五矿期货贵金属日报-20250627

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Despite Powell's cautious stance on monetary policy and the short - term resilience of US economic data, the large US debt issuance demand will drive the Fed to shift to an easing cycle. The Trump administration's expansionary fiscal policy requires loose monetary policy, which will be reflected in the decline of the gold - silver ratio. It is recommended to buy silver on dips. The reference operating range for the main contract of Shanghai gold is 747 - 801 yuan/gram, and for the main contract of Shanghai silver is 8545 - 9300 yuan/kilogram [3] Group 3: Summary of Related Catalogs Market Quotes - Shanghai gold rose 0.12% to 774.06 yuan/gram, Shanghai silver rose 0.88% to 8821.00 yuan/kilogram; COMEX gold fell 0.40% to 3334.50 dollars/ounce, COMEX silver fell 0.13% to 36.88 dollars/ounce; the US 10 - year Treasury yield was 4.26%, and the US dollar index was 97.33 [2] - Various precious metal - related data such as the closing prices, trading volumes, and positions of different gold and silver contracts, as well as the yields of US Treasury bonds, the US dollar index, and other financial market indicators are presented in detail in the report [4][6] Economic Data and Policy - The US economic data showed resilience. The month - on - month value of durable goods orders in May was 16.4%, much higher than the expected 8.5% and the previous value of - 6.6%. The month - on - month value of the pending home sales index in May was 1.8%, higher than the expected 0.1% and the previous value of - 6.3% [2] - Powell was cautious about interest - rate cuts during the congressional hearings, believing that the US economic situation has high uncertainty and preferring to base interest - rate decisions on facts without providing more forward - looking guidance. Trump was dissatisfied with the Fed's monetary policy and said he had three to four potential candidates for the next Fed chairman [2] Technical Charts - The report includes multiple charts showing the relationships between gold and silver prices, trading volumes, positions, and other factors, as well as the near - far month structures and internal - external price differences of gold and silver [8][9][11][16][21][22][26][28][36][37][39][45][47][48][50]