11月17日，沪银期货显著走强，主力合约最高报15477.00元/千克，现涨幅达4.48%，续创历史新高，今年迄今累计涨超106%。 12月15日芝加哥商业交易所(CME)：白银期货成交量为125079手，较上个交易日减少80235手。未平仓合约为154451手，较上个交易日增加196 手。 机构观点 五矿期货：昨日公布的美国关键经济数据全面低于预期，令市场交易后续联储货币政策的进一步宽松，金银价格短线得到支撑。美国11月新增非 农就业人口数为6.4万人，高于预期的5万人，但十月份新增非农就业数据则录得10.5万人的下跌。从10月和11月非农就业数据来看，建筑业撑起商 品生产就业，而医疗保健几乎是服务业新增就业的唯一支撑，政府就业由于关门影响扰动较大。美国非农就业数据偏弱提振降息预期，但银价在 前期传闻哈塞特提名过程中已录得大幅上涨，当前白银策略上建议维持观望。 兴业期货：白银长线上行驱动未变。但短线白银做多策略已较为拥挤，资金趋于谨慎，海外最大白银ETF连续两个交易日流出。白银短线做多性 价比低于黄金。策略上，沪银02合约前多配合止盈线持有，新单等待外盘白银"多逼空"行情结束、沪银价格波动率下行后的买入机会 ...

贵金属日报 2025-12-17 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： 【行情资讯】 沪金跌 0.14 %，报 974.22 元/克，沪银跌 0.24 %，报 14731.00 元/千克；COMEX 金报 4334.90 美元/盎司，COMEX 银报 63.81 美元/盎司； 美国 10 年期国债收益率报 4.15%，美元指数报 98.21 ； 昨日公布的美国关键经济数据全面低于预期，令市场交易后续联储货币政策的进一步宽松，金 银价格短线得到支撑。 美国 11 月新增非农就业人口数为 6.4 万人，高于预期的 5 万人，但十月份新增非农就业数 据则录得 10.5 万人的下跌。 从 10 月和 11 月非农就业数据来看，建筑业撑起商品生产就业，而医疗保健几乎是服务业新增 就业的唯一支撑，政府就业由于关门影响扰动较大。总体就业格局从分项来看表现疲乏，符合 鲍威尔所说的劳动力市场具备风险的情况：建筑业新增就业人口数在 11 月录得 2.8 万人，十 月份下降一千人，在九月份也出现 2.5 万人的新增，是近三个月商品生产的 ...

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The lower - than - expected US PPI data released yesterday has further boosted the market's expectation of the Fed's loose monetary policy in the second half of the year, providing strong support for the prices of gold and silver [2]. - After the data release, US President Trump expressed a strong demand for interest rate cuts, believing that a 200 - basis - point rate cut by the Fed could save the US $600 billion in fiscal expenditures, which further increased the market's expectation of marginal easing by the Fed in the second half of the year [3]. - The US budget deficit in May reached $316 billion, with budget expenditures hitting a record high for a single month. Although customs tax revenue increased significantly due to the Trump administration's tariff policy, it still cannot cover the large - scale fiscal deficit. The current deficit situation in the US supports the strengthening of the gold price [3]. - It is recommended to go long on precious metals at dips. The reference operating range for the main contract of Shanghai gold is 756 - 809 yuan/gram, and for the main contract of Shanghai silver is 8545 - 9500 yuan/kilogram [3]. 3. Summary by Related Catalogs Price and Market Data - **Precious Metal Prices**: On June 12, 2025, Shanghai gold (Au(T + D)) rose 0.75% to 780.36 yuan/gram, and Shanghai silver (Ag(T + D)) fell 1.26% to 8770 yuan/kilogram. COMEX gold rose 0.90% to $3406.40 per ounce, and COMEX silver rose 0.14% to $36.41 per ounce [2][6]. - **Other Market Indicators**: The US 10 - year Treasury yield was 4.36%, and the US dollar index was 97.8655, down 0.79% [2][4]. Fundamental Data - **US PPI Data**: In May 2025, the US PPI year - on - year was 2.6% (in line with expectations), and the month - on - month was 0.1% (lower than the expected 0.2%). The core PPI year - on - year was 3% (lower than the expected 3.1% and the previous value of 3.2%), and the month - on - month was 0.1% (lower than the expected 0.3%) [2]. - **Employment Data**: The number of initial jobless claims in the US for the week ending May 31, 2025, was 248,000, higher than the expected 240,000 [2]. - **Budget Deficit**: The US budget deficit in May 2025 was $316 billion. Customs tax revenue in May reached $23 billion, a nearly four - fold increase from the same period last year, but still unable to cover the large - scale fiscal deficit. The US Treasury Secretary expects the deficit - to - GDP ratio for this fiscal year to be between 6.5% and 6.7% [3]. Trading and Position Data - **Gold**: The trading volume of COMEX gold increased by 12.38% to 224,100 lots, and the position decreased by 4.94% to 415,900 lots. The trading volume of SHFE gold increased by 36.23% to 427,900 lots, and the position increased by 2.95% to 434,400 lots [6]. - **Silver**: The trading volume of COMEX silver increased by 20.62% to 1,085,400 lots, and the position increased by 10.70% to 163,300 lots. The trading volume of SHFE silver increased by 64.55% to 805,090 tons, and the position increased by 0.89% to 3,511,988 tons [6]. Spread Data - **Gold Spread**: The SHFE - COMEX gold spread was - 3.64 yuan/gram, and the SGE - LBMA gold spread was - 2.77 yuan/gram [51]. - **Silver Spread**: The SHFE - COMEX silver spread was 398.11 yuan/kilogram, and the SGE - LBMA silver spread data is also provided in the report [51].