格林大华期货早盘提示：贵金属-20250721

Report on Pre - market Tips 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report focuses on the precious metals market, including gold and silver. It points out that the US economy remains robust, with better - than - expected consumer confidence and retail sales data. However, inflation data is mixed, which makes the Fed likely to remain cautious. Gold and silver prices are in a state of oscillation, and long - position holders of silver are advised to continue holding [1]. 3. Summary by Sections Market Review - COMEX gold futures rose 0.30% to $3355.5 per ounce, and COMEX silver futures rose 0.32% to $38.425 per ounce. At night, the main contract of Shanghai gold rose 0.36% to 778.10 yuan per gram, and the main contract of Shanghai silver rose 0.33% to 9216 yuan per kilogram [1]. Important Information - As of July 18, the holdings of the world's largest gold ETF, SPDR Gold Trust, decreased by 4.87 tons to 943.63 tons, and the holdings of the world's largest silver ETF, iShares Silver Trust, decreased by 36.74 tons to 14658.21 tons. - The preliminary value of the University of Michigan Consumer Confidence Index in the US in July was 61.8 (expected 61.5, previous value 60.7), and the preliminary value of the one - year inflation rate expectation in July was 4.4% (expected 5.0%, previous value 5.0%) [1]. Market Logic - The US retail sales month - on - month rate in June was 0.6%, the highest since March this year, higher than the market expectation of 0.1%. The preliminary value of the University of Michigan Consumer Confidence Index in July was 61.8, slightly better than expected. The US economy remains robust. - The US core CPI in June increased by 0.2% month - on - month, slightly lower than the market estimate of 0.3%. The CPI in June only rose moderately, and both the core CPI and PPI were lower than expected. The market doubts the impact of tariffs on inflation, and the Fed may remain cautious [1]. Trading Strategy - The gold price is oscillating, with COMEX gold trading between $3250 - $3480 per ounce and the domestic Shanghai gold main contract trading between 750 - 800 yuan per gram. After reaching a high on July 14, COMEX silver has been in a correction for several days, and long - position holders are advised to continue holding [1].