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Data as of: 2026-10-09 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

SHFE Gold (AU2612) Deep Analysis Report | Bullish: Long Buildup and Gold/Silver Ratio Decline Resonance | 2026-10-12

Direction: Bullish. SHFE Gold AU2612 settled at 899.1 CNY/g on 10-09, up 1.55% daily. Main contract open interest stands at 228,458 lots (+1,440 lots), with main position nominal value at 207.59 billion CNY (daily change +1.308 billion CNY), exhibiting long buildup and active buying characteristics. Top 20 seats hold a net long position of 160,373 lots (daily change +2,962 lots), with longs increasing more than shorts, indicating a structurally strong market. Internationally, GC=F settled at 4,216.3 USD/oz on 10-09, up 1.43% daily. The gold/silver ratio at 69.07 is at the 74.6th percentile over 1 year but the 24.87th percentile over 3 years, suggesting silver is relatively stronger medium-term while gold holds the advantage short-term. GVZ at 22.79 is at the 12th low percentile over 1 year, with IV−RV at +4.9 vol points, indicating options pricing is not overheated. Invalidation condition: If AU2612 daily close breaks below 895.23 (Pivot S1) accompanied by a net reduction in main position holdings, the bullish thesis fails.