贵金属产业日报 2025-11-24 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 廖宏斌 期货从业资格号F3082507 期货投资咨询从业证书号Z0020723 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 930.32 | 3.38 沪银主力合约收盘价(日,元/千克) | 11808 | 128 | | | 主力合约持仓量:沪金(日,手) | 164620 | 4310 主力合约持仓量:沪银(日,手) | 34 ...

投资咨询业务资格： 证监许可[2011]1771号 研 究 所 晨 会 观 点 精 萃 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-68756925 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-68758786 邮箱：mingdy@qh168.com.cn 刘慧峰 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-68751490 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-58731316 邮箱：liub@qh168.com.cn 王亦路 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-68757092 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-68757092 邮箱：fengb@qh168.com.cn 李卓雅 从业资格证号：F03144512 投资 ...

Core Viewpoint - The gold market experienced a rebound on the afternoon of the 19th, with significant gains in various gold-related stocks and an increase in gold prices [1] Group 1: Market Performance - Gold concept stocks saw a rise, with Xiaocheng Technology increasing by over 7% [1] - Other gold-related companies such as Zhongjin Gold, Xingye Silver, Shandong Gold, Chifeng Gold, and Sichuan Gold also followed the upward trend [1] - Spot gold prices rose above $4,090 per ounce, while the main Shanghai gold contract surged over 1%, reaching a daily high of 938.30 yuan per gram [1]

投资咨询业务资格： 证监许可[2011]1771号 研 究 所 晨 会 观 点 精 萃 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-68751490 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-58731316 邮箱：liub@qh168.com.cn 王亦路 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-68757092 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-68757092 邮箱：fengb@qh168.com.cn 李卓雅 [Table_Report] 分析师 贾利军 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-68756925 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-68758786 邮箱：mingdy@qh168.com.cn ...

Group 1 - The core viewpoint indicates that the recent fluctuations in gold and silver prices are influenced by macroeconomic factors, including the end of the U.S. government shutdown and ongoing economic uncertainties [2][3] - The Shanghai gold futures price reported at 953.20 CNY per gram, with a decline of 0.29%, while the opening price was 967.20 CNY per gram, showing a range between 952.00 CNY and 967.96 CNY during the trading session [1] - The New York gold futures contract decreased by 0.5%, closing at 4,194.50 USD per ounce, while the Shanghai gold futures contract saw a slight increase of 0.11% [3] Group 2 - The U.S. government shutdown's end is expected to negatively impact the fourth-quarter GDP by 1.5%, contributing to a perception of slowing economic growth [2] - The Federal Reserve's internal divisions regarding interest rate policies are evident, with some officials advocating for maintaining restrictive policies while others see reasons for potential rate cuts [2] - The trend of de-dollarization is gaining momentum, as Europe seeks alternatives to the dollar, which may further enhance the demand for precious metals as a safe haven [2]

每经AI快讯，11月12日，国内贵金属期货持续上涨，沪银主力合约涨超3%，现报12295元/千克；沪金 主力合约涨超1%，现报956.12元/克。 ...

国内贵金属期货夜盘持续上涨，沪银主力合约涨超3%，现报12295元／千克；沪金主力合约涨超1%， 现报956.12元／克。 （文章来源：新华财经） ...

每经AI快讯，11月11日，沪金主力合约日内涨3%，现报951.86元/克。 ...

Report Overview Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] Core View - The risk sentiment towards US equity assets in the market has increased, which may boost the investment demand for gold. The gold price is expected to be in a slightly strong oscillatory pattern, with the Au2512 contract oscillating between 920 yuan/gram - 970 yuan/gram. Silver prices are also rising, slightly stronger than gold, and the gold - silver ratio is expected to narrow. The silver price is expected to maintain a strong oscillatory pattern, with the Ag2512 contract oscillating between 11600 yuan/kilogram - 12100 yuan/kilogram. It is recommended to short the gold - silver ratio at high levels and postpone options trading [8][9] Summary by Directory Market Analysis - The US officially announced a one - year suspension of the 301 investigation measures on China's shipbuilding and other industries, and China announced a one - year suspension of the special port dues for US ships and a one - year suspension of counter - measures against five US - related subsidiaries of Hanwha Ocean Co., Ltd. The US Senate passed a procedural vote on a temporary appropriation bill to end the government shutdown, but the final vote time has not been arranged, and the bill still needs to be voted on by the House of Representatives. The US government shutdown may end before this weekend [1] Futures Quotes and Trading Volume - On November 10, 2025, the Shanghai Gold main contract opened at 918.74 yuan/gram and closed at 935.98 yuan/gram, a change of 1.60% from the previous trading day's closing. The trading volume was 41087 lots, and the open interest was 129725 lots. In the night session, it opened at 940.18 yuan/gram and closed at 944.76 yuan/gram, a 0.94% increase from the afternoon closing. The Shanghai Silver main contract opened at 11455.00 yuan/kilogram and closed at 11719.00 yuan/kilogram, a 2.05% change from the previous trading day's closing. The trading volume was 1015910 lots, and the open interest was 243217 lots. In the night session, it opened at 11810 yuan/kilogram and closed at 11868 yuan/kilogram, a 1.27% increase from the afternoon closing [2] US Treasury Yield and Spread Monitoring - On November 10, 2025, the yield of the 10 - year US Treasury bond closed at 4.11%, up 0.21 BP from the previous trading day. The spread between the 10 - year and 2 - year bonds was 0.56%, a 0.02% change from the previous trading day [3] Changes in Positions and Trading Volume of Gold and Silver on the Shanghai Futures Exchange - On November 10, 2025, in the Au2512 contract, the long positions decreased by 697 lots compared with the previous day, and the short positions decreased by 562 lots. The total trading volume of the Shanghai Gold contract on the previous trading day was 481732 lots, a 17.91% change from the previous trading day. In the case of Shanghai Silver, in the Ag2512 contract, the long positions decreased by 2075 lots, and the short positions decreased by 4410 lots. The total trading volume of the silver contract on the previous trading day was 1873576 lots, a 19.78% change from the previous trading day [4] Precious Metal ETF Position Tracking - The gold ETF position was 1042.06 tons, unchanged from the previous trading day. The silver ETF position was 15089 tons, also unchanged from the previous trading day [5] Precious Metal Arbitrage Tracking - On November 10, 2025, the domestic premium of gold was 3.27 yuan/gram, and the domestic premium of silver was - 883.09 yuan/kilogram. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was about 79.87, a - 0.12% change from the previous trading day, and the foreign - market gold - silver ratio was 82.27, a 0.03% change from the previous trading day [6] Fundamental Analysis - On November 10, 2025, the trading volume of gold on the Shanghai Gold Exchange T + d market was 51204 kilograms, a - 8.63% change from the previous trading day. The trading volume of silver was 712714 kilograms, a 34.61% change from the previous trading day. The gold delivery volume was 11872 kilograms, and the silver delivery volume was 28320 kilograms [7] Strategy - Gold: Cautiously bullish, with the Au2512 contract oscillating between 920 yuan/gram - 970 yuan/gram. Silver: Cautiously bullish, with the Ag2512 contract oscillating between 11600 yuan/kilogram - 12100 yuan/kilogram. Arbitrage: Short the gold - silver ratio at high levels. Options: Postpone [8][9]

每经AI快讯，11月10日，沪金主力合约日内涨幅达2%，现报936.00元/克。 （文章来源：每日经济新闻） ...