Market Analysis by covering: Gold Spot US Dollar, Gold Futures. Read 's Market Analysis on Investing.com ...

Core Insights - StubHub shares fell nearly 25%, marking the worst day since its IPO in September, due to the company's decision not to provide guidance for the current quarter [2][3] - Bristol-Myers Squibb's stock declined by 3.4% after the company announced it would halt a trial for a heart drug developed in collaboration with Johnson & Johnson [2] - Netflix shares dropped about 3% following reports that the company is preparing bids to acquire Warner Bros. Discovery [3] Stock Movements - DoorDash stock rose nearly 7%, recovering some losses after its earnings report [4] - Cidara Therapeutics saw its stock more than double in value after Merck announced a deal to acquire the company for $221.50 per share, valuing it at approximately $9.2 billion [3] - Major U.S. equity indexes showed mixed results, with the Dow Jones down 0.3%, S&P 500 up 0.5%, and Nasdaq climbing 0.8% [1]

the first 投资咨询业务资格:证监许可【2012】31号 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 | | | 2025/11/11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 贵金属与新能源研究中心 白素娜 | | 人业资格号:F3023916 | | | | | | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2512 AG2512 | | AU (T+D) | AG (T+D) | | 日期 内外盘金 银15点价 | (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) | | 2025/11/10 格跟踪 | 4075. 52 | 49. 53 | 4084. 70 | 49.58 | 935.98 | 11719.00 | 933.23 | 11707.00 | | (本表数 | | | | | | | | | | 2025/1 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - On November 7, concerns about the slowdown of economic growth boosted the precious metal prices, and the continuous increase of China's gold reserves by the central bank supported the gold price. However, due to the Senate Democrats' proposal to extend the AIA subsidy and the Fed officials' cautious attitude towards December interest - rate cuts, the upward momentum of precious metal prices was limited. It is expected that the short - term precious metal prices will maintain a range - bound oscillation, but there is still upward space in the long term. Long - term investors are advised to allocate on dips [3][4]. - In the medium - to - long - term, the Fed is still in an interest - rate cut cycle. Global geopolitical uncertainties, unsustainable US debt, and intensified great - power competition will 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 move up [3][4]. Group 3: Summary by Relevant Catalogs 1. Price Tracking of Domestic and Foreign Gold and Silver (15 - point prices) - On November 7, 2025, compared with November 6, London gold spot rose 0.3% to $4007.42/ounce, London silver spot rose 0.7% to $48.71/ounce, COMEX gold rose 0.2% to $4015.20/ounce, COMEX silver rose 0.6% to $48.51/ounce, AU2512 rose 0.4% to 921.26 yuan/gram, AG2512 rose 0.5% to 11484 yuan/kilogram, AU (T + D) rose 0.3% to 918 yuan/gram, and AG (T + D) rose 0.6% to 11481 yuan/kilogram [3][4]. 2. Spread/Ratio Price Tracking (15 - point prices) - On November 7, 2025, compared with November 6, the spread of gold TD - SHFE active price changed by 41.7%, the spread of silver TD - SHFE active price changed by - 84.2%, the spread of gold domestic - foreign (TD - London) changed by 7.9%, the spread of silver domestic - foreign (TD - London) changed by 1.3%, the SHFE gold - silver main ratio changed by - 0.1%, the COMEX gold - silver main ratio changed by - 0.4%, AU2602 - 2512 changed by 7.6%, and AG2602 - 2512 changed by - 8.0% [3][4]. 3. Position Data - On November 7, 2025, compared with November 6, the gold ETF - SPDR was 1042.06 tons with a 0.16% increase, the silver ETF - SLV was 15088.6327 tons with a - 0.17% decrease. COMEX gold non - commercial long positions increased 1.85%, non - commercial short positions increased 9.43%, non - commercial net long positions increased 0.13%. COMEX silver non - commercial long positions increased 0.97%, non - commercial short positions decreased 0.21%, non - commercial net long positions increased 1.43% [3][4]. 4. Inventory Data - On November 7, 2025, compared with November 6, SHFE gold inventory increased 2.05% to 89616 kilograms, SHFE silver inventory decreased 2.64% to 623052 kilograms. COMEX gold inventory decreased 0.31% to 37729455 troy ounces, COMEX silver inventory decreased 0.28% to 480115942 troy ounces [3][4]. 5. Interest Rate/Exchange Rate/Stock Market - On November 7, 2025, compared with November 6, the US dollar/Chinese yuan central parity rate decreased - 0.04% to 7.08, the US dollar index decreased - 0.15% to 99.55, the 2 - year US Treasury yield decreased - 0.56% to 3.55%, the 10 - year US Treasury yield remained unchanged at 4.11%, the VIX decreased - 2.15% to 19.08, the S&P 500 increased 0.13% to 6728.80, and NYMEX crude oil increased 0.52% to 59.84 [3][4].

Core Insights - The domestic precious metals market experienced a significant upward trend on November 6, with both gold and silver futures showing positive price movements [1] Group 1: Market Performance - As of November 6, the main gold futures contract on the Shanghai Futures Exchange was priced at 916.28 CNY per gram, reflecting a 0.62% increase [1] - The main silver futures contract was priced at 11,368.00 CNY per kilogram, showing a 1.46% increase [1] Group 2: Futures Pricing Data - The opening price for gold futures was 913.50 CNY, with a previous close of 912.26 CNY and a last settlement price of 910.60 CNY [2] - For silver futures, the opening price was 11,297.00 CNY, with a previous close of 11,276.00 CNY and a last settlement price of 11,204.00 CNY [2] Group 3: Warehouse Inventory and Basis Data - As of November 5, silver futures warehouse receipts totaled 656,170 kilograms, a decrease of 1,257 kilograms from the previous trading day [2] - Gold futures warehouse receipts amounted to 87,816 kilograms, an increase of 801 kilograms from the previous trading day [2] - The basis data indicated a 'backwardation' situation for both gold and silver contracts, where the spot prices exceeded the futures prices [2][3]

Core Points - The new tax policy for gold trading, effective from November 1, aims to reduce taxes for transactions conducted through exchanges while maintaining existing tax rules for non-exchange channels [1][3] - The policy differentiates between the "financial" and "commodity" attributes of gold, encouraging investment through regulated exchange channels [1][3] Tax Policy Changes - Transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) when sold [1] - If gold is not withdrawn from the exchange, it is directly exempt from VAT; if physical gold is withdrawn, investment gold will enjoy a tax refund policy, while consumer gold can deduct VAT at a rate of 6% [1] - Non-exchange channels, such as purchasing gold bars or jewelry from stores, will still incur a 13% VAT [1] Impact on Consumers - Personal sales of used gold jewelry will be exempt from VAT, allowing individuals to sell items like old gold rings without tax implications [2] - The direct impact on retail prices of gold jewelry is minimal, but potential supply shortages from increased demand for investment gold through exchanges could lead to higher prices in the future [2] Investment Recommendations - For those looking to invest in gold for inflation hedging or asset preservation, it is advisable to use exchange channels like gold futures, which offer tax benefits and higher liquidity [2] - Consumers interested in purchasing gold jewelry or bars for personal use can continue to buy from stores without concern [2] Policy Background - The adjustment aims to create a more regulated and fair gold market, addressing previous lax tax management in non-exchange transactions and preventing tax loopholes [3] - The policy supports the gold industry and strengthens Shanghai's position as an international financial center for gold pricing [3]

Core Insights - Gold futures opened at $3,939.50 per ounce, down 0.5% from the previous close of $3,960.50, marking the lowest opening since October 28 [1][4] - The price of gold has fluctuated around $4,000 after a recent pullback from all-time highs, influenced by economic uncertainties, a weakening dollar, and a trade agreement with China [2] - Stock prices have declined, potentially increasing demand for gold as a safe-haven asset [3] Current Price Trends - The current opening price of gold futures reflects a decrease of 0.5% from the previous day, with a notable increase of 62.4% from one year ago as of October 17 [1][4][8] - Weekly change shows a decline of 1.1%, while the monthly change indicates a slight increase of 0.8% [8] Investment Options in Gold - Various methods to invest in gold include physical gold, gold mining stocks, gold ETFs, and gold futures [9] - Physical gold is tangible and easily accessible, but it has risks such as theft and lower liquidity [10][16] - Gold mining stocks can be volatile due to their dependence on gold prices and geopolitical risks, leading many investors to prefer diversified funds [11][17] - Gold ETFs track gold prices and offer greater liquidity, but they come with fund fees that can dilute returns [15][20] - Gold futures allow for leverage and convenience but carry high risks and complexity [19][21]

Core Insights - The article provides a market analysis focusing on Gold Spot US Dollar, Gold Futures, and Silver Futures [1] Group 1: Gold Market - Gold Spot prices are analyzed in relation to the US Dollar, indicating fluctuations and trends in the market [1] - Gold Futures are discussed, highlighting their performance and potential investment opportunities [1] - The analysis includes insights on how geopolitical events and economic indicators impact gold prices [1] Group 2: Silver Market - Silver Futures are examined, with attention to their market dynamics and price movements [1] - The relationship between silver and gold prices is explored, noting correlations and divergences [1] - The article suggests potential strategies for investors looking to capitalize on silver market trends [1]

Core Insights - The domestic commodity market showed mixed trends, with apples rising nearly 4% while gold and silver fell over 4% and 3% respectively [1][4] Group 1: Apple Market - Apple futures surged by 3.96%, reaching a new high since November 2023, driven by tightening supply of quality apples as they enter storage [2] - The main contract for apples has seen a significant increase in open interest, with a cumulative rise of over 35,000 contracts in the last four trading days [2] - Analysts suggest that while the short-term fundamentals support higher prices, apples priced above 9,000 yuan/ton may face seasonal demand challenges [2] Group 2: Soybean and Meal Prices - U.S. soybean prices hit $11 per bushel, the highest since July last year, leading to increases in both soybean meal and rapeseed meal prices, which rose by 2.39% and 1.40% respectively [3] - The rise in meal prices is primarily supported by higher import costs for U.S. soybeans, which have reached a five-month high [3] - Despite the price increases, the overall supply of oilseeds remains ample, and domestic soybean crushing levels are high, which may limit further demand for protein meals [3] Group 3: Precious Metals - Gold and silver prices experienced significant declines, with Shanghai gold falling over 4% and silver over 3%, attributed to improved market risk appetite following U.S.-China trade discussions [4] - Citigroup has revised its short-term gold price target down from $4,000 to $3,800, indicating a bearish outlook for gold prices in the near term [4] - The future performance of gold is contingent on key factors such as potential changes in U.S. Federal Reserve leadership and the strength of the U.S. economy [4] Group 4: Other Commodities - Iron ore prices increased by nearly 2% due to reduced port inventories despite increased overseas shipments [3] - Other commodities like synthetic rubber, palm oil, and copper also saw declines, with synthetic rubber dropping over 2% and several others falling more than 1% [6]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The initial consensus reached in the China-US-Malaysia economic and trade consultations has boosted market risk appetite, suppressing precious metal prices. However, the lower-than-expected US CPI in October has strengthened the Fed's interest rate cut expectation, and the ongoing US government shutdown has provided support for precious metal prices [5][6]. - In the short term, gold is expected to maintain a volatile trend. For silver, the price difference between London silver and New York silver has been repaired to near par, and there is a risk of short - term adjustment in silver prices. In the long - term, the bullish logic of precious metals remains unchanged, and it is recommended to go long on dips [6]. - In the long - term, the Fed still has room to cut interest rates this year, global geopolitical uncertainties persist, the US debt is unsustainable, and great - power competition intensifies, which will increase the credit risk of the US dollar in the long run. Global central bank gold purchases continue, and the long - term center of gold prices is likely to continue to rise. Long - term investors are advised to go long on dips [6]. Summary by Relevant Catalogs 1. Price Tracking of Domestic and Foreign Gold and Silver - On October 27, 2025, compared with October 24, 2025, London gold spot decreased by 0.3% to $4078.42 per ounce, London silver spot remained unchanged at $48.32 per ounce, COMEX gold decreased by 0.4% to $4092.20 per ounce, CONEX silver increased by 0.7% to $48.34 per ounce, AU2512 decreased by 0.4% to 934.14 yuan per gram, AG2512 remained unchanged at 11332 yuan per kilogram, AU (T + D) decreased by 0.4% to 932.58 yuan per gram, and AG (T + D) increased by 0.6% to 11376 yuan per kilogram [4]. - Regarding price differences, from October 24 to 27, 2025, the gold TD - SHFE active price difference increased by 20.8% to - 1.56 yuan per gram, the silver TD - SHFE active price difference increased by 309.5% to 44 yuan per kilogram, the gold domestic - foreign price difference (TD - London) increased by 4.2% to 3.16 yuan per gram, the silver domestic - foreign price difference (TD - London) decreased by 6.0% to - 945 yuan per kilogram, the SHFE gold - silver main ratio decreased by 0.4% to 82.43, the COMEX gold - silver main ratio decreased by 1.1% to 84.66, AU2602 - 2512 increased by 148.9% to 6.62 yuan per gram, and AG2602 - 2512 increased by 476.9% to 75 yuan per kilogram [4]. 2. Position Data - As of October 24, 2025, compared with October 23, 2025, the gold ETF - SPDR decreased by 0.52% to 1046.93 tons, the silver ETF - SLV decreased by 0.32% to 15419.8141 tons, the non - commercial long position of COMEX gold increased by 1.85% to 332808 contracts, the non - commercial short position increased by 9.43% to 66059 contracts, the non - commercial net long position increased by 0.13% to 266749 contracts, the non - commercial long position of CONEX silver increased by 0.97% to 72318 contracts, the non - commercial short position decreased by 0.21% to 20042 contracts, and the non - commercial net long position increased by 1.43% to 52276 contracts [4]. 3. Inventory Data - From October 24 to 27, 2025, the SHFE gold inventory remained unchanged at 87015 kilograms, and the SHFE silver inventory decreased by 2.61% to 647643 kilograms. The COMEX gold inventory decreased by 0.21% to 38877087 ounces, and the COMEX silver inventory decreased by 0.21% to 496946989 ounces [4]. 4. Interest Rates, Exchange Rates, and Other Data - On October 27, 2025, compared with October 24, 2025, the US dollar index decreased by 0.07% to 98.94, the 2 - year US Treasury yield remained unchanged at 3.48%, the 10 - year US Treasury yield increased by 0.01% to 4.02%, NYMEX crude oil decreased by 0.50% to 61.44 dollars per barrel, the US dollar/Chinese yuan central parity rate remained unchanged at 7.09, the VIX decreased by 5.38% to 16.37, and the S&P 500 increased by 0.79% to 6791.69 [5]. 5. Market Review - On October 27, 2025, the main contract of Shanghai gold futures closed down 1.24% to 934.14 yuan per gram, and the main contract of Shanghai silver futures closed down 0.47% to 11394 yuan per kilogram [5].