宽松预期持续巩固 贵金属价格高位震荡 贵金属日报 | 2025-09-10 2025-09-09，美国10年期国债利率收于4.088%，较前一交易日-0.19BP，10年期与2年期利差为0.525%，较前一交易 日变化-0.4BP。 上期所金银持仓与成交量变化情况： 2025-09-09，Au2508合约上，多头较前一日变化314手，空头则是变化257手。沪金合约上个交易日总成交量为470523 手，较前一交易日变化6.97%。在沪银方面，在Ag2508合约上，多头变动2手，空头变动-2手。白银合约上个交易 日总成交量1067357手，较前一交易日变化-24.09%。 贵金属ETF持仓跟踪： 市场分析 贵金属ETF方面，昨日黄金ETF持仓为979.68吨，较前一交易日下降-2.29吨。白银ETF持仓为15069.6吨，较前一交 易日-67.78吨。 关税方面，美国和韩国就一项3500亿美元投资基金的细节问题陷入僵局，该基金是两国更广泛贸易协议的一部分。 韩方一直向美方强调，不能接受与日本5500亿美元投资承诺相同的条款；日本经济再生担当相赤泽亮正表示，美 国特朗普政府对日下调汽车关税以及减轻"对等关税"负担的 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - Compared with the current inflation and employment data, the setback of the Fed's independence is the main line of subsequent precious metal market trading. The expectation of loose monetary policy will drive the prices of gold and silver to strengthen further, and silver will benefit more from this expectation. It is recommended to focus on the opportunity to go long on silver. The reference operating range of the main contract of Shanghai Gold is 759 - 809 yuan/gram, and that of the main contract of Shanghai Silver is 9020 - 10000 yuan/kilogram [3]. Summary According to Relevant Catalogs Market Performance - Shanghai Gold rose 0.36% to 779.28 yuan/gram, Shanghai Silver rose 0.02% to 9162.00 yuan/kilogram; COMEX Gold fell 0.15% to 3354.20 US dollars/ounce, COMEX Silver rose 0.02% to 38.13 US dollars/ounce. The yield of the 10 - year US Treasury bond was reported at 4.46%, and the US dollar index was reported at 98.32 [2]. - In terms of specific varieties, Au(T + D) fell 0.51% to 772.20 yuan/gram, Ag(T + D) fell 0.82% to 9109.00 yuan/kilogram; London Gold fell 0.64% to 3323.80 US dollars/ounce, London Silver fell 1.01% to 37.88 US dollars/ounce. SPDR Gold ETF holdings increased by 0.33% to 950.79 tons, SLV Silver ETF holdings decreased by 0.25% to 14819.29 tons [4]. Market Outlook - Last night, Fed Chairman Powell faced a "removal storm", and the independence of the Fed's monetary policy was once again severely impacted, which strongly supported the prices of gold and silver. Although Trump later said he had no plan to fire the Fed chairman, the issue of the Fed's independence still affects market expectations [2]. Key Data of Gold and Silver - Gold: COMEX Gold's closing price (active contract) rose 0.71% to 3354.20 US dollars/ounce, trading volume rose 31.12% to 23.25 million lots, and open interest rose 1.25% to 44.31 million lots. SHFE Gold's closing price (active contract) fell 0.48% to 776.66 yuan/gram, trading volume rose 14.60% to 33.05 million lots, and open interest fell 0.16% to 40.41 million lots [7]. - Silver: COMEX Silver's closing price (active contract) rose 0.37% to 38.13 US dollars/ounce, open interest fell 0.47% to 16.28 million lots, and inventory rose 0.11% to 15464 tons. SHFE Silver's closing price (active contract) fell 0.79% to 9152.00 yuan/kilogram, trading volume rose 0.78% to 99.85 million lots, and open interest fell 3.52% to 96.73 million lots [7]. Price Structure and Spread - The report provides multiple price structure charts such as the near - far month structure of COMEX Gold, London Gold - COMEX Gold spread, and the near - far month structure of Shanghai Gold, as well as internal and external spread statistics of gold and silver, including SHFE - COMEX spread and SGE - LBMA spread [21][51].

1. Report Industry Investment Rating - No investment rating was provided in the report. 2. Core View of the Report - The erosion of the Fed's independence is the main theme for future trading in the precious metals market. Expectations of a loose monetary policy will drive the prices of gold and silver higher, and silver will benefit more from this expectation. It is recommended to focus on long - position opportunities in silver. The reference operating range for the main contract of Shanghai Gold is 759 - 809 yuan/gram, and for the main contract of Shanghai Silver is 9020 - 10000 yuan/kilogram [3]. 3. Summary by Related Contents Market Performance - Shanghai Gold rose 0.68% to 778.42 yuan/gram, and Shanghai Silver rose 2.38% to 9232.00 yuan/kilogram. COMEX Gold rose 0.58% to 3383.50 dollars/ounce, and COMEX Silver rose 0.41% to 39.12 dollars/ounce. The US 10 - year Treasury yield was 4.43%, and the US dollar index was 97.97 [2]. - For other assets, the US 10 - year Treasury yield rose 0.08 percentage points to 4.43%, the TIPS rose 0.05 percentage points to 2.06%, the US dollar index rose 0.28 to 97.8731, and the offshore RMB exchange rate fell 0.04 to 7.2545. Stock indices such as the Dow Jones, S&P 500, and Nasdaq all declined, while the VIX index rose 0.62 to 16.40 [4]. Market Outlook - The divergence in the views of Fed voting members reflects not only their hawkish or dovish tendencies but also the significant interference of the Trump administration in the Fed's independence. Figures like Bowman and Waller, who support a July rate cut, are more influenced by Trump's stance on monetary policy than the current US inflation and economic situation. Trump has expressed strong dissatisfaction with Powell and called for an immediate rate cut and even his resignation [2]. Gold and Silver Data Details - **Gold**: In COMEX, the closing price of the active contract rose 1.12% to 3370.30 dollars/ounce, the trading volume rose 39.51% to 20.70 million lots, the open interest rose 1.25% to 44.31 million lots, and the inventory fell 0.09% to 1143 tons. In SHFE, the closing price of the active contract rose 0.03% to 773.56 yuan/gram, the trading volume rose 9.26% to 29.02 million lots, the open interest fell 1.03% to 39.16 million lots, and the inventory remained unchanged at 24.59 tons. The precipitation funds in SHFE gold decreased by 0.99% to 484.62 billion yuan [6]. - **Silver**: In COMEX, the closing price of the active contract rose 3.85% to 39.08 dollars/ounce, the open interest fell 0.47% to 16.28 million lots, and the inventory fell 0.12% to 15394 tons. In SHFE, the closing price of the active contract rose 1.36% to 9040.00 yuan/kilogram, the trading volume rose 141.85% to 168.64 million lots, the open interest rose 9.41% to 95.70 million lots, and the inventory rose 0.50% to 1303.59 tons. The precipitation funds in SHFE silver increased by 10.90% to 233.59 billion yuan [6].