贵金属数据日报-20250702

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In the short - term, due to concerns about tariff policy uncertainty and the likely passage of the "big and beautiful" tax and spending bill by the US Senate, along with the continuous decline of the US dollar index, the precious metal prices are boosted. Gold prices are expected to remain strong in the short - term, while silver will follow gold's rise but its upside may be limited by factors such as the slowdown in the price increase of platinum and the weakening of its own fundamental demand [4]. - In the long - term, considering the ongoing trade war, the possibility of the Fed cutting interest rates, global geopolitical uncertainties, intensified power games, and the wave of de - dollarization, along with the continuous gold purchases by global central banks, the long - term upward trend of precious metals remains unchanged. The recommended strategy is to buy on dips [4]. 3. Summary by Related Catalogs Price Tracking - Precious Metal Prices: On July 1, 2025, compared with June 30, 2025, London gold spot rose 1.2% to $3331.05 per ounce, London silver spot rose 0.1% to $36.25 per ounce, COMEX gold rose 1.2% to $3342.50 per ounce, and COMEX silver rose 0.2% to $36.51 per ounce. Domestic gold and silver futures and spot prices also showed varying degrees of increase [3]. - Price Spreads and Ratios: On July 1, 2025, the gold TD - SHFE active price spread was -$3.19 per gram, with a 10.0% increase from June 30; the silver TD - SHFE active price spread was -$26 per kilogram, with a 30.0% increase. Other price spreads and ratios also had different changes [3]. Position Data - As of June 30, 2025, compared with June 27, 2025, the gold ETF - SPDR position decreased by 0.24% to 952.53 tons, and the silver ETF - SLV position decreased by 0.27% to 14826.61263 tons. The non - commercial long and short positions of COMEX gold and silver also had different degrees of decline and increase [3]. Inventory Data - On July 1, 2025, compared with June 30, 2025, the SHFE gold inventory increased by 1.18% to 18453.00 kilograms, and the SHFE silver inventory increased by 3.01% to 1338844.00 kilograms. The COMEX gold inventory remained basically unchanged, and the COMEX silver inventory increased by 0.12% [3]. Other Market Data - On July 1, 2025, compared with June 30, 2025, the US dollar/Chinese yuan central parity rate decreased by 0.07% to 7.15. The US dollar index decreased by 0.27%, the 2 - year US Treasury yield decreased by 0.50%, the 10 - year US Treasury yield decreased by 1.17%, the VIX increased by 2.51%, the S&P 500 increased by 0.52%, and NYMEX crude oil decreased by 0.15% [4].