热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 新能源有色金属组 贵金属延续强势表现，主力合约沪银2602收于16210元/千克，涨幅达6.06%；主力合约沪金2602收于 1000.86元/克，涨幅达2.10%。在贵金属ETF方面，12月19日当周（目前最新）黄金SPDR ETF持仓量1， 052.54吨，白银SLV ETF持仓量16，018吨。 责任编辑：朱赫楠 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 新能源有色金属组 宏观方面，美国11月非农就业人口增加6.4万人，高于市场预期的5万人；但失业率却意外升至4.6%，创 下2021年9月以来的新高。另外，10月非农就业大幅减少10.5万人，远超预期的下降2.5万人；8月和9 月 也合计下修3.3万人。11月平均时薪同比增长3.5%，为2021年5月以来最低增速。较为弱势的就业数据可 能推动美联储维持宽松的货币政策取向。通胀方面，美国11月核心CPI同比上涨2.6%，创下2021年初以 来最慢增速，低于市场预期的3%。 整体CPI同比上涨 2.7%，低于预期的3.1% ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Gold prices have slightly increased this week, but the intensity of the increase is limited, with a higher probability of range - bound fluctuations. The 10 - year TIPS has risen to 1.93%, and the 10 - year nominal interest rate has fallen to 4.19%. The recent price correlation between gold and real interest rates has returned [4][5]. - Silver prices have fluctuated significantly this week. Although there was a small accumulation of futures inventory, the accumulation was limited, and the TD deferred fee remained in the state of short - paying - long. The overseas Lease rate rebounded moderately. The risk of short - squeeze in silver at home and abroad in December is limited, but there is a greater risk of price increase from January to March 2026. After the price recently reached $65, it may enter a shock adjustment stage [5]. 3. Summaries by Related Catalogs 3.1 Transaction Aspects (Price, Spread, Inventory, Funds, and Positions) - **Price and Spread** - This week, London gold rose 2.45%, and London silver rose 11.02%. The gold - silver ratio fell from 72.2 last week to 66.6. The gold - silver price ranges are 950 - 990 yuan/gram for gold and 13,700 - 15,000 yuan/kilogram for silver [3][5]. - Overseas, the London spot - COMEX gold主力 spread fell to - 30.515 dollars/ounce, and the COMEX gold continuous - COMEX gold主力 spread was - 27.1 dollars/ounce. The London spot - COMEX silver主力 spread rose to - 0.165 dollars/ounce, and the COMEX silver continuous - COMEX silver主力 spread was - 1.03 dollars/ounce [11][17]. - Domestically, the gold futures - spot spread was - 5.86 yuan/gram, at the lower end of the historical range; the silver futures - spot spread was 29 yuan/gram, at the upper end of the historical range. The gold monthly spread was 7.28 yuan/gram, at the upper end of the historical range; the silver monthly spread was 7 yuan/gram, at the lower end of the historical range [23][26][30][33]. - **Inventory** - COMEX gold inventory decreased by 10.66 tons this week, and the registered warrant ratio rose to 52.7%. COMEX silver inventory decreased by 115.42 tons to 137,581 tons, and the registered warrant ratio rose to 30.3%. Domestic gold futures inventory remained unchanged, and silver futures inventory increased by 132 tons to 802 tons [42][44][48]. - **Positions** - This week, the non - commercial net - long position of COMEX CFTC gold increased slightly, while the non - commercial net - long position of silver decreased slightly. The gold SPDR ETF inventory increased by 2.82 tons, and the domestic gold ETF decreased by 0.2 tons. The silver SLV ETF inventory increased by 177 tons [50][53][57]. 3.2 Gold's Core Drivers - The correlation between gold and real interest rates has returned this week, and the 10YTIPS has continued to decline [66]. - Information on inflation, retail sales, non - farm employment, industrial manufacturing cycle, financial conditions, economic surprise index, and inflation surprise index is presented, but no specific conclusions are drawn [70][73][78][80].

交易咨询业务资格：证监许可【2012】1091号 贵金属周报（11.17-11.21） 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 上周回顾 2 每周周评 3 4 5 基本面数据 持仓数据 总结 | 指 标 | 前 | 收 | 最 | 高 | 最 | 低 | 涨 | 跌 | 涨跌幅 （%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪金2602 | 926 . | 94 | 948 . | 86 | 920 | 5 . | - 35 . | 10 | - 3 . | 65 | | 沪银2602 | 11680 | | 12306 | | 11661 | | - 760 | 00 . | - 6 . | 1 ...