贵金属日评：美国部分经济数据初现走弱迹象，关注今日欧洲央行6月利率决议-20250605

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Due to the Fed officials' concerns about inflation risks leading to cautious rate - cuts, the uncertainty of Trump administration's tariff policies, continuous gold purchases by central banks of many countries globally, and intractable geopolitical risks, precious metal prices are likely to rise and difficult to fall. It is recommended that investors mainly layout long positions on dips. Specific support and resistance levels are provided for London gold, Shanghai gold, London silver, and Shanghai silver [1]. 3. Summary by Relevant Catalogs 3.1 Precious Metal Market Data - Shanghai Gold: The closing price on 2025 - 06 - 03 was 772.28 yuan/gram, with a change of 10.14 yuan compared to 2025 - 05 - 28. The trading volume was 210,848.00, and the open interest was 180,833.00 [1]. - Shanghai Silver: The closing price on 2025 - 06 - 03 was 8225.00 yuan/kg, with a trading volume of 449,279.00 and an open interest of 379,627.00 [1]. - COMEX Gold Futures: The closing price on 2025 - 06 - 03 was 3376.90 US dollars/ounce, with a trading volume change of - 127,320.00 and an open - interest change of - 2,402.00 [1]. - COMEX Silver Futures: The closing price on 2025 - 06 - 03 was 34.68 US dollars/ounce, with a trading volume of 49,127.00 and an open interest of 118,227.00 [1]. - London Gold Spot: The price on 2025 - 06 - 03 was 3364.60 US dollars/ounce, and the SPDR Gold ETF holding was 13.18 [1]. - London Silver Spot: The price on 2025 - 06 - 03 was 34.35 US dollars/ounce, and the US iShare Silver ETF holding was 14,552.37 [1]. 3.2 Macroeconomic Data - US Economy: The US June ADP employment increase was only 37,000, the lowest since March 2023. The US May ISM Services PMI contracted for the first time in a year, with high prices and falling demand. The May manufacturing and non - manufacturing PMI were 48.5 and 49.9 respectively, lower than expected and previous values, and the May ADP employment was 37,000, also lower than expected and previous values [1]. - European Economy: The European Central Bank cut interest rates by 25 basis points in April, lowering the deposit mechanism rate to 2.25%. The eurozone and German and French May manufacturing PMIs were 49.4/48.8/49.5, all higher than expected and previous values, while the eurozone May consumer price index CPI annual rate was 1.9%, lower than expected and previous values [1]. - UK Economy: The Bank of England cut the key interest rate by 25 basis points to 4.25% in June, continuing to reduce government bond holdings from October 2024 to September 2025. The UK May SRCI manufacturing (service) PMI was 45.1 (50.2), lower (higher) than expected and previous values [1]. - Japanese Economy: The Bank of Japan raised interest rates by 25 basis points in January, raising the benchmark interest rate to 0.5%. Japan's (Tokyo) April consumer price index CPI annual rate was 3.6% (3.5%), meeting expectations (higher than expected). The largest Japanese labor union Renzo achieved an average wage increase of 5.46% [1]. 3.3 Geopolitical and Policy News - Trump's expenditure bill is expected to increase the federal government's budget deficit by 2.4 trillion US dollars in the next few years. Tensions are rising in some regions, and Trump's tariff policies have caused concerns about inflation rebound [1]. 3.4 Trading Strategy - Investors are advised to mainly layout long positions on dips. For London gold, focus on the support level around 3000 - 3200 and the resistance level around 3500 - 3700. For Shanghai gold, the support level is around 730 - 750 and the resistance level is around 840 - 900. For London silver, the support level is around 28 - 30 and the resistance level is around 35 - 36. For Shanghai silver, the support level is around 7800 - 8000 and the resistance level is around 8600 - 8900 [1].