Today, SMM’s 10:00 am Ag (T+D) price on the Shanghai Gold Exchange was 15,890 yuan/kg, with premiums quoted in the range of TD-5 to +5 yuan/kg, averaging 0 yuan/kg.
On the macro front, uncertainty in US-Iran negotiations persisted, with geopolitical risks fluctuating; the pullback in oil prices suppressed inflation expectations, but escalation could pose headwinds. After the US non-farm payrolls data weakened, September rate hike expectations cooled somewhat, and a weaker US dollar lent some resilience to precious metals, although momentum for further silver price breakthroughs remained insufficient. The market awaited guidance from CPI data.
In the spot market, supplier quotes overall edged up slightly today, with deals concentrated around parity, and low-end quotes becoming less frequent, though overall buyer momentum remained weak. In the Shanghai morning session, quotes were largely around parity to a premium of 5 yuan/kg against TD, with reduced purchasing by banking institutions weakening floor support; only some acceptance-driven demand saw need-based transactions, tilting overall toward parity. In Shenzhen, some nationally certified cargo was concentrated around slight discounts to parity, with both buyers and sellers cautious. Premiums for the SHFE most-traded contract 2610 were quoted at a discount from 65 to 55 yuan/kg today.
Overall, precious metals were poised to mainly consolidate and fluctuate in the short term, with silver trending firmer. In the spot market, selling pressure increased after silver prices rose, transactions were lackluster, and overall demand remained weak.
![Precious metals rally continues; SHFE gold and silver rise for sixth straight session; spot trades for platinum and silver remain weak; how do institutions view the market outlook? [SMM Flash]](https://imgqn.smm.cn/usercenter/tSwaX20251217171735.jpg)
