贵金属数据日报-20250424

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - On April 23, the main contract of Shanghai gold futures closed down 4.55% to 784.28 yuan/gram; the main contract of Shanghai silver futures closed down 0.02% to 8199 yuan/kilogram [4] - In the short - term, gold prices have shown an obvious accelerating upward trend in the past week, but the short - term capital - driven rise is unsustainable. After reaching the key position of 500 dollars, the price quickly dropped. The adjustment is a benign one. It is recommended that investors wait and see in the short - term and rationally participate. In the long - term, the upward foundation of gold is still solid, and it is recommended to buy on dips after the adjustment is completed. Silver is expected to continue to fluctuate [4] - In the medium - to - long - term, due to the global tariff trade war, the risk of economic recession increases, the Fed still has a high probability of cutting interest rates in June, geopolitical uncertainties are high, and the global central banks continue to buy gold. Gold still has allocation value, and it is recommended to buy on dips [4] Group 3: Summary by Relevant Catalogs Price Tracking - On April 23, 2025, London gold spot was 3304.05 dollars/ounce, London silver spot was 32.79 dollars/ounce, COMEX gold was 3315.20 dollars/ounce, CONEX silver was 33.09 dollars/ounce, AU2506 was 784.28 yuan/gram, AG2506 was 8199 yuan/kilogram, AU (T + D) was 783.18 yuan/gram, and AG (T + D) was 8185 yuan/kilogram. Compared with April 22, the price changes were - 5.1%, 0.7%, - 5.0%, 0.6%, - 5.7%, 0.3%, - 5.6%, and 0.3% respectively [3] Spread/Ratio - On April 23, 2025, the gold TD - SHFE active spread was - 1.1 yuan/gram, the silver TD - SHFE active spread was - 14 yuan/kilogram, the gold internal - external spread (TD - London) was 17.11 yuan/gram, the silver internal - external spread (TD - London) was - 360 yuan/kilogram, the SHFE gold - silver main ratio was 95.66, the COMEX gold - silver main ratio was 100.19, AU2508 - 2506 was 1.12 yuan/gram, and AG2508 - 2506 was 22 yuan/kilogram. Compared with April 22, the changes were - 29.0%, - 17.6%, - 26.9%, 8.7%, - 6.0%, - 5.6%, - 16.4%, and 4.8% respectively [3] Position Data - As of April 22, 2025, the gold ETF - SPDR was 947.7 tons, the silver ETF - SLV was 14120.10206 tons, the non - commercial long position of COMEX gold was 271707 contracts, the non - commercial short position was 69497 contracts, the non - commercial net long position was 202210 contracts, the non - commercial long position of CONEX silver was 65068 contracts, the non - commercial short position was 21119 contracts, and the non - commercial net long position was 43949 contracts. Compared with April 21, the changes were - 1.20%, 0.00%, 0.69%, 0.55%, 0.74%, - 4.91%, - 3.61%, and - 5.52% respectively [3] Inventory Data - On April 23, 2025, the SHFE gold inventory was 15648.00 kilograms, and the SHFE silver inventory was 912786.00 kilograms. On April 22, the COMEX gold inventory was 42803281 troy ounces, and the CONEX silver inventory was 496698255 troy ounces. Compared with the previous day, the changes were - 0.19%, - 1.18%, - 0.68%, and - 0.24% respectively [3] Other Market Data - On April 23, 2025, the US dollar/Chinese yuan central parity rate was 7.21, the US dollar index was 98.98, the 2 - year US Treasury yield was 3.76%, the 10 - year US Treasury yield was 4.41%, the VIX was 30.57, the S&P 500 was 5287.76, and NYMEX crude oil was 63.54. Compared with April 22, the changes were 0.06%, 0.27%, - 0.23%, - 9.61%, 2.51%, 0.63%, and 1.36% respectively [4] Important News - The US Treasury Secretary said the tariff deadlock is unsustainable. The Trump administration is "close" to reaching trade agreements with Japan and India, and Trump will "significantly reduce" high tariffs on China [4] - Trump said he has no intention of firing Powell and it is a good time to cut interest rates [4] - The eurozone's April manufacturing PMI preliminary value was 48.7, the service PMI preliminary value was 49.7. The UK's April manufacturing PMI preliminary value was 44, and the service PMI preliminary value was 48.9 [4]