五矿期货贵金属日报-20250722

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints of the Report - The independence of the Federal Reserve is continuously being interfered with, and the prices of gold and silver are showing strength [1] - Even if Powell completes his remaining term, under Trump's strong intervention, the Fed's monetary policy will gradually shift to a more accommodative stance, which is a significant positive factor for international silver prices. Gold prices benefit less than silver. It is recommended to maintain a long - position strategy for precious metals, with the reference operating range for the main contract of Shanghai gold being 760 - 800 yuan/gram and that for the main contract of Shanghai silver being 9095 - 10000 yuan/kilogram [2] 3. Summary According to Related Catalogs 3.1 Market Quotes - Shanghai gold rose 0.76% to 785.76 yuan/gram, Shanghai silver rose 1.85% to 9420.00 yuan/kilogram; COMEX gold rose 0.24% to 3414.60 US dollars/ounce, COMEX silver fell 0.07% to 39.31 US dollars/ounce; the US 10 - year Treasury yield was 4.38%, and the US dollar index was 97.87 [1] - For precious metal varieties such as Au(T + D), London gold, Ag(T + D), London silver, etc., there were corresponding price changes and trading volume changes on July 22, 2025, compared with the previous trading day [2] 3.2 Market Outlook - The US Treasury Secretary intervened in the Fed's monetary policy, and a US House of Representatives member filed a criminal complaint against Powell. Trump is selecting a new Fed Chairman, and the main candidates have dovish views on monetary policy, which is beneficial to international silver prices [1][2] 3.3 Key Data of Gold and Silver - For gold, in different markets such as COMEX, LBMA, SHFE, and AuT + D, there were changes in closing prices, trading volumes, open interests, inventories, and other data from July 18 to July 21, 2025, with varying degrees of increase or decrease [4] - For silver, in different markets such as COMEX, LBMA, SHFE, and AgT + D, there were also corresponding changes in closing prices, trading volumes, open interests, inventories, and other data during the same period, with different trends [4] 3.4 Charts - There are multiple charts showing the relationship between gold and silver prices, trading volumes, open interests, and other factors, as well as the relationship between precious metals and other market indicators such as the US dollar index, real interest rates, etc., and the near - far month structure of precious metals [6][9][14][19][20][25][28][37][38][44][46][49][50][55]