贵金属早报-20250611

Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - For gold, due to the US Commerce Secretary's speech adding market hopes for talks, the gold price fluctuated. The US three major stock indexes rose across the board, European three major stock indexes showed mixed performance. The dollar index rose 0.04% to 99.05, and the offshore RMB depreciated slightly to 7.1892. The 10 - year US Treasury yield fell 0.4 basis points to 4.470%. COMEX gold futures fell 0.30% to $3344.80 per ounce. The premium of Shanghai gold expanded to about 4.15 yuan/gram. With the repeated expectations of trade negotiations and attention to the US CPI today, the gold price will continue to fluctuate [4]. - For silver, influenced by the same factors as gold, the silver price rose first and then fell. The correlation between silver price and gold price strengthened. The premium of Shanghai silver converged to about 436 yuan/kg. With the repeated expectations of trade negotiations, the influencing factors of silver price have returned, and the technical support has cooled down, so the silver price will fluctuate [6]. 3. Summary According to the Directory 3.1. Previous Day's Review - Gold: The US Commerce Secretary's speech affected the market. The gold price fluctuated. The US and European stock markets had different performances. The dollar index, RMB exchange rate, and US Treasury yields changed. COMEX gold futures declined. The gold basis was - 2.86 with the spot at a discount to the futures. The gold futures warehouse receipts decreased by 30 kg to 17817 kg. The 20 - day moving average was downward, and the K - line was above it. The main net position was long, and the long position increased [4][5]. - Silver: The silver price rose first and then fell. The US and European stock markets had different performances. The dollar index, RMB exchange rate, and US Treasury yields changed. COMEX silver futures declined. The silver basis was - 19 with the spot at a discount to the futures. The Shanghai silver futures warehouse receipts increased by 35390 kg to 1193716 kg. The 20 - day moving average was upward, and the K - line was above it. The main net position was long, and the long position increased [6]. 3.2. Daily Tips - Gold: The logic is that after Trump took office, the world entered a period of extreme turmoil and change. The inflation expectation shifted to the economic recession expectation, and the gold price was difficult to fall. The verification between the expected and actual policies of the new US government will continue, and the gold price sentiment is high and still prone to rise and difficult to fall [10]. - Silver: The silver price still mainly follows the gold price. The tariff concern has a stronger impact on the silver price, and the silver price is prone to an enlarged increase. The influencing factors include the global turmoil, rising US stagflation expectations, tense situations in Russia - Ukraine and the Middle East, and tariff concerns. Negative factors include the end of interest rate cuts, improved economic expectations, insufficient European fiscal expansion, and the end of the Russia - Ukraine conflict [13][14]. 3.3. Today's Focus - There are multiple events to focus on, including the speech of the European Central Bank President, the Huawei product launch, the release of European Central Bank salary data, the Nvidia GTC conference, the speech of the European Central Bank Chief Economist, the Sino - US economic and trade consultation mechanism's first meeting, the speech of the European Central Bank Executive, the release of the US May CPI, the testimony of the US Treasury Secretary, the release of the US May government budget, and the release of the Mexican central bank's semi - annual financial stability report [15]. 3.4. Fundamental Data - Gold: The previous closing price of Shanghai gold 2508 was 775.06, the highest was 777.16, the lowest was 769.42, down 0.20 with a decline of 0.03%. The previous closing price of COMEX gold 2508 was 3344.8, the highest was 3370.4, the lowest was 3321.3, down 10.10 with a decline of 0.30%. The SGE gold T + D rose 2.78 with an increase of 0.10%. The London gold spot price fell 2.30 with a decline of 0.07% [16]. - Silver: The previous closing price of Shanghai silver 2508 was 8887, the highest was 9020, the lowest was 8858, up 55 with an increase of 0.62%. The previous closing price of COMEX silver 2507 was 36.655, the highest was 36.975, the lowest was 36.425, down 0.141 with a decline of 0.38%. The SGE silver T + D fell 60 with a decline of 0.07%. The London silver spot price fell 0.22 with a decline of 0.60% [16]. 3.5. Position Data - Gold: On June 10, 2025, the long position of the top 20 in Shanghai gold was 201,120, an increase of 52 or 0.03% compared to the previous day. The short position was 71,063, a decrease of 516 or 0.72%. The net position was 130,057, an increase of 568 or 0.44% [28]. - Silver: On June 10, 2025, the long position of the top 20 in Shanghai silver was 468,649, a decrease of 27,923 or 5.62% compared to the previous day. The short position was 359,759, a decrease of 17,302 or 4.59%. The net position was 108,890, a decrease of 10,621 or 8.89% [31].