| | | ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/11/24 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2512 | AG2512 | AU (T+D) | AG (T+D) | | 内外盘金 | 日期 | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点价 | | | | | | | | | | | 格跟踪 | 2025/11/21 | 4030. 46 | 49.40 | 4027. 40 | 48.94 | 924. 00 | 11696.00 | 921.93 | 11685.00 | | (本表数 | 2025/11/20 | ...

Group 1: Market Trends - The peak period for the opening of amortized bond funds is from November 2025 to the first half of 2026, with a total opening scale exceeding 400 billion yuan[12] - In December 2025, the opening scale will reach 107.7 billion yuan, and in March 2026, it will exceed 116 billion yuan, primarily focusing on 3-year and 5-year products[12] - The demand for 3-5 year high-grade credit bonds will continue to be released, maintaining a strong short-term performance[14] Group 2: Fund Allocation Changes - The proportion of credit bonds in amortized bond funds has increased significantly, reaching 14.9% by the end of Q3 2025, up from 1.8% at the end of 2024[13] - Bank wealth management has replaced bank proprietary trading as the core incremental funding source, with holdings in amortized bond funds rising from 17.1 billion yuan to 93 billion yuan, a growth of over 5 times[13] - 84% of the increased funding from wealth management is directed towards products with a closed period of 3 years or less, reinforcing the demand for short- to medium-term credit bonds[13] Group 3: Market Structure Differentiation - The credit bond market is experiencing structural differentiation, with medium- to high-grade credit bonds benefiting significantly, while certain bonds are excluded from the amortized bond fund allocation due to SPPI testing[14] - Long-term credit bonds are less favored due to maturity mismatches and profit-taking by banks, while policy financial bonds are seeing reduced compression dynamics due to the shift towards credit bonds[14] - The overall market is characterized by a notable divergence in performance among different bond types[14]

Group 1: Precious Metals Market Overview - The precious metals market experienced a significant decline, with gold prices dropping by 2.69% to $4058.79 per ounce, and COMEX gold falling by 3.24% to $4058.6 per ounce [2] - Silver prices also saw a notable decrease, with spot silver down 3.35% to $50.536 per ounce, and COMEX silver down 5.28% to $50.365 per ounce [2] - Other precious metals such as platinum and palladium also faced declines, with NYMEX platinum dropping over 4% and spot palladium falling more than 3% [2] Group 2: Global Gold Demand Trends - According to the World Gold Council's Q3 2025 Global Gold Demand Trends Report, global gold demand reached a record high of 1313 tons in Q3, with a total value of $146 billion [3] - Factors driving gold demand include geopolitical tensions, persistent inflation, and uncertainties in global trade policies, which have increased investor interest in gold as a safe-haven asset [3] - The report indicates that gold prices have the potential for further increases, supported by a weakening dollar, expectations of interest rate cuts, and the risk of stagflation [3] Group 3: Market Sentiment and Future Outlook - CITIC Securities suggests that the ongoing inflow into ETFs will provide significant support for precious metal prices in a liquidity-friendly environment [4] - The long-term bullish outlook for precious metals remains unchanged, with expectations for gold and silver prices to rebound after a phase of adjustment [4] - The global market is currently experiencing a broad adjustment, with major stock indices in Asia-Pacific and the U.S. showing declines of over 1% [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - On November 6th, the main contract of Shanghai gold futures closed up 0.79% to 917.8 yuan/gram, and the main contract of Shanghai silver futures closed up 1.99% to 11,427 yuan/kilogram [3]. - The public court debate of the US Supreme Court, where judges generally questioned the legality of tariffs, increased market uncertainty. Coupled with the alleviation of the impact of the tight dollar liquidity, it boosted the recovery of precious metal prices. However, the US economic data is stable, and the strong performance of the service - sector PMI in October highlights the resilience of the US economy, which still poses a certain impact on the December interest - rate cut expectation. Therefore, precious metal prices may remain volatile in the short term, with limited upside space, and are expected to gradually stabilize and maintain range - bound fluctuations. It is recommended to focus on long - term allocation by buying on dips [3]. - In the medium - to - long - term, the Fed is still in an interest - rate cut cycle. Global geopolitical uncertainty persists, the US debt is unsustainable, and great - power competition intensifies, which will long - term increase the credit risk of the US dollar. Global central banks' gold purchases continue, so the medium - to - long - term center of gold prices is likely to continue to rise. It is recommended that long - term investors allocate on dips [3]. 3. Summary by Relevant Catalogs Price Tracking of Internal and External Markets of Gold and Silver - On November 6th, 2025, the prices of London gold spot, London silver spot, COMEX gold, COMEX silver, AU2512, AG2512, AU (T + D), and AG (T + D) were 3,996.53 dollars/ounce, 48.36 dollars/ounce, 4,005.80 dollars/ounce, 48.20 dollars/ounce, 917.80 yuan/gram, 11,427 yuan/kilogram, 915.50 yuan/gram, and 11,408 yuan/kilogram respectively. Compared with November 5th, their respective increases were 0.8%, 1.4%, 0.8%, 1.6%, 0.6%, 1.3%, 0.6%, and 1.3% [3]. Spread/Ratio Price Tracking - On November 6th, 2025, the gold TD - SHFE active price spread was - 2.3 yuan/gram, the silver TD - SHFE active spread was - 19 yuan/kilogram, the gold internal - external (TD - London) spread was 4.95 yuan/gram, the silver internal - external (TD - London) spread was - 922 yuan/kilogram, the SHFE gold - silver main contract ratio was 80.32, the COMEX gold - silver main contract ratio was 83.11, AU2602 - 2512 was 2.90 yuan/gram, and AG2602 - 2512 was 25 yuan/kilogram. Compared with November 5th, their respective changes were - 13.5%, 18.8%, - 8.0%, 1.6%, - 0.7%, - 0.9%, 3.6%, and 4.2% [3]. Position Data - As of November 5th, 2025, the gold ETF - SPDR was 1,038.63 tons, the silver ETF - SLV was 15,150.70957 tons, the non - commercial long positions of COMEX gold were 332,808 contracts, the non - commercial short positions were 66,059 contracts, the non - commercial net long positions were 266,749 contracts, the non - commercial long positions of COMEX silver were 72,318 contracts, the non - commercial short positions were 20,042 contracts, and the non - commercial net long positions were 52,276 contracts. Compared with November 4th, their respective changes were 0.00%, - 0.11%, 1.85%, 9.43%, 0.13%, 0.97%, - 0.21%, and 1.43% [3]. Inventory Data - On November 6th, 2025, the SHFE gold inventory was 87,816 kilograms, and the SHFE silver inventory was 639,940 kilograms. On November 5th, the COMEX gold inventory was 37,881,682 troy ounces, and the COMEX silver inventory was 481,457,974 troy ounces. Compared with the previous day, the changes in SHFE gold, SHFE silver, COMEX gold, and COMEX silver inventories were 0.00%, - 2.47%, 0.00%, and - 0.19% respectively [3]. Interest Rate/Exchange Rate/Stock Market - On November 6th, 2025, the US dollar/Chinese yuan central parity rate was 7.09. On November 5th, the US dollar index was 100.16, the 2 - year US Treasury yield was 3.63%, the 10 - year US Treasury yield was 4.17%, the VIX was 18.01, the S&P 500 was 6,796.29, and the NYWEX crude oil was 59.64. Compared with the previous day, their respective changes were - 0.05%, - 0.05%, 1.40%, 1.71%, - 5.21%, 0.37%, and - 1.31% [3].

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - In the short - term, precious metal prices are expected to maintain a range - bound oscillation and are likely to further stabilize. It is recommended to focus on long - term allocation opportunities of buying on dips after stabilization [5] - In the long - term, the Fed is still in an interest - rate cut cycle. Global geopolitical uncertainties persist, and the unsustainable US debt and intensifying great - power competition will increase the credit risk of the US dollar in the long run. With central banks' gold purchases continuing, the long - term center of gold prices is likely to move up. Long - term investors are advised to allocate on dips [5] 3. Summary by Relevant Catalogs 3.1 Price and Spread Data - **15 - point price tracking of internal and external gold and silver on November 3, 2025**: London gold spot was at $4017.06 per ounce, London silver spot at $48.86 per ounce, COMEX gold at $4028.00 per ounce, COMEX silver at $48.58 per ounce, AU2512 at 922.58 yuan per gram, AG2512 at 11455 yuan per kilogram, AU (T + D) at 919.58 yuan per gram, and AG (T + D) at 11424 yuan per kilogram. Compared with October 31, 2025, the price changes were 0.2%, - 0.5%, 0.1%, - 0.1%, 0.1%, 0.1%, 0.1%, and 0.3% respectively [4] - **15 - point price tracking of spreads and ratios on November 3, 2025**: Gold TD - SHFE active spread was - 3 yuan per gram, silver TD - SHFE active spread was - 31 yuan per kilogram, gold internal - external (TD - London) spread was 4.32 yuan per gram, silver internal - external (TD - London) spread was - 1022 yuan per kilogram, SHFE gold - silver ratio was 80.54, COMEX gold - silver ratio was 82.91, AU2602 - 2512 was 2.82 yuan per gram, and AG2602 - 2512 was 24 yuan per kilogram. Compared with October 31, 2025, the changes were - 5.4%, - 38.0%, - 10.8%, - 7.8%, - 0.1%, 0.2%, - 7.8%, and - 4.0% respectively [4] 3.2 Position Data - **As of October 31, 2025**: Gold ETF - SPDR was 1039.2 tons, silver ETF - SLV was 15189.81735 tons. COMEX gold non - commercial long positions were 332808 contracts, non - commercial short positions were 66059 contracts, and non - commercial net long positions were 266749 contracts. COMEX silver non - commercial long positions were 72318 contracts, non - commercial short positions were 20042 contracts, and non - commercial net long positions were 52276 contracts. Compared with October 30, 2025, the changes were - 0.11%, 0.00%, 1.85%, 9.43%, 0.13%, 0.97%, - 0.21%, and 1.43% respectively [4] 3.3 Inventory Data - **As of November 3, 2025**: SHFE gold inventory was 87816.00 kilograms, SHFE silver inventory was 658851.00 kilograms. As of October 31, 2025, COMEX gold inventory was 38168047 troy ounces, and COMEX silver inventory was 482438705 troy ounces. Compared with the previous period, the changes were 0.00%, - 1.01%, - 0.20%, and - 0.14% respectively [4] 3.4 Interest Rate, Exchange Rate, and Stock Market Data - **As of November 3, 2025**: The US dollar/Chinese yuan central parity rate was 7.09. As of October 31, 2025, the US dollar index was 99.73, the 2 - year US Treasury yield was 3.60%, the 10 - year US Treasury yield was 4.11%, VIX was 17.44, the S&P 500 was 6840.20, and NYMEX crude oil was $60.88 per barrel. Compared with the previous period, the changes were - 0.02%, 0.19%, - 0.28%, 0.00%, 3.13%, 0.26%, and 0.98% respectively [4] 3.5 Market Analysis - **Market review**: On November 3, the main contract of Shanghai gold futures closed up 0.47% to 922.58 yuan per gram, and the main contract of Shanghai silver futures closed up 0.39% to 11455 yuan per kilogram [4] - **Analysis and short - term outlook**: The new gold tax policy mainly aims to standardize the gold market, strengthen tax supervision, and has limited impact on prices. With factors such as decreased market risk appetite and the ongoing US government shutdown, precious metal prices are in a range - bound oscillation. However, the divergence within the Fed on a December rate cut and the strong US dollar index will suppress the short - term upside of precious metal prices. Short - term precious metal prices are expected to maintain a range - bound oscillation and may further stabilize [5] - **Medium - and long - term outlook**: In the long run, the Fed is in an interest - rate cut cycle, and factors such as global geopolitical uncertainties, US debt issues, and central bank gold purchases will push up the long - term center of gold prices [5]

Group 1: Report Investment Rating - There is no information provided about the industry investment rating in the given report. Group 2: Core Viewpoints - Short - term, precious metal prices are expected to gradually stabilize and enter a range - bound oscillation. It is recommended to focus on long - term allocation opportunities by buying on dips after stabilization [6]. - Medium - to long - term, due to factors such as the Fed remaining in the interest - rate cut cycle, continuous global geopolitical uncertainties, unsustainable US debt, and intensified great - power competition increasing dollar credit risk, and continued gold purchases by global central banks, the medium - to long - term center of gravity of gold prices is likely to continue rising. Long - term investors are advised to allocate on dips [6]. Group 3: Summary by Related Catalogs 1. Price Tracking - On October 31, 2025, compared with October 30, 2025, London gold spot rose 0.9%, London silver spot rose 2.6%, COMEX gold rose 0.9%, COMEX silver rose 2.1%, AU2512 rose 1.1%, AG2512 rose 1.7%, AU (T + D) rose 1.1%, and AG (T + D) rose 1.6% [5]. - Regarding price spreads/ratios, from October 30 to 31, 2025, the gold TD - SHFE active price spread decreased by 4.5%, the silver TD - SHFE active price spread increased by 16.3%, the gold internal - external price spread (TD - London) increased by 33.8%, the silver internal - external price spread (TD - London) increased by 12.9%, the SHFE gold - silver ratio decreased by 0.6%, the COMEX gold - silver ratio decreased by 1.2%, AU2602 - 2512 increased by 10.1%, and AG2602 - 2512 increased by 4.2% [5]. 2. Position Data - From October 30 to 31, 2025, the gold ETF - SPDR decreased by 0.11%, the silver ETF - SLV remained unchanged, COMEX gold non - commercial long positions increased by 1.85%, COMEX gold non - commercial short positions increased by 9.43%, COMEX gold non - commercial net long positions increased by 0.13%, COMEX silver non - commercial long positions increased by 0.97%, COMEX silver non - commercial short positions decreased by 0.21%, and COMEX silver non - commercial net long positions increased by 1.43% [5]. 3. Inventory Data - From October 30 to 31, 2025, SHFE gold inventory remained unchanged, SHFE silver inventory increased by 0.41%, COMEX gold inventory decreased by 0.20%, and COMEX silver inventory decreased by 0.14% [5]. 4. Interest Rate/Exchange Rate/Stock Market - From October 30 to 31, 2025, the US dollar/Chinese yuan central parity rate increased by 0.02%, the US dollar index increased by 0.19%, the 2 - year US Treasury yield decreased by 0.28%, the 10 - year US Treasury yield remained unchanged, the VIX increased by 3.13%, the S&P 500 increased by 0.26%, and NYMEX crude oil increased by 0.98% [5]. 5. Market Review - On October 31, the main contract of Shanghai gold futures closed up 1.27% to 921.92 yuan/gram, and the main contract of Shanghai silver futures closed up 1.41% to 11441 yuan/kilogram [5]. 6. Analysis and Short - Term Outlook - The decline in market risk appetite, the ongoing US government shutdown, and the intensification of local geopolitical situations have led to a recovery in safe - haven demand, boosting the stabilization and rebound of precious metal prices. Although Fed Chairman Powell said a December interest - rate cut is far from certain, the market still generally predicts it as the baseline scenario, providing support for the precious metal market. However, due to factors such as the easing of Sino - US trade relations, the strong performance of the US dollar index, the internal differences among Fed officials, and the marginal easing of the US government shutdown, the short - term upward space for a unilateral trend in precious metals may be relatively limited [6]. 7. Medium - to Long - Term Outlook - In the medium to long term, factors such as the Fed remaining in the interest - rate cut cycle, continuous global geopolitical uncertainties, unsustainable US debt, and intensified great - power competition increasing dollar credit risk, and continued gold purchases by global central banks will likely cause the medium - to long - term center of gravity of gold prices to continue rising [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - In the short term, precious metal prices are expected to stabilize and stage a phased rebound. In the long run, the long - term upward logic of precious metals remains intact, and it is recommended to buy on dips [4]. - In the medium - to - long term, factors such as the Fed's potential rate cuts within the year, ongoing global geopolitical uncertainties, unsustainable US debt, intensified great - power competition increasing dollar credit risk, and continued gold purchases by global central banks suggest that the medium - to - long - term center of gold prices will likely continue to rise. Long - term investors are advised to buy on dips [4]. 3. Summary by Relevant Catalogs 3.1 Price Tracking - **Precious Metal Prices**: On October 29, 2025, the closing price of the main contract of Shanghai gold futures dropped 0.55% to 910.88 yuan/gram, and the main contract of Shanghai silver futures rose 1.91% to 11,338 yuan/kilogram. Compared with October 28, the prices of London gold, London silver, COMEX gold, and COMEX silver all fell 100%, while AU2512 rose 1.1% and AG2512 rose 2.6% [3][4]. - **Price Spreads/Ratios**: The price spreads of gold ID - SHFE active price and silver TD - SHFE active price increased significantly on October 29, 2025, with growth rates of 28013.6% and 80885.7% respectively compared to October 28. The gold and silver ratios of SHFE and COMEX also changed, with the SHFE gold - silver ratio dropping 1.5% [3]. 3.2 Position Data - **COMEX and ETF Positions**: As of October 28, 2025, compared with October 27, the non - commercial long positions of COMEX gold increased 1.85%, the non - commercial short positions increased 9.43%, and the non - commercial net long positions increased 0.13%. The non - commercial long positions of COMEX silver increased 0.97%, the non - commercial short positions decreased 0.21%, and the non - commercial net long positions increased 1.43%. The gold ETF - SPDR remained unchanged, and the silver ETF - SLV decreased 0.86% [3]. 3.3 Inventory Data - **SHFE and COMEX Inventories**: On October 29, 2025, compared with October 28, the SHFE gold inventory increased 0.92%, the SHFE silver inventory decreased 0.55%. The COMEX gold inventory decreased 0.60%, and the COMEX silver inventory decreased 0.91% [3]. 3.4 Interest Rates/Exchange Rates/Indices - **Related Indicators**: On October 29, 2025, compared with October 28, the US dollar index dropped 0.02%, the 2 - year US Treasury yield dropped 0.29%, the 10 - year US Treasury yield dropped 0.50%, the US dollar/Chinese yuan central parity rate dropped 0.10%, the VIX rose 3.99%, the S&P 500 rose 0.23%, and NYMEX crude oil dropped 2.23% [4].

Core Viewpoint - The recent fluctuations in gold prices have been significant, with a notable decline from historical highs, influenced by various economic factors and market sentiments [1][4][6]. Price Movements - As of October 29, spot gold prices rose to $3977.47 per ounce, while COMEX gold reached $3988.3 per ounce [1]. - On October 28, spot gold prices fell below $3900 per ounce for the first time since October 10, with a drop of nearly $500 from the historical high of $4381.48 per ounce recorded on October 20 [4][7]. - The decline in gold prices has been marked by a drop of over 11% within a week, with the lowest price hitting $3901 per ounce [7]. Market Influences - The Federal Reserve's upcoming interest rate decision is a focal point for investors, with expectations of a 25 basis point cut, which could impact gold prices [3]. - Political pressures on the Federal Reserve, particularly from President Trump, have created a volatile environment for monetary policy, further influencing gold market dynamics [4]. - The recent sell-off in gold is attributed to reduced safe-haven demand and easing liquidity pressures in the silver market, which has also seen significant price drops [8]. Future Outlook - Analysts predict that the recent downward trend in gold prices may continue, with potential for prices to fall back to $3800 per ounce in the coming months [9]. - Despite the current decline, long-term forecasts remain optimistic, with expectations for gold prices to rise above $4500 per ounce in the next year due to persistent fiscal risks and strong central bank demand [10].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - In the short - term, due to the mixed influence of factors such as inflation data, economic indicators, and geopolitical events, precious metals are expected to show a volatile trend. It is recommended to pay attention to events like the Fed's October interest - rate decision, China - US economic and trade negotiations, and whether there will be a meeting between the Chinese and US presidents at the APEC Summit. For silver, the progress of physical silver in London should be continuously monitored [6]. - In the long - term, factors such as potential Fed rate cuts, global geopolitical uncertainties, unsustainable US debt, and intensified great - power competition will increase the credit risk of the US dollar. With the continuation of central bank gold purchases, the long - term center of gold prices is likely to move upward. Long - term investors are advised to buy on dips [6]. 3. Section - by - Section Summaries 3.1 Price Tracking - **Precious Metal Prices**: On October 24, 2025, compared with October 23, London gold spot price dropped 0.5% to $4091.85 per ounce, London silver spot price fell 1.7% to $48.30 per ounce. COMEX gold price decreased 0.5% to $4107.30 per ounce, and COMEX silver price declined 1.1% to $47.99 per ounce. The prices of domestic gold and silver futures and spot also showed varying degrees of decline [5]. - **Price Spreads and Ratios**: The gold TD - SHFE active price spread increased 32.2% to - 1.97 yuan/gram, and the silver TD - SHFE active price spread rose 5.0% to - 21 yuan/kg. The gold and silver price ratios of SHFE and COMEX also showed slight increases [5]. 3.2 Position Data - **ETF Holdings**: On October 24, 2025, compared with October 23, the gold ETF - SPDR holdings decreased 0.52% to 1046.93 tons, and the silver ETF - SLV holdings dropped 0.32% to 15419.8141 tons [5]. - **COMEX Non - commercial Positions**: The non - commercial long positions of COMEX gold increased 1.85% to 332808 contracts, and the non - commercial short positions increased 9.43% to 66059 contracts. For COMEX silver, the non - commercial long positions rose 0.97% to 72318 contracts, and the non - commercial short positions decreased 0.21% to 20042 contracts [5]. 3.3 Inventory Data - **SHFE Inventories**: On October 24, 2025, compared with October 23, the SHFE gold inventory remained unchanged at 87015 kg, and the SHFE silver inventory increased 0.24% to 664971 kg [5]. - **COMEX Inventories**: The COMEX gold inventory decreased 0.21% to 38877087 troy ounces, and the COMEX silver inventory declined 0.21% to 496946989 troy ounces [5]. 3.4 Interest Rates, Exchange Rates, and Stock Market Data - **Interest Rates and Exchange Rates**: On October 24, 2025, compared with October 23, the US dollar/Chinese yuan central parity rate increased 0.01% to 7.09, the US dollar index rose 0.01% to 98.94, the 2 - year US Treasury yield remained unchanged at 3.48%, and the 10 - year US Treasury yield increased 0.25% to 4.02% [5]. - **Stock Market and Commodity Market**: The VIX index decreased 5.38% to 16.37, the S&P 500 index rose 0.79% to 6791.69, and the NYMEX crude oil price decreased 0.50% to $61.44 per barrel [5]. 3.5 Market Review - On October 24, the main contract of Shanghai gold futures rose 0.43% to 938.1 yuan/gram, and the main contract of Shanghai silver futures fell 0.15% to 11332 yuan/kg [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - In the short - term, after a significant adjustment, precious metal prices are recovering. Due to the cancellation of the US - Russia summit increasing geopolitical uncertainties and the upcoming Fed rate cut in October. However, considering the upcoming China - US trade consultations and the decline in the London silver lease rate, and the end of the historic rally since late August, gold and silver are expected to maintain a wide - range oscillation. But the long - term bullish logic for precious metals remains unchanged, and a long - term strategy of buying on dips is recommended. Today, attention should be paid to the US CPI data [6]. - In the long - term, the Fed still has room for rate cuts this year, global geopolitical uncertainties persist, the unsustainable US debt and intensified great - power competition will increase the credit risk of the US dollar in the long run, and global central bank gold purchases continue. So, the long - term center of gold prices is likely to move up, and long - term investors are advised to buy on dips [6]. 3. Summary by Relevant Catalogs 3.1 Price Tracking - **15 - point price on October 23, 2025**: London gold spot was at $4113.55 per ounce, London silver spot at $49.12 per ounce, COMEX gold at $4127.90 per ounce, COMEX silver at $48.54 per ounce, AU2512 at 942.28 yuan per gram, AG2512 at 11467 yuan per kilogram, AU (T + D) at 940.79 yuan per gram, and AG (T + D) at 11447 yuan per kilogram. Compared with October 22, 2025, the price changes were - 1.0%, - 0.1%, - 0.9%, 0.1%, - 1.1%, 0.6%, - 1.0%, and 0.5% respectively [5]. - **Spread/ratio on October 23, 2025**: Gold TD - SHFE active spread was - 1.49 yuan per gram, silver TD - SHFE active spread was - 20 yuan per kilogram, gold internal - external spread (TD - London) was 2.87 yuan per gram, silver internal - external spread (TD - London) was - 1068 yuan per kilogram, SHFE gold - silver ratio was 82.17, COMEX gold - silver ratio was 85.05, AU2602 - 2512 was 2.74 yuan per gram, and AG2602 - 2512 was 14 yuan per kilogram. Compared with October 22, 2025, the changes were - 35.5%, 53.8%, 5.9%, - 5.7%, - 1.6%, - 1.1%, 7.0%, and 7.7% respectively [5]. 3.2 Position Data - **As of October 22, 2025**: Gold ETF - SPDR was 1052.37 tons, silver ETF - SLV was 15597.6132 tons, COMEX gold non - commercial long positions were 332808 contracts, non - commercial short positions were 66059 contracts, non - commercial net long positions were 266749 contracts, COMEX silver non - commercial long positions were 72318 contracts, non - commercial short positions were 20042 contracts, and non - commercial net long positions were 52276 contracts. Compared with October 21, 2025, the changes were - 0.59%, - 0.50%, 1.85%, 9.43%, 0.13%, 0.97%, - 0.21%, and 1.43% respectively [5]. 3.3 Inventory Data - **On October 23, 2025**: SHFE gold inventory was 87015 kilograms (unchanged from October 22, 2025), SHFE silver inventory was 663366 kilograms (down 4.09% from October 22, 2025). COMEX gold inventory on October 22, 2025, was 38968027 troy ounces (down 0.14% from October 21, 2025), and COMEX silver inventory on October 22, 2025, was 501026992 troy ounces (down 0.56% from October 21, 2025) [5]. 3.4 Interest Rate/Exchange Rate/Stock Market Data - **On October 23, 2025**: The US dollar/Chinese yuan central parity rate was 7.09 (down 0.05% from October 22, 2025), the US dollar index on October 22, 2025, was 98.91 (down 0.06% from October 21, 2025), the 2 - year US Treasury yield was 3.45% (unchanged), the 10 - year US Treasury yield was 3.97% (down 0.25% from October 21, 2025), VIX was 18.60 (up 4.09% from October 21, 2025), the S&P 500 was 6699.40 (down 0.53% from October 21, 2025), and NYMEX crude oil was $59.38 per barrel (up 3.13% from October 21, 2025) [5]. 3.5 Market Review - On October 23, 2025, the main contract of Shanghai gold futures closed down 0.77% at 942.28 yuan per gram, and the main contract of Shanghai silver futures closed up 1.24% at 11467 yuan per kilogram [5].