中美经贸磋商继续，黄金持稳

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The ongoing China - US trade negotiations are the focus of the market, and their results will significantly affect the US dollar's trend, investors' risk - aversion sentiment, and thus the gold price. The market is also waiting for the US CPI inflation data on Wednesday to guide the future interest - rate path. Gold prices held steady on Tuesday, trading around $3340 and staying above the key support level of the 20 - day moving average ($3303). Optimistic market sentiment boosted the US dollar and limited gold's upside potential, making it difficult to break through the psychological resistance level of $3350. The weekly COMEX gold is expected to be in the range of [3200, 3450], and the weekly COMEX silver in the range of [32, 35] [1][3]. 3) Summary by Related Contents Key Information - The China - US trade talks in London are progressing well and are expected to last until Tuesday [2]. - California officials accused President Trump of intensifying the tense situation in Los Angeles by deploying the National Guard, while the White House thought the violent demonstrations justified increased efforts to deport illegal immigrants [2]. - China's Ministry of Commerce extended the anti - dumping investigation on imported pork and pork by - products from the EU until December 16, 2025 [2]. Price Logic - The ongoing China - US trade negotiations are the main focus. The US Commerce Secretary said the talks were "going well", and the economic advisor hinted at the lifting of the ban on rare - earth exports. Gold prices rose slightly on Tuesday, with market optimism boosting the US dollar and limiting gold's upside [3]. - China's May exports to the US dropped by 35% compared to the same period last year, the largest decline since the pandemic, highlighting the changing trade environment [3]. - The market is closely watching whether the negotiation progress can ease tensions and promote global economic growth and is waiting for the US CPI inflation data on Wednesday to guide the future interest - rate path [3].