Today, SMM's 10:00 AM fixing price for the SGE Ag(T+D) was 16,913 yuan/kg, with the premium/discount quote range at TD-5 to 0 yuan/kg, and a weighted average price of -2 yuan/kg.
On the macro front, the US July PCE price index annual rate was 3.7%, unchanged MoM, slightly above market expectations of 3.6%. After the data release, market expectations for a Fed rate hike in September picked up slightly, with gold prices falling below the $4,600 mark. Sticky PCE and rate hike expectations dominated the short-term pullback. US Treasury yields and oil prices pulled back somewhat, while the Treasury's TGA account support for repos eased liquidity pressure. This week, policy orientation continued to support precious metals in drifting higher. Going forward, attention may turn to policy signals released at the Jackson Hole Global Central Bank Annual Symposium.
Spot market side, today's offers were concentrated at TD-5 yuan/kg to parity. Month-end, suppliers' willingness to sell was weak, with some enterprises that had already cleared inventory suspending offers. The spot-futures price spread narrowed slightly, with few low-priced cargoes in the market, and actual transactions still maintained a small discount. Morning quotes in Shanghai were mainly near parity, with standard silver ingot transactions concentrated near TD-5 yuan/kg, and the trading atmosphere was lukewarm. Transactions in Shenzhen were generally at a small discount, with relatively weak demand. Today's premium/discount quote for the SHFE most-traded contract 2610 was at a discount of 60 to 50 yuan/kg.
Overall, near-term precious metals maintained a drift higher trend, with strong support below. The PCE data was largely in line with expectations, but rate hike expectations picked up slightly. Spot market side, month-end selling sentiment was weak, with few low-priced cargoes, and transactions maintained a small discount.
![[SMM Precious Metals Express]](https://imgqn.smm.cn/usercenter/BVoXk20251217171736.jpg)
