贵金属数据日报-20250723

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - On July 22, the main contract of Shanghai gold futures closed up 0.64% to 784.84 yuan/gram, and the main contract of Shanghai silver futures closed up 1.56% to 9,393 yuan/kilogram [4]. - In the short - term, although market risk appetite remains high and the US signals on tariff negotiations are optimistic, with the upcoming tariff suspension period in early August and the continued pressure on Powell, gold is expected to return to the safe - haven logic, but the price increase may be slow due to the strong US economic data and the postponed Fed rate - cut expectation to September. Gold is expected to move up in a volatile manner in the short - term, and it is recommended to buy on dips. For silver, the commodity rally benefits its industrial properties, so it is bullish in the short - term, but the mid - term fundamentals need attention due to potential weakening demand [4]. - In the long - term, given the ongoing trade war, the possibility of Fed rate cuts this year, global geopolitical uncertainties, great - power competition, and the wave of de - dollarization with continued central bank gold purchases, the long - term center of gold prices is likely to continue to rise [4]. Group 3: Summary by Directory Price Tracking - Gold and Silver Price: On July 22, compared with July 21, London gold spot rose 0.5% to $3,384.46/ounce, London silver spot rose 1.5% to $38.86/ounce, COMEX gold rose 0.7% to $3,397.50/ounce, COMEX silver rose 1.6% to $39.20/ounce, AU2508 rose 0.4% to 782.50 yuan/gram, AG2508 rose 1.3% to 9,366 yuan/kilogram, AU (T + D) rose 0.4% to 780.55 yuan/gram, and AG (T + D) rose 1.4% to 9,357 yuan/kilogram [3]. - Price Difference and Ratio: From July 21 to July 22, the gold TD - SHFE active price difference changed from - 2.02 yuan/gram to - 1.95 yuan/gram with a - 3.5% change; the silver TD - SHFE active price difference changed from - 14 yuan/kilogram to - 9 yuan/kilogram with a - 35.7% change; other price differences and ratios also had corresponding changes [3]. Position Data - As of July 21 (compared with July 18), gold ETF - SPDR increased 0.36% to 947.06 tons, silver ETF - SLV increased 2.37% to 15,005.78624 tons. COMEX gold non - commercial long positions increased 3.26% to 270,227, non - commercial short positions decreased 2.73% to 57,112, and non - commercial net long positions increased 5.00% to 213,115. COMEX silver non - commercial long positions increased 5.25% to 85,022, non - commercial short positions increased 14.90% to 25,574, and non - commercial net long positions increased 1.58% to 59,448 [3]. Inventory Data - On July 22, SHFE gold inventory remained unchanged at 28,857 kilograms compared with July 21, and SHFE silver inventory decreased 0.45% to 1,199,046 kilograms. COMEX gold inventory remained unchanged at 37,192,143 ounces from July 18 to July 21, and COMEX silver inventory increased 0.08% to 497,645,563 ounces from July 18 to July 21 [3]. Related Market Data - From July 21 to July 22, the US dollar index decreased 0.09%, the 2 - year US Treasury yield decreased 0.64%, the 10 - year US Treasury yield decreased 0.77%, VIX decreased 1.35%, the S&P 500 increased 0.14%, NYMEX crude oil decreased 0.38%, and the US dollar/yuan central parity rate remained unchanged [4]. Important News - A US Republican congresswoman has sent a letter to the US Department of Justice to charge Fed Chairman Powell [4]. - Russian President Putin will visit China in September [4]. - The next round of US - China talks may discuss China's purchase of Russian and Iranian oil [4].