贵属策略报：经贸前瞻改善，?价承压

Group 1: Report's Industry Investment Rating - No relevant information provided Group 2: Report's Core View - Global economic and trade prospects have improved due to the new round of China-US economic and trade talks and the US-Japan trade agreement, putting pressure on gold prices. However, gold still has long - term positive factors, and silver is expected to continue to be strong based on the bullish outlook for gold [1][3][6] Group 3: Summary by Relevant Catalogs Key Information - The temporary "cease - fire" agreement on China - US tariffs is approaching the deadline, and China's Vice Premier He Lifeng will go to Sweden for economic and trade talks with the US from July 27th to 30th. US President Trump reached a trade agreement with Japan, reducing Japan's auto import tariffs and avoiding new punitive tariffs on other Japanese goods. In exchange, Japan promised to provide $550 billion in investment and loans to the US [2] Price Logic - On Wednesday evening, gold prices fell from $3437 per ounce and traded below the monthly high. The optimism of the US - Japan trade agreement weakened the market's demand for safe - haven assets. The US dollar rebounded slightly from a two - week low, causing some funds to flow out of the gold market. However, the decline of gold prices was limited due to the weak US dollar index. In the long run, gold has positive factors, and the domestic anti - involution and infrastructure projects are expected to boost the elasticity of silver [3] Outlook - Pay attention to US real estate data, the Fed's interest rate expectations, and changes in trade frictions. The weekly COMEX gold is expected to be in the range of [3250, 3450], and the weekly COMEX silver is expected to be in the range of [36, 45] [6]