Today, SMM's 10:00 fixing price for Au (T+D) on the Shanghai Gold Exchange was 16,813 yuan/kg, with premium quotes ranging from TD-10 to 0 yuan/kg, and a weighted average premium of -5 yuan/kg.
On the macro front, precious metals consolidated yesterday. Spot gold briefly approached $4,700/oz in early trading but failed to break through, closing up 0.15% at $4,658.60/oz; spot silver held weak, closing down 0.42% at $68.66/oz, with short-term upward momentum weakening. On the geopolitical side, the US and Iran have reached consensus on the terms of a ceasefire agreement, including free navigation in the Strait of Hormuz. The escalating peace expectations may provide some support for precious metals, but the driving force is limited. Tonight, attention can be paid to the US PCE data for guidance.
In the spot market, offers were concentrated at a discount of TD-10 yuan/kg to parity today. The spot-futures price spread fluctuated significantly, with traders quoting on the high side. Some refineries showed strong willingness to sell at month-end, and downstream buyers mostly negotiated transactions, with actual transaction prices remaining at a discount. In the Shanghai area, morning quotes were mainly at TD-10 yuan/kg to parity, with national standard silver ingot transactions concentrated around TD-10 yuan/kg, and bank procurement prices also maintained a slight discount. Transactions in the Shenzhen area were generally at a slight discount. Today, the premium quotes for the most-traded SHFE 2610 contract were at a discount of 65 to 45 yuan/kg.
Overall, precious metals maintain a trend of drifting higher in the short term, with strong support below but lacking fresh macro catalysts. In the spot market, downstream buyers' bargaining sentiment is strong, suppliers are offering concessions to sell, parity transactions are difficult, and transactions continue to trend toward discounts.
