贵金属日评：美国与欧日关税谈判进程加快，美联储官员表示宽松暂停期或更长-20250527

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core View - Due to concerns about the out - of - control of the US uncompensated public debt caused by the expansion of Trump's second - term tax cuts, continuous gold purchases by central banks of many countries globally, and the unresolved geopolitical risks, precious metal prices are likely to rise rather than fall. It is recommended that investors mainly lay out long positions on dips. Pay attention to the support and pressure levels of London gold, Shanghai gold, London silver, and Shanghai silver [1]. Group 3: Summary by Catalog 1. Market Data - Shanghai Gold: The closing price was 773.86 yuan/g, with a change of - 1.86 compared to the previous day. The trading volume was 61,062, and the open interest was 216,312. The inventory was 17,247 (in ten - gram units). The basis (spot - futures) was - 1.25 [1]. - Shanghai Silver: The closing price was 8,239 yuan/kg, with a change of - 5 compared to the previous day. The trading volume was 359,242, and the open interest was 3,454,112. The inventory was 957,380 (in ten - gram units). The basis (spot - futures) was - 41 [1]. - COMEX Gold Futures: The closing price was 3,357.70 dollars/ounce, with a change of 62.60 compared to the previous week. The trading volume was 238,139, and the open interest was 143,847. The inventory was 38,793,530.21 (in troy ounces) [1]. - COMEX Silver Futures: The closing price was 33.64 dollars/ounce, with a change of 0.46 compared to the previous day. The trading volume was 65,592, and the open interest was 111,871. The inventory was 501,750,232.28 (in troy ounces) [1]. 2. Price Ratios - The price ratio of Shanghai gold to Shanghai silver was 93.43, with a change of - 0.53 compared to the previous day. The ratio of New York gold futures to New York silver futures was 99.81, with a change of 0.50. The ratio of London gold spot to London silver spot was 100.35, with a change of 0.65 [1]. 3. Other Commodities and Financial Indicators - Crude Oil: INE crude oil was 452.80 yuan/barrel, ICE Brent crude oil was 65.03 dollars/barrel, and NYMEX crude oil was 61.76 dollars/barrel [1]. - Base Metals: Shanghai copper futures were 77,790 yuan/ton, LME copper spot was 9,554.50 dollars/ton, Shanghai rebar was 3,004 yuan/ton, and Dalian iron ore was 706.50 yuan/ton [1]. - Interest Rates: The US 10 - year Treasury nominal yield was 4.51%, the US 10 - year Treasury TIPS yield was 2.20%, and the US 10 - year Treasury break - even inflation rate was 2.33% [1]. - Exchange Rates: The US dollar index was 99.9388, the US dollar - RMB central parity rate was 7.1833, and the euro - RMB central parity rate was 8.1269 [1]. - Stock Indices: The Shanghai Composite Index was 3,348.3717, the S&P 500 was 5,802.82, the UK FTSE 100 was 8,739.26, the French CAC40 was 7,734.40, the German DAX was 23,629.58, the Nikkei 225 was 36,985.87, and the South Korean Composite Index was 2,621.36 [1]. 4. Important Information - Trade Negotiations: After Trump postponed a 50% tariff, the EU planned to "quickly advance" the EU - US trade negotiations. Japan aimed to get tariff concessions from the US by its 2.00 project and shipbuilding technology, striving to reach an agreement by mid - June [1]. - Central Bank Policies: A Fed voter next year said the easing pause might be longer. The ECB President Lagarde thought the euro could be an alternative to the US dollar. The US Congress passed a temporary spending bill until September 30, and the CBO predicted the Treasury funds might run out between August and October, which could slow down the Fed's balance - sheet reduction. The European Central Bank might cut interest rates in June and twice more by the end of 2025. The Bank of England cut the key interest rate by 25 basis points in June. The Bank of Japan might raise interest rates around July [1].