3500美元/盎司的历史高位，点燃市场热情，但随后迅速回落，截至4月29日已跌至3324美元/盎司附近。随着金价触及 ...

| 贵金属日评20250507: 各国对美国关税谈判仍存不确定性,印度导弹袭击巴基斯坦致死伤 | 交易日期 | 较昨日变化 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 较上周变化 | 2025-05-06 | 2025-04-30 | 2025-04-25 | 收盘价 | 794. 80 | 780. 30 | 787. 20 | 7.60 | 14. 50 | | | | | | | 成交量 | 662672.00 | 197963.00 | 246636.00 | -48, 673. 00 | -464, 709.00 | 期货活跃合约 | 持仓重 | 127407.00 | 127440.00 | 166311.00 | -33.00 | -38, 904. 00 | | | | 库存(十克) | 15648.00 | 15648.00 | 15648.00 | 0. 00 | 0. 00 | 上海黄金 | 收 ...

Report Industry Investment Rating - Maintain a low-buy strategy for precious metals [1] Core View of the Report - The precious metals market rose strongly on Tuesday, influenced by factors such as strong domestic buying demand after the May Day holiday, concerns about potential US tariffs on imported drugs, global geopolitical uncertainties, and the escalation of the India-Pakistan situation. The decline of the US dollar index and the 10Y US Treasury yield also boosted precious metal valuations, while the slowdown of the US stock market rally reflected a decrease in risk appetite. The market focus has shifted to the Fed's interest rate decision early Thursday morning. In the short term, precious metals may remain volatile at high levels but are expected to be in an upward-trending pattern. The medium to long term is also expected to be bullish [2]. Summary by Relevant Catalogs Market Quotes - Gold 2506 contract closed at $3441.8 per ounce, up 3.6%; US silver 2507 contract closed at $33.435 per ounce, up 2.96%. SHFE gold 2506 main contract closed at 797.2 yuan per gram, up 1.39%; SHFE silver 2506 contract closed at 8235 yuan per kilogram, down 0.04% [2]. - SHFE gold main continuous contract was at 794.8 yuan per gram, up 1.86%; SGX gold TD was at 792.87 yuan per gram, up 1.72%; CME gold main contract was at $3441.8 per ounce, up 2.94%. SHFE silver main continuous contract was at 8235 yuan per kilogram, up 0.65%; SGX silver TD was at 8221 yuan per kilogram, up 0.71%; CME silver main contract was at $33.435 per ounce, up 2.33%. SHFE - TD gold was at 1.93 yuan per gram, up 141.25%; SHFE - TD silver was at 14 yuan per kilogram, up 5.56%. CME gold - silver ratio was at 102.94, up 0.6% [5]. Fund Holdings and Inventories - Long - term funds: SPDR Gold ETF holdings decreased by 1.43 tons to 937.96 tons; iShares Silver ETF holdings remained at 13958.7 tons. In terms of inventories, SHFE silver inventory increased by 0.1 tons to 959.8 tons; as of the week ending April 25, SGX silver inventory decreased by 42.8 tons to 1640.1 tons [3]. - SHFE gold inventory was 15648 kilograms, unchanged; CME gold inventory was 1263.0356 tons, down 0.69%. SHFE gold position was 127407 lots, unchanged; SPDR gold position was 937.96 tons, down 0.15%. SHFE silver inventory was 959.785 tons, up 0.01%; CME silver inventory was 15592.713 tons, up 0.13%. SGX silver inventory was 1640.07 tons, down 2.55%. SHFE silver position was 232016 lots, unchanged; SLV silver position was 13958.73495 tons, unchanged [15][16]. This Week's Focus - New Fed journalist Nick Timiraos wrote that the Fed will be more inclined to "control inflation" in the face of the dilemma of economic recession and inflation pressure and may not cut interest rates without clear signs of a slowdown in consumer spending and an increase in the unemployment rate. Investors are turning their attention to the Fed's interest rate decision early Thursday morning. Although this interest rate decision is likely to keep the interest rate unchanged, investors are concerned about Powell's forward - looking guidance on future interest rate cuts at the press conference. This week's data is generally light. There will be a series of events including the Fed's interest rate decision and press conference early Thursday, the Bank of England's interest rate decision and related reports in the evening, and several speeches by Fed officials on Friday. Also, pay attention to the progress of global trade war negotiations [3]. Nanhua's View - In the medium to long term, it may be bullish. Gold's monthly chart remains strong, and the daily chart has turned strong. In the short term, London gold should focus on the resistance at $3430. If it breaks through, it can be further expected to reach $3500, with support at $3350 and strong support at $3200. London silver's trend is slightly weaker than that of gold, and it is short - term range - bound, with support at $32 and resistance at $33.7. If it breaks through, it can be expected to reach $34 and $34.5. Short - term pullbacks are still regarded as medium - to - long - term buying opportunities [4]. Other Market Indicators - The US dollar index was at 99.2342, down 0.56%; the US dollar against the Chinese yuan was at 7.2097, up 0.1%. The Dow Jones Industrial Average was at 41218.83 points, down 0.24%. WTI crude oil spot was at $59.09 per barrel, up 3.43%. LmeS copper 03 was at $9356 per ton, up 1.2%. The 10Y US Treasury yield was at 4.36%, up 0.69%; the 10Y US real interest rate was at 2.04%, down 1.92%; the 10 - 2Y US Treasury yield spread was at 0.53%, up 6% [21].

在贵金属投资领域，选择一个安全、高效、低成本的交易平台是投资者实现财富增值的重要前提。作为 香港黄金交易所 AA 类会员(第 047 号)，金盛贵金属凭借合规资质、技术优势与用户至上的服务理念， 构建了从开户到交易全流程的核心竞争力，成为众多投资者的信赖之选。 一、极速开户：1 步到位，告别繁琐等待 构，订单执行速度低至 0.01 秒，即使在市场剧烈波动时，也能实现快速建仓、平仓，避免 "行情卡顿、 无法成交" 的行业通病。 24 小时客服，5 秒极速响应 对于投资者而言，开户效率直接影响交易体验。金盛贵金属打破传统平台的复杂流程，推出 "一步开 户" 模式：用户只需在线提交基本资料，无需漫长审核，即可立即完成开户，最快 10 分钟内激活交易 账户。相比之下，市场上多数平台开户需填写多份文件，审核周期长达 2-3 天，甚至可能因资料疏漏导 致流程反复。金盛贵金属以 "极简主义" 优化开户体验，让投资者第一时间把握市场机遇。 二、资金管理：存取快捷安全，流动性有保障 存款便捷，实时到账 金盛贵金属支持多种主流支付方式，资金存入后系统自动识别，即时到账，确保投资者不错过任何交易 时机。平台与香港持牌银行深度合作， ...

贵金属日报 2025-05-06 贵金属 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 五一假期间贵金属价格延续弱势表现，COMEX 黄金主力合约价格下跌 1.86%至 3253.7 美元/盎 司，COMEX 白银价格下跌 2.5%至 32.22 美元/盎司。进入 4 月份之后，亚洲黄金 ETF 成为全球 黄金 ETF 增持主力，亚洲地区在 4 月 4 日至 4 月 28 日当周共计增持黄金 ETF 量达到 71.8 吨。 在五一节前，国内黄金 ETF 出现大幅申赎净流出，WIND 统计口径下国内主要 14 个黄金 ETF 在 4 月 29 日及 4 月 30 日两日内共计录得 31 亿元的净流出。当前黄金价格的下跌，短期来看除受 到关税风险弱化的影响外，更主要的原因在于前期大幅增加的交易性多头持仓出现阶段性回 落，其主要价格影响因素中的美国财政赤字扩大及美元信用弱化逻辑并未发生改变，因此仍需 对金价中期的价格走势维持多头思路，待其回调企稳后择机进行逢低做多操作。 贵金属研究 图 1：金银 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View Global central banks' expected interest rate cuts and fiscal easing, along with continuous gold purchases by central banks and ongoing geopolitical conflicts, may lead to a situation where precious metal prices are more likely to rise than fall. It is recommended that investors focus on buying on dips. Specific support and resistance levels are provided for London gold, Shanghai gold, London silver, and Shanghai silver [1]. 3. Summary by Relevant Catalogs Gold - **Economic Data**: In the US, March JOLTS job openings hit a six - month low, far worse than expected; the April Conference Board consumer confidence index dropped to 86, the lowest since May 2020; the March goods trade deficit set a record high, far exceeding expectations [1]. - **US Treasury Bonds**: The narrative of "mid - year concentrated maturity of US Treasury bonds" is exaggerated. There is some concentrated maturity pressure in the short - term debt, but T - Bills demand remains stable. The maturity distribution of medium - and long - term Treasury bonds is relatively stable [1]. - **Central Bank Policies**: The European Central Bank cut interest rates by 25 basis points in April, and may cut rates 2 - 3 times before the end of 2025. The Bank of England may cut rates in May and 2 - 3 times before the end of 2025. The Bank of Japan may raise rates around July [1]. Silver - **US Fiscal Policies**: The US Congress passed a temporary spending bill until September 30, with a future ten - year tax cut of $5.3 trillion, a debt ceiling increase of $50 billion, and government spending cuts of $40 billion. The US Treasury's borrowing in the second quarter was $514 billion, exceeding expectations by three times, but the borrowing demand is lower than expected after excluding the debt - ceiling impact. The CBO predicts the Treasury funds may run out between August and October, which may slow down the Fed's balance - sheet reduction. The expected Fed rate cuts are added to June/July/September/December [1]. Market Data - **Gold**: On April 29, 2025, the Shanghai gold spot closing price was 781.57 yuan/gram, up 3.35 yuan from the previous day and down 4.56 yuan from the previous week. The trading volume of Shanghai gold T + D decreased by 9,640 compared to the previous day and 53,070 compared to the previous week. The COMEX gold futures active - contract closing price was $3327.60, down $107.50 from April 21. The trading volume decreased by 48,229 compared to the previous day and 68,160 compared to the previous week [1]. - **Silver**: On April 29, 2025, the Shanghai silver spot closing price was 8197 yuan/ten - gram, up 24 yuan from the previous day and 6 yuan from the previous week. The trading volume of Shanghai silver T + D decreased by 122,578 compared to the previous day and 312,926 compared to the previous week. The COMEX silver futures active - contract closing price was $33.22, up $0.14 from the previous day and $0.58 from the previous week [1]. - **Other Commodities and Financial Indicators**: INE crude oil was 483.60 yuan/barrel, ICE Brent crude oil was $63.01/barrel, NYMEX crude oil was $60.14/barrel. The Shanghai copper futures price was 77,600 yuan/ton, and the LME copper spot price was $9,378/ton. The Shanghai Bank - to - Bank overnight lending rate SHIBOR was 1.54%, and the US 10 - year Treasury bond nominal yield was 4.19% [1]. - **Stock Indexes**: The Shanghai Composite Index was 3,286.6548, the S&P 500 was 5,560.8300, the UK FTSE 100 was 8,463.4600, the French CAC40 was 7,555.8700, the German DAX was 21,205.8600, the Nikkei 225 was 35,839.9900, and the South Korean Composite Index was 2,565.4200 [1].

·混沌天成期货：贵金属长期仍旧强势但需要警惕情绪的波动影响 ·五矿期货：金银价格应当维持中期的多头思路 ·国信期货：地缘风险消退可能引发贵金属高位回撤 五矿期货表示，隔夜公布的美国经济数据进一步弱化，联储宽松货币政策预期存在进一步体现的驱动。 关键的美国3月JOLTS职位空缺人数为719.2万人，大幅低于预期和修正后前值的748万人。美国4月谘商 会消费者信心指数为86，低于预期的87.5和前值的93.9，达到2020年5月份以来的最低水平。在美国财政 赤字扩张、美联储货币政策边际宽松预期以及海外经济风险持续的背景下，对于金银价格应当维持中期 的多头思路。黄金前期在出现大幅上涨后价格出现阶段性的显著回落，当前价格走势总体偏弱，需关注 主力合约下方747元／克一线的支撑，沪金主力合约参考运行区间747-808元／克。 国信期货表示，黄金回调主因美元指数反弹及地缘风险溢价短期兑现。展望后市，贵金属市场或呈现区 间震荡特征，COMEX黄金或关注3200美元／盎司附近的支撑位承接力度，对应沪金或关注780元／克 左右的支撑位，可逢低布局黄金；白银聚焦工业需求改善与金银比修复，关注结构性补涨。地缘风险消 退可能引发贵金 ...

2025.04. 29 4月22日，现货黄金价格一度突破3500美元/盎司的历史高位，点燃市场热情，但随后迅速回落，截至4月29日已跌至3324美元/盎司附近。 剧烈震荡下，部分投资者转向白银、铂金等贵金属，并推动其价格同步走强，其中COMEX白银期货近期最高触及35.5美元/盎司创12年新高，NYME铂 金期货冲破1000美元/盎司关口，年内累计涨幅约10%。 投资风向的转变，在消费市场上也有所体现。第一财经在上海看到，多家金店虽然人头攒动，但不少消费者不再只盯着黄金饰品，而是开始在铂金、白银 饰品柜台前驻足挑选。"最近来问铂金、白银首饰的顾客明显多了。"上海市区一家金饰品牌店员说，大家都觉得现在买黄金饰品太贵，相比之下，铂金和 白银首饰不仅价格更实惠，款式也很多样，很适合日常佩戴。 本文字数：1974，阅读时长大约3分钟 导读 ：贵金属市场投资风向转变。 作者 | 第一财经 齐琦 封面图作者 | 第一财经 任玉明 价格反转不断，国际金价最近波动加剧。 期货市场的数据方面，截至4月29日收盘，沪金期货小幅收涨0.46%，主力合约2508以786.98元/克收盘。黄金期货全部合约成交759488手，持仓量减 ...

Group 1: Market Trends - Recent fluctuations in gold prices have led to a shift in investment focus towards silver and platinum, with silver futures reaching a 12-year high of $35.5 per ounce and platinum futures surpassing $1,000 per ounce, reflecting a year-to-date increase of approximately 10% [1][2] - As of April 29, 2023, spot gold prices fell to around $3,324 per ounce after peaking at $3,500, indicating a significant market correction [1][2] - The Shanghai Futures Exchange reported a slight increase in gold futures, with the main contract closing at 786.98 yuan per gram, while silver futures saw a minor rise of 0.12% [1] Group 2: Consumer Behavior - There is a noticeable shift in consumer interest from gold jewelry to platinum and silver, as consumers find these alternatives more affordable and stylish for everyday wear [1] - Despite a decline in overall gold consumption, demand for investment gold bars remains strong, with a year-on-year increase of 29.81% in gold bar and coin consumption [5] Group 3: Supply and Demand Dynamics - The rise in silver prices is attributed to increasing industrial demand, particularly in photovoltaic and electronic sectors, while platinum prices are recovering due to supply shortages [2][3] - Silver futures inventory has decreased for three consecutive weeks, indicating tightening supply conditions [2] Group 4: Investment Strategies - Analysts suggest that investors should consider adjusting their precious metal portfolios based on the gold-silver ratio to balance risk and return objectives [3] - The ongoing accumulation of gold by central banks is seen as a key factor supporting gold prices, although individual investors are advised to be cautious about the opportunity costs associated with gold investments [5]