贵金属日评：中国央行增持黄金推升最低价，美国5月平均时薪月率高于预期-20250609

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The Fed's rate - cut expectations are postponed, but due to the uncertainty of Trump's tariff policy, continuous gold purchases by central banks globally, and geopolitical risks, precious metal prices are likely to rise and difficult to fall. It is recommended that investors mainly lay out long positions on pullbacks [1]. 3. Summary According to Related Catalogs Gold and Silver Market Data - Shanghai Gold: The closing price was 779.56 yuan/g, with a change of - 1.43 yuan compared to the previous day and 11.54 yuan compared to the previous week. The trading volume was 52,784.00, and the open interest decreased by 1,544.00 [1]. - Shanghai Silver: The closing price was 8,839.00 yuan/10g, with a change of - 1.62 yuan compared to the previous day. The trading volume was 437,220.00, and the open interest decreased by 1,324.00 [1]. - COMEX Gold Futures: The closing price was 3,331.00 dollars/ounce, with a change of - 45.10 dollars compared to the previous day. The trading volume was 183,467.00, and the open interest increased by 2,726.00 [1]. - COMEX Silver Futures: The closing price was 36.13 dollars/ounce, with a change of 0.34 dollars compared to the previous day. The trading volume was 32,099.00, and the open interest increased by 1,381.00 [1]. Important Information - Gold: The People's Bank of China increased its gold holdings for the 7th consecutive month, with a month - on - month increase of 60,000 ounces, and the pace of increase continued to slow down. The Fed's G.98 report showed that consumer credit growth in April soared from the revised 3.6 billion dollars to 17.9 billion dollars [1]. - Silver: Trump's uncertain tariff policy raised concerns about consumer inflation rebound. The non - farm payrolls in the US in May were 139,000, higher than expected but lower than the previous value, and the average hourly wage rate was 3.9%, higher than expected and the previous value, delaying the Fed's rate - cut expectation to September/December [1]. Central Bank Policies - European Central Bank: Cut interest rates by 25 basis points in June, lowering the deposit mechanism rate to 2%. The market expects the ECB to cut interest rates about once more before the end of 2025 [1]. - Bank of England: Cut the key interest rate by 25 basis points to 4.25% in May. The market expects the BoE to cut interest rates only once more before the end of 2025 [1]. - Bank of Japan: Raised interest rates by 25 basis points in January, raising the benchmark rate to 0.5%. The market expects the BoJ to raise interest rates around July [1]. Trading Strategy - For London gold, focus on the support level around 3,000 - 3,200 dollars/ounce and the resistance level around 3,500 - 3,700 dollars/ounce. For Shanghai gold, focus on the support level around 730 - 750 yuan/g and the resistance level around 840 - 900 yuan/g. For London silver, focus on the support level around 28 - 30 dollars/ounce and the resistance level around 35 - 36 dollars/ounce. For Shanghai silver, focus on the support level around 7,800 - 8,000 yuan/10g and the resistance level around 8,600 - 8,900 yuan/10g [1].