Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-08-07 03:13Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The medium - to long - term trend of precious metals is likely to be bullish, and the short - term situation is mainly controlled by bulls. London gold is expected to continue to rise, with support at 3340 and resistance at 3400 and 3450. London silver has support at 37.2 and resistance at 38 and 38.3. The operation strategy is to buy on dips [4]. 3) Summary by Relevant Catalogs a) Market Review - On Wednesday, the precious metals market fluctuated strongly. The SHFE gold 2510 main contract closed at 783.68 yuan/gram, down 0.08%; the SHFE silver 2510 contract closed at 9182 yuan/kilogram, up 1.19%. The main reason for the price increase is the rising expectation of the Fed's interest rate cut in September due to poor US economic data and government pressure on the Fed. Fed's Kashkari said on Wednesday that a rate cut may come soon and still believes two rate cuts this year are appropriate [2]. b) This Week's Focus - This week's data is light. In terms of events, on Thursday at 03:10, 2027 FOMC voter and San Francisco Fed President Daly will speak; at 22:00, 2027 FOMC voter and Atlanta Fed President Bostic will participate in a fireside chat on monetary policy online. On Friday at 22:20, 2025 FOMC voter and St. Louis Fed President Musalem will speak. On Thursday at 19:00, the Bank of England will announce its interest rate decision, meeting minutes, and monetary policy report [3]. c) Precious Metals Price and Spread - Price: SHFE gold main contract is 783.68 yuan/gram, up 0.15%; SGX gold TD is 779.2 yuan/gram, down 0.09%; CME gold main contract is 3431.8 dollars/ounce, down 0.09%. SHFE silver main contract is 9182 yuan/kilogram, up 1.18%; SGX silver TD is 9148 yuan/kilogram, up 1.06%; CME silver main contract is 37.935 dollars/ounce, up 0.26% [5]. - Spread: SHFE - TD gold is 4.48 yuan/gram, up 73.64%; SHFE - TD silver is 34 yuan/kilogram, down 42.5%; CME gold - silver ratio is 90.4653, down 0.36% [5]. d) Inventory and Position - Gold: SHFE gold inventory is 36045 kilograms, up 0.1%; CME gold inventory is 1203.0742 tons, down 0.31%; SHFE gold position is 215212 lots, down 1.57%; SPDR gold position is 952.79 tons, down 0.33% [12]. - Silver: SHFE silver inventory is 1161.844 tons, up 0.39%; CME silver inventory is 15737.8769 tons, down 0.06%; SGX silver inventory is 1368.945 tons, up 0.04%; SHFE silver position is 373376 lots, up 1.59%; SLV silver position is 15112.276129 tons, up 0.45% [12]. e) Other Market Data - The US dollar index is 98.2263, down 0.54%; the US dollar against the Chinese yuan is 7.1848, down 0.03%; the Dow Jones Industrial Average is 44193.12 points, up 0.18%; WTI crude oil spot is 64.35 dollars/barrel, down 1.24%; LmeS copper 03 is 9674 dollars/ton, up 0.41%; the 10 - year US Treasury yield is 4.22%, unchanged; the 10 - year US real interest rate is 1.88%, up 1.08%; the 10 - 2 - year US Treasury yield spread is 0.53%, up 6% [16].