五矿期货贵金属日报-20250729

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - The short - term price of precious metals is under pressure due to the easing of overseas geopolitical risks and trade uncertainties, and the resilience of US economic data [2]. - The Fed's monetary policy stance is expected to turn dovish in the July interest - rate meeting this week, and the Fed's interest - rate cut this year will exceed market expectations. It is recommended to maintain a long - term view on precious metals, with a focus on the opportunity to go long on silver. The reference operating range for the main contract of Shanghai Gold is 760 - 794 yuan/gram, and for the main contract of Shanghai Silver is 9075 - 10000 yuan/kilogram [3]. 3. Summary According to Related Content Market Quotes - Shanghai Gold (Au) dropped 0.31% to 770.84 yuan/gram, and Shanghai Silver (Ag) dropped 0.27% to 9200.00 yuan/kilogram. COMEX Gold rose 0.06% to 3311.90 dollars/ounce, and COMEX Silver rose 0.25% to 38.32 dollars/ounce. The US 10 - year Treasury yield was 4.42%, and the US dollar index was 98.63 [2]. - The prices of various precious metal products showed different changes, such as Au(T + D) dropping 0.26% to 771.58 yuan/gram, and Ag(T + D) dropping 1.98% to 9186.00 yuan/kilogram [4]. Market Outlook - Overseas geopolitical risks and trade uncertainties have eased, with the cease - fire agreement between Thailand and Cambodia taking effect. US tariff policies are gradually being determined, and the US economic data shows resilience, with the July Dallas Fed business activity index at 0.9, higher than expected and the previous value [2]. - The Fed's July interest - rate meeting is expected to have a dovish stance, and there is a possibility of an unexpected interest - rate cut. International silver prices tend to be strong when the Fed's interest - rate cut expectations are gradually released [3]. Data Statistics - The report provides detailed data on gold and silver, including closing prices, trading volumes, open interests, inventories, and their changes and historical quantiles in different markets (COMEX, LBMA, SHFE, etc.) [6]. - It also presents various data charts, such as the relationship between gold and silver prices and the US dollar index, real interest rates, trading volumes, and the near - far month structure of gold and silver futures [8][11][21].