五矿期货贵金属日报-20250702

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The Fed will shift to a dovish stance in the July FOMC meeting, confirm the pace of interest rate cuts in the second half of the year, and cut interest rates by 25 basis points in the September FOMC meeting [3] - In the context of the expected loosening of the Fed's monetary policy, attention should be paid to the opportunity to go long on silver. The reference operating range for the main contract of Shanghai Gold is 760 - 801 yuan/gram, and the reference operating range for the main contract of Shanghai Silver is 8638 - 9300 yuan/kilogram [3] - Although Fed Chairman Powell's stance was neutral to hawkish, it is certain that the Fed will enter a new round of interest rate cut cycle in the second half of the year, and a long - position thinking should be maintained for precious metal prices [2] Group 3: Summary by Related Content Market Quotes - Shanghai Gold rose 0.84% to 777.10 yuan/gram, Shanghai Silver rose 0.35% to 8770.00 yuan/kilogram; COMEX Gold rose 0.03% to 3350.90 US dollars/ounce, COMEX Silver fell 0.36% to 36.27 US dollars/ounce; the US 10 - year Treasury yield was 4.26%, and the US dollar index was 96.65 [2] Data Comparison - For gold: COMEX gold's closing price (active contract) was 3349.90 US dollars/ounce, up 1.05%; trading volume was 16.45 million lots, up 16.22%; open interest was 43.50 million lots, down 1.42%; inventory was 1152 tons, unchanged. LBMA gold's closing price was 3349.00 US dollars/ounce, up 1.87%. SHFE gold's closing price (active contract) was 776.10 yuan/gram, up 1.11%; trading volume was 27.96 million lots, down 29.87%; open interest was 41.39 million lots, up 0.75%; inventory was 18.45 tons, up 1.18%; precipitation funds were 51.393 billion yuan, up 1.86%. Au(T + D)'s closing price was 772.04 yuan/gram, up 1.03%; trading volume was 39.12 tons, down 32.28%; open interest was 217.60 tons, down 1.07% [6] - For silver: COMEX silver's closing price (active contract) was 36.25 US dollars/ounce, down 0.23%; open interest was 17.46 million lots, down 5.53%; inventory was 15589 tons, up 0.30%. LBMA silver's closing price was 36.51 US dollars/ounce, up 1.47%. SHFE silver's closing price (active contract) was 8810.00 yuan/kilogram, up 0.55%; trading volume was 65.91 million lots, down 30.60%; open interest was 86.04 million lots, down 0.05%; inventory was 1338.84 tons, up 3.01%; precipitation funds were 20.467 billion yuan, up 0.50%. Ag(T + D)'s closing price was 8805.00 yuan/kilogram, up 0.88%; trading volume was 413.62 tons, down 15.18%; open interest was 3131.158 tons, down 0.43% [6] Price and Volume Charts - Multiple charts show the relationship between precious metal prices (such as COMEX gold, Shanghai Gold, COMEX silver, Shanghai Silver), trading volume, open interest, and other factors, as well as the relationship between precious metal prices and the US dollar index, real interest rates, etc. [8][9][11][16][21][22][28][30][39][40][42][50][54] Price Difference Statistics - On July 1, 2025, for gold, the SHFE - COMEX spread was 3.92 yuan/gram or 31.1035 US dollars/ounce; the SGE - LBMA spread was - 1.54 yuan/gram or - 6.69 US dollars/ounce. For silver, the SHFE - COMEX spread was 492.79 yuan/kilogram or 2.14 US dollars/ounce [54]