白银评论：银价早盘小幅下跌，等待下方支撑位多单。

Group 1: Market Overview - The focus for the week is on U.S.-China trade negotiations and inflation data following a week of dense employment data, with key price stability indicators set to be released [1] - Positive progress in trade talks could temporarily boost market risk appetite, putting short-term pressure on gold prices, while long-term demand for gold is expected to remain supported due to supply chain restructuring and global economic slowdown caused by the trade war [1] - The U.S. Consumer Price Index (CPI) data is anticipated to show a year-on-year increase of 2.9%, indicating a potential reversal of the inflation slowdown trend observed since January [1] Group 2: Monetary Policy and Gold Demand - The Federal Reserve's monetary policy direction is crucial for gold prices, with low expectations for rate cuts before September, but investors betting on a possible 25 basis point cut later in 2025 [2] - If inflation data exceeds expectations, the Fed may delay rate cuts, supporting the dollar and exerting short-term pressure on gold prices, while long-term geopolitical risks and economic recovery uncertainties are likely to sustain gold's safe-haven demand [2] - China's central bank has increased its gold reserves for the seventh consecutive month, reflecting a strategic emphasis on gold as an asset and potentially boosting global gold demand [2] Group 3: Geopolitical Risks - The geopolitical situation between Russia and Ukraine remains a concern, with U.S. officials indicating that Russia's retaliation for Ukraine's drone strike on May 31 has not yet been fully executed, suggesting a significant response may be forthcoming [2]