贵金属周度报告：国际金价短线承压，银价上涨不可持续-20250630

1. Report Industry Investment Rating - Not provided in the document 2. Report's Core View - International gold prices are under short - term pressure, and the rise in silver prices is unsustainable. International gold prices are oscillating under pressure, and international silver prices are tending to weaken. Platinum and palladium first rose and then fell, with palladium's decline more obvious than platinum's. The price decline space of gold is limited, the high price of silver is unsustainable, and platinum and palladium prices may experience sharp rises and falls [1][8][11][27][28][29] 3. Summary According to the Catalog 3.1 Price Fluctuation Driving Factors - On June 24, 2025, the cease - fire agreement between Iran and Israel and its supporters led to a rapid decline in international gold prices. On June 26, Trump's consideration of announcing Powell's successor might weaken the US dollar in the short - term, causing international gold prices to strengthen slightly. On June 27, the cease - fire between Israel and Iran further reduced market uncertainty, resulting in a rapid decline in gold prices [6] 3.2 Market Price Trends - International gold prices are oscillating under pressure, and international silver prices are tending to weaken. Platinum and palladium first rose and then fell, with palladium's decline more obvious than platinum's [8][11] 3.3 Market - Related Important Data - COMEX gold inventory continues to decline, while SHFE gold inventory keeps rising. China's central bank has increased its gold holdings for 7 consecutive months since November 2024, and as of the end of May 2025, its gold reserves reached 73.83 million ounces (about 2296.37 tons). The gold - buying actions of central banks around the world are an important support for international gold prices [18][24] 3.4 Market Short - term Outlook - The price decline space of gold is limited as the cease - fire between Israel and Iran eases the situation in the Middle East and reduces global risk - aversion sentiment. The recent rise in silver is mainly driven by speculative funds and lacks industrial fundamentals support, so the high price is unsustainable. Platinum and palladium belong to a more segmented precious metals market, and their prices are more sensitive to capital inflows and outflows, so sharp rises and falls need to be prevented [27][28][29]