Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-07-09 03:50Report Overview - Report title: Nanhua Precious Metals Daily Report: Gold Down, Silver Stable [1] - Report date: July 9, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The medium to long - term outlook for precious metals is bullish, but London gold has been range - bound since late April. In the short term, attention should be paid to the battle around the 3300 area for gold, with support at 3200 and resistance at 3365 and then 3400. For London silver, support is at 36.4, strong support at 35.3, and resistance at 37 - 37.3. The trading strategy is to buy on dips [6] Summary by Directory Market Review - On Tuesday, the precious metals market saw gold decline and silver remain stable. The tariff trade war situation became clearer before July 9, and the negotiation window was extended to August 1, weakening gold's safe - haven demand. COMEX gold 2508 closed at $3311 per ounce, down 0.95%; SHFE gold 2510 closed at 776.22 yuan per gram, up 0.43%. COMEX silver 2509 closed at $36.925 per ounce, up 0.06%; SHFE silver 2510 closed at 8953 yuan per kilogram, up 0.22%. The US trade policy has drawn responses from many countries [2] Interest Rate Cut Expectations and Fund Holdings - Interest rate cut expectations are generally stable. The probability of the Fed keeping rates unchanged in July is 95.3%, and 4.7% for a 25 - basis - point cut. In September, the probability of unchanged rates is 34.3%, 62.8% for a 25 - basis - point cut, and 3% for a 50 - basis - point cut. SPDR Gold ETF holdings decreased by 1.15 tons to 946.51 tons, while iShares Silver ETF holdings increased by 66.41 tons to 14935.15 tons. SHFE silver inventory increased by 4 tons to 1334.7 tons, and SGX silver inventory decreased by 3.3 tons to 1319.9 tons as of July 4 [3] This Week's Focus - This week's data is light. Key events include the Fed's release of monetary policy meeting minutes at 2:00 on Thursday, a speech by 2025 FOMC voter, St. Louis Fed President Mousalem on the US economy and monetary policy at 21:00 on Thursday, and a speech by 2027 FOMC voter, San Francisco Fed President Daly on the US economic outlook at 02:30 on Friday [4] Precious Metals Price Table - SHFE gold main contract closed at 776.22 yuan per gram, up 0.64%; CME gold main contract closed at $3311 per ounce, down 1.06%. SHFE silver main contract closed at 8953 yuan per kilogram, up 0.91%; CME silver main contract closed at $36.925 per ounce, down 0.04%. The CME gold - silver ratio was 89.6682, down 1.02% [7] Inventory and Position Table - SHFE gold inventory was 21,558 kilograms, up 0.48%; CME gold inventory was 1146.9974 tons, up 0.43%. SHFE gold positions were 179,131 lots, up 1.92%. SHFE silver inventory was 1334.731 tons, up 0.3%; CME silver inventory was 15487.4574 tons, down 0.07%. SHFE silver positions were 338,144 lots, up 47.35% [17][18] Stock, Bond, and Commodity Summary - The US dollar index was 97.5101, down 0.04%; the US dollar against the Chinese yuan was 7.1803, up 0.09%. The Dow Jones Industrial Average was 44,406.36 points, down 0.94%. WTI crude oil spot was $67.93 per barrel, up 2.15%. The 10 - year US Treasury yield was 4.4%, up 1.15% [23]