Today, SMM's 10:00 a.m. price for Ag (T+D) on the Shanghai Gold Exchange is 12,770 yuan/kg, with the premium/discount range quoted at TD+5 to +20 yuan/kg and a weighted average price of 11.45 yuan/kg; against SHFE 2612, it is at a discount of 25-10 yuan/kg, and against the most-traded SHFE 2702 contract, at a discount of 60-45 yuan/kg. On the macro front, US October non-farm payrolls far exceeded expectations, surging by about 165,000, while the unemployment rate fell to 4.1%, reinforcing market expectations of further tightening by the US Fed and boosting bets on a December rate hike. Domestically, data from the State Administration of Foreign Exchange showed that as of end-October 2026, China's gold reserves stood at 78.
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