贵金属数据日报-20250709

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - In the short - term, the extension of the tariff suspension period by Trump and the expected meeting between US and Chinese officials have alleviated tariff concerns, improving market risk appetite, which is beneficial to silver and slightly negative to gold. However, due to the uncertainty of tariff policies and China's continuous gold - reserve increase, gold prices are unlikely to decline significantly. Thus, short - term precious metals are expected to maintain a volatile trend [4]. - In the long - term, considering the ongoing trade war, the probability of the Fed's interest - rate cut, global geopolitical uncertainties, intensified great - power competition, and the wave of de - dollarization, the long - term upward trend of gold remains unchanged. It is recommended to allocate gold on dips [4]. 3. Summary by Relevant Content a. Price Tracking of Precious Metals - 15 - point Prices of Domestic and Foreign Gold and Silver: On July 8, 2025, the prices of London Gold Spot, London Silver Spot, COMEX Gold, and other indicators all showed increases compared to July 7, with daily price increases ranging from 0.6% to 0.9%. For example, the price of London Gold Spot rose from $3308.77 per ounce on July 7 to $3336.45 per ounce on July 8, an increase of 0.8% [3]. - Price Difference and Ratio Tracking: The price differences and ratios of precious metals also changed. For instance, the gold TD - SHFE active price difference decreased by 16.2% from July 7 to July 8, while the silver TD - SHFE active price difference decreased by 31.3% [3]. b. Position Data - COMEX and ETF Positions: As of July 7, 2025, the non - commercial net long positions of COMEX gold increased by 3.58% compared to July 3, while the non - commercial net long positions of COMEX silver decreased by 2.06%. The holdings of gold ETF - SPDR and silver ETF - SLV remained unchanged [3]. c. Inventory Data - SHFE and COMEX Inventories: On July 8, 2025, SHFE gold inventory increased by 0.48% compared to July 7, and SHFE silver inventory increased by 0.30%. COMEX gold inventory decreased by 0.19% from July 3 to July 7, and COMEX silver inventory decreased by 0.20% [3]. d. Other Market Data - Exchange Rates, Yields, and Indexes: The dollar - to - RMB central parity rate increased by 0.04% from July 7 to July 8. The dollar index, 2 - year and 10 - year US Treasury yields, VIX, and NYMEX crude oil prices also showed different degrees of change [4]. e. News and Market Analysis - Tariff Policy News: Trump extended the so - called "reciprocal tariff" suspension period from July 9 to August 1 and announced new tariff policies for multiple countries starting from August 1 [4]. - Trade Negotiation News: US Treasury Secretary Bessent said he expected to meet with Chinese officials in the next few weeks to promote trade and other topic negotiations [4].