Today, SMM took the price of the Shanghai Gold Exchange's Ag (T+D) at 10:00 a.m. at 14,633 yuan/kg, with premium/discount quotes ranging from parity against TD to a premium of 15 yuan/kg, averaging a premium of 7.5 yuan/kg.
On the macro front, the US resumption of sanctions on Iranian oil, combined with a series of US military strikes against Iran, sharply escalated tensions in the Middle East. Crude oil supply concerns pushed up oil price expectations. Technical rebounds in precious metals reached a phase high, returning overall to a main trend of falling under pressure. Meanwhile, the central bank increased its gold holdings for the 20th consecutive month, with the official purchasing trend unchanged, providing long-term bottom support for gold prices. Tonight, the market may pay attention to the minutes released by the US Fed.
In the spot market, transactions were concentrated in the parity-to-small premium range. Premiums were stable overall, though high-end quotes edged down. Supplier willingness to sell was strong today, and downstream transactions were mainly negotiation-based. Morning quotes in Shanghai were mostly concentrated from parity against TD to a premium of 15 yuan/kg. Some suppliers quoted higher, but buying interest was insufficient, leaving transactions mostly concentrated at the low end. Quotes in Shenzhen were clustered around parity against TD to a premium of 10 yuan/kg, with parity-priced cargoes being cleared faster. Today, market quotes against the most-traded SHFE contract 2608 were at a discount of 20-30 yuan/kg.
Overall, precious metals fell under pressure in the short term, lacking upward momentum. High-end spot premiums edged down, and the market maintained a parity-to-small premium structure. Demand appeared somewhat weak, with heavy wait-and-see sentiment.
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