关税导致黄金价差异常，金价延续震荡

Report Industry Investment Rating - The investment rating for the gold industry is "Oscillation" [1] Core Viewpoints of the Report - The gold price continues to oscillate, with regional price differences widening. After the U.S. clarified that gold is not subject to tariffs, the price difference between New York gold and London gold converged. The market will focus more on the economic fundamentals, and the impact of tariffs is gradually emerging. The U.S. economy shows signs of stagflation. The short - term gold price remains in an oscillatory state, and there is a risk of a short - term correction [3][5] Summary by Directory 1. Gold High - Frequency Data Weekly Changes - Various gold - related indicators show changes, including a 28.0% change in the domestic basis, a - 49.1% change in the internal - external futures price difference, a 0.8% increase in the Shanghai Futures Exchange gold inventory, etc. [12] 2. Financial Market - Related Data Tracking 2.1 U.S. Financial Market - The U.S. overnight secured financing rate is 4.35%, oil prices fell 4.9%, the U.S. inflation expectation is 2.39%, the U.S. dollar index fell 0.97% to 98.2, the 10 - year U.S. Treasury yield is 4.28%, the S&P 500 index fell 2.36%, and the VIX index dropped to 15.15 [18][20] 2.2 Global Financial Market - Stocks, Bonds, Currencies, and Commodities - Developed country stock markets all rose, with the S&P 500 rising 2.43%. Most developing country stock markets rose, with the Shanghai Composite Index rising 2.11%. Real interest rates fluctuated around 1.88%, the gold price rose 1%, the spot commodity index rose slightly, and the U.S. dollar index closed down. U.S. and German bonds rebounded, the U.S. - German interest rate spread is 1.59%, the UK Treasury yield is 4.6%, and the Japanese bond yield is 1.49%. The euro rose 0.48%, the pound rose 1.29%, the yen fell 0.23%, the Swiss franc fell 0.53%, and most non - U.S. currencies appreciated [23][25][29] 3. Gold Trading - Level Data Tracking - The net long position in gold speculation rose to 162,000 lots, and the SPDR Gold ETF holdings rose to 959 tons. The RMB appreciated slightly, and Shanghai gold was at a discount to the overseas market. Gold and silver closed up, and the gold - silver ratio fell to 88.6 [35][37] 4. Weekly Economic Calendar - Important economic data and events include Japan's market closure on Monday, the U.S. July CPI and 7 - month NFIB small business confidence index and the Reserve Bank of Australia's interest rate meeting on Tuesday, Germany's July CPI on Thursday, and the U.S. July PPI and initial jobless claims on Friday [38]