贵金属期货：短期震荡调整，中期高位震荡

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The short - term trend of precious metal futures is volatile adjustment, and the medium - term trend is high - level oscillation. The excessive enthusiasm for over - buying precious metals has cooled down in the short term due to the sharp rebound of the US dollar index, but the long - term trend has not changed substantially. Geopolitical and tariff uncertainties still support precious metals. When the Fed chair is confirmed as Kevin Warsh, precious metals will experience a short - term correction, and the subsequent clues of Fed rate cuts are important for observing the precious metal trend [2] 3. Summary by Relevant Catalogs Market Review and Outlook - US President Trump nominated Kevin Warsh as the next Fed chair. If Warsh takes office, the Fed's policy framework may be significantly adjusted, and his policy may combine rate cuts and balance - sheet reduction. Precious metals and Bitcoin dropped significantly under the sharp rebound of the US dollar index. Trump is deploying more ships towards Iran, and there are uncertainties in geopolitics and tariffs, which support precious metals [2] Factors to Watch - The evolution of geopolitical risks in the Middle East, US tariff policies, and US economic data [3] Futures Market Review - The report presents figures on the internal and external prices, trading volume, and open interest of gold and silver futures, with data from Flush and Ningzheng Futures [4] Interest Rates and Exchange Rates - Figures show the relationship between the US dollar index, US interest rates, and gold prices, sourced from Flush and Ningzheng Futures [8] Macroeconomic Data - Figures display US CPI and PCE inflation data, initial jobless claims, unemployment rate, new non - farm employment, PMI, retail and personal disposable income, new private housing starts, and new housing sales, with data from Flush and Ningzheng Futures [13][16][18] Fund Holdings and Ratios - Figures show the total holdings of silver and gold ETFs, the holding ratios of gold and silver asset management institutions, and the gold - silver ratio and gold - copper ratio, sourced from Flush and Ningzheng Futures [24][27][30]