贵金属双周报：关税政策反复，黄金价格有望上行-20250721

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - The precious metals sector is experiencing a narrow fluctuation in gold prices while silver continues to rise. Over the past two weeks, London spot gold increased by 0.70% to $3355.10 per ounce, while the Shanghai gold price slightly decreased by 0.01% to 777.02 yuan per gram. In contrast, London spot silver rose by 3.75% to $38.27 per ounce, and the Shanghai silver price increased by 3.97% to 9273 yuan per kilogram [6][12] - The recent fluctuations in gold prices are attributed to the volatility in tariff policies and interest rate cut expectations. Key factors include potential tariffs on imports announced by President Trump, the possibility of changes in the Federal Reserve's leadership, and the opening of the $9 trillion U.S. pension market to alternative investments such as cryptocurrencies and precious metals [6][7] - In the medium term, the combination of "interest rate cut trading" and "Trump 2.0" will provide strong momentum for gold price increases, supported by the recent economic data from the U.S. and the ongoing tariff negotiations [6][7] Summary by Sections 1. Price Trends - Over the last two weeks, London spot gold rose by 0.70% to $3355.10 per ounce, while the Shanghai gold price fell by 0.01% to 777.02 yuan per gram. London spot silver increased by 3.75% to $38.27 per ounce, and the Shanghai silver price rose by 3.97% to 9273 yuan per kilogram [11][12] 2. U.S. Economic Data and Federal Reserve Tracking - The U.S. job market and economic performance show resilience, with the current interest rate cut cycle potentially extended due to employment strength and inflation concerns. The Federal Reserve has significant policy space, which increases the window for bullish gold positions [7][23] 3. Positions and Trading Volume - The report indicates changes in trading volumes and positions, with specific data on COMEX and Shanghai gold and silver holdings, reflecting market dynamics [41][45] 4. Domestic and International Price Differences and Gold Benchmark Ratios - The report notes that the domestic gold price difference is 5.69 yuan per gram, a decrease of 4.13 yuan from two weeks ago, while the silver price difference is 440.20 yuan per kilogram, down by 40.03 yuan [59] 5. Futures Basis Situation - As of the last week, the international gold basis (spot-futures) was -0.40 USD per ounce, an increase of 3.70 USD from two weeks prior, while the domestic gold basis was -3.65 yuan per gram, up by 1.84 yuan [67]