若就业数据呈现超预期韧性，金价或维持震荡偏弱走势。中长期而言，美国大型减税法案导致的财政赤字 抬高以及美元信用受损仍利多金价，联储官员发言基调转鸽，提振白银工业属性，银价或具备更强的韧性 免责声明 。短期注意回调风险，沪金2508合约关注区间：760-790元/克；沪银2508合约关注区间：8700-9000元/千 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 贵金属产业日报 2025-07-01 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 776.1 | 8.52 沪银主力合约收盘价(日,元/千克) | 8810 | 48 | | | 主力合约持仓量:沪金(日,手) | 167465 | 11644 主力合约持仓量:沪银(日,手) | 264724 | -12978 | | | 沪金主力前20名净持仓(日,手) | 140014 | 4967 沪银主力前20名净持仓(日,手) | ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The medium to long - term trend of precious metals may be bullish. Since late April, London gold has been in a range - bound oscillation. Short - term technical patterns show weakness and pressure, but the daily line has regained the $3300 level. Attention should be paid to the effectiveness of this support. The next support is at $3250, and if it breaks, it may further decline to the previous low of $3120. The resistance is in the $3330 - 3350 area. London silver should focus on the support around $35.3, with strong support in the $34.5 - 35 area, and resistances at $36.2 and $36.8. The operation strategy is to buy on dips [6]. Summary by Directory Market Review - On Monday, the precious metals market rebounded after a decline. Among surrounding assets, the US stock market rose, the US Treasury yield declined, the US dollar index dropped, and Bitcoin fluctuated. COMEX gold 2508 contract closed at $3315 per ounce, up 0.83%; COMEX silver 2509 contract closed at $36.33 per ounce, down 0.11%. SHFE gold 2508 main contract closed at 767.58 yuan per gram, down 0.62%; SHFE silver 2508 contract closed at 8762 yuan per kilogram, down 0.54% [2]. - In terms of trade tariffs, Trump said there was no need to extend the July 9 deadline and would set tariffs for each country, threatening to impose a 25% tariff on Japanese cars. The EU was willing to accept the US "benchmark tariff" but sought exemptions for key industries. Canada made concessions and cancelled the digital service tax, and the US and Canada would resume trade negotiations to reach an agreement by July 21. South Korea's top priority was to obtain a tariff extension [2]. Interest Rate Cut Expectations and Fund Holdings - According to CME "FedWatch" data, the probability of the Fed keeping interest rates unchanged in July is 79.8%, and the probability of a 25 - basis - point rate cut is 20.2%. In September, the probability of unchanged rates is 5.3%, the probability of a cumulative 25 - basis - point cut is 75.9%, and the probability of a cumulative 50 - basis - point cut is 18.8%. In October, the probability of unchanged rates is 1.5%, the probability of a cumulative 25 - basis - point cut is 24.6%, the probability of a cumulative 50 - basis - point cut is 60.3%, and the probability of a cumulative 75 - basis - point cut is 13.7% [3]. - In terms of long - term funds, SPDR Gold ETF holdings decreased by 2.29 tons to 952.53 tons, and iShares Silver ETF holdings decreased by 39.58 tons to 14826.61 tons. SHFE silver inventory increased by 4.1 tons to 1299.8 tons, and SGX silver inventory decreased by 21 tons to 1357.8 tons as of the week ending June 20 [3]. This Week's Focus - This week, focus on the US non - farm payrolls report on Thursday night. The US Senate is preparing to vote on the Trump administration's "Great Beauty" bill, aiming to pass it before July 4. On Tuesday at 21:30, central bank governors from major economies will have a panel discussion. On Friday, due to the US Independence Day holiday, COMEX precious metals trading will end at 01:00 Beijing time on the 5th [4]. Precious Metals Spot and Futures Price Table - SHFE gold main - continuous contract is at 767.58 yuan per gram, up 1.18 yuan or 0.15%; SGX gold TD is at 764.15 yuan per gram, up 1.07 yuan or 0.14%; CME gold main contract is at $3315 per ounce, up $28.9 or 0.88%. SHFE silver main - continuous contract is at 8762 yuan per kilogram, down 30 yuan or 0.34%; SGX silver TD is at 8728 yuan per kilogram, down 20 yuan or 0.23%; CME silver main contract is at $36.33 per ounce, up $0.165 or 0.46%. SHFE - TD gold is at 3.43 yuan per gram, up 0.11 yuan or 3.31%; SHFE - TD silver is at 34 yuan per kilogram, down 10 yuan or 91.3%. The CME gold - silver ratio is 91.2469, up 0.3828 or 0.42% [7]. Inventory and Position Table - SHFE gold inventory is 18237 kilograms, unchanged; CME gold inventory is 1152.3287 tons, down 0.0042 tons. SHFE gold position is 155821 lots, up 25999 lots or 20.03%; SPDR gold position is 952.53 tons, down 2.29 tons or - 0.24%. SHFE silver inventory is 1299.756 tons, up 4.093 tons or 0.32%; CME silver inventory is 15542.2557 tons, up 18.7987 tons or 0.12%; SGX silver inventory is 1357.845 tons, down 21.03 tons or - 1.53%. SHFE silver position is 277702 lots, down 37746 lots or - 11.97%; SLV silver position is 14826.612625 tons, down 39.5722 tons or - 0.27% [16]. Stock, Bond, and Commodity Summary - The US dollar index is at 96.8103, down 0.4513 or - 0.46%; the US dollar against the Chinese yuan is at 7.16, down 0.0043 or - 0.06%. The Dow Jones Industrial Average is at 44094.77 points, up 275.5 points or 0.63%. WTI crude oil spot is at $65.11 per barrel, down $0.41 or - 0.63%. LmeS copper 03 is at $9878 per ton, down $1 or - 0.01%. The 10 - year US Treasury yield is at 4.24%, down 0.05 or - 1.17%. The 10 - year US real interest rate is at 1.95, down 0.05 or - 2.5%. The 10 - 2 - year US Treasury yield spread is at 0.52, down 0.04 or - 7.14% [21][23].

贵金属日报 2025-07-01 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 贵金属 沪金涨 0.54 %，报 768.98 元/克，沪银涨 0.10 %，报 8722.00 元/千克；COMEX 金涨 0.40 %， 报 3321.00 美元/盎司，COMEX 银涨 0.45 %，报 36.34 美元/盎司； 美国 10 年期国债收益率 报 4.24%，美元指数报 96.78 ； 市场展望： 昨日公布的美国经济数据表现弱势，美国 6 月芝加哥 PMI 为 40.4，低于预期的 43 以及前值的 40.5。美国 6 月达拉斯联储商业活动指数为-12.7，低于预期的-10。市场已加大对于联储后续 货币政策边际宽松的预期，当前市场预期联储下半年将分别在九月、十月以及十二月议息会议 中进行 25 个基点的降息操作，高于前期两次 25 个基点的降息预期。 当前美联储的货币政策已不完全具备"独立性"，就业和通胀数据并非其维持高息环境的主要 原因：美联储以通胀和就业为双重政策目标，而关税政策所带来的 ...

1. Report Industry Investment Rating - Not provided in the document 2. Report's Core View - International gold prices are under short - term pressure, and the rise in silver prices is unsustainable. International gold prices are oscillating under pressure, and international silver prices are tending to weaken. Platinum and palladium first rose and then fell, with palladium's decline more obvious than platinum's. The price decline space of gold is limited, the high price of silver is unsustainable, and platinum and palladium prices may experience sharp rises and falls [1][8][11][27][28][29] 3. Summary According to the Catalog 3.1 Price Fluctuation Driving Factors - On June 24, 2025, the cease - fire agreement between Iran and Israel and its supporters led to a rapid decline in international gold prices. On June 26, Trump's consideration of announcing Powell's successor might weaken the US dollar in the short - term, causing international gold prices to strengthen slightly. On June 27, the cease - fire between Israel and Iran further reduced market uncertainty, resulting in a rapid decline in gold prices [6] 3.2 Market Price Trends - International gold prices are oscillating under pressure, and international silver prices are tending to weaken. Platinum and palladium first rose and then fell, with palladium's decline more obvious than platinum's [8][11] 3.3 Market - Related Important Data - COMEX gold inventory continues to decline, while SHFE gold inventory keeps rising. China's central bank has increased its gold holdings for 7 consecutive months since November 2024, and as of the end of May 2025, its gold reserves reached 73.83 million ounces (about 2296.37 tons). The gold - buying actions of central banks around the world are an important support for international gold prices [18][24] 3.4 Market Short - term Outlook - The price decline space of gold is limited as the cease - fire between Israel and Iran eases the situation in the Middle East and reduces global risk - aversion sentiment. The recent rise in silver is mainly driven by speculative funds and lacks industrial fundamentals support, so the high price is unsustainable. Platinum and palladium belong to a more segmented precious metals market, and their prices are more sensitive to capital inflows and outflows, so sharp rises and falls need to be prevented [27][28][29]

Group 1 - The current market for platinum is facing significant challenges, with soaring raw material prices but poor sales for finished jewelry, particularly among younger consumers who prefer gold [1][2] - The lack of appealing designs and modern aesthetics in platinum jewelry contributes to its declining popularity, as gold offers a wider variety of styles that attract consumers [1] - The resale value of platinum is considerably lower than its purchase price, which diminishes its investment appeal compared to gold, which maintains a strong correlation with international gold prices [2] Group 2 - International gold prices are on the rise, with London spot gold at $3,344 per ounce and New York COMEX futures at $3,357 per ounce, while domestic gold prices show slight fluctuations [4] - The domestic gold market price is reported at 768.92 yuan per gram, with variations among different brands, indicating a competitive pricing environment [4] - Platinum prices have seen a slight increase to 329.40 yuan per gram, but overall market sentiment remains cautious due to the challenges faced by the platinum segment [4]

Core Viewpoint - The precious metals market is experiencing significant volatility, with gold prices dropping below $3250 per ounce, raising questions about whether this is a temporary dip or a trend reversal [1] Group 1: Market Drivers - The recent decline in precious metals is primarily driven by the Federal Reserve's indication of maintaining high interest rates until the end of the year, leading to a stronger dollar index at 105, which increases the opportunity cost of holding non-yielding assets like gold and silver [3] - The reintroduction of tariffs by former President Trump has shifted market risk sentiment towards the dollar, further impacting precious metals negatively [3] Group 2: Long-term Outlook - Despite short-term pressures, long-term investors are encouraged to maintain a broader perspective, as a report from Minsheng Securities suggests that the U.S. economy is showing signs of fatigue, with a high likelihood of a rate cut cycle starting in the second half of the year [3] - Historical data indicates that gold prices tend to rise by an average of over 20% following the initiation of a Federal Reserve rate cut cycle [3] - Central banks globally are accumulating gold, with China's central bank increasing its holdings for seven consecutive months, providing a stabilizing effect on gold prices [3] Group 3: Silver Market Insights - Silver is highlighted as a strong investment opportunity due to its increasing demand in the photovoltaic sector, with annual usage doubling and a supply-demand gap now at 120 million ounces [3] - The current gold-silver ratio is above 80, and historically, when this ratio falls below 60, silver tends to experience a price rebound, making the current price a favorable entry point [3] Group 4: Platinum and Palladium Dynamics - Palladium is facing short-term pressure due to declining demand for automotive catalysts, but breakthroughs in hydrogen fuel cell technology for electric vehicles may present new opportunities [4] - Platinum prices remain at levels comparable to those in 2000, and the potential growth of the hydrogen energy sector could position platinum as a valuable asset in the future [4] Group 5: Investment Strategy - The current market conditions are viewed as an opportune time for investment, with gold showing oversold signals as the RSI indicator has dropped below 30, historically leading to a rebound in over 70% of cases within three months [5] - Silver's combination of industrial and financial attributes makes it more elastic during a rate cut cycle, appealing to aggressive investors [5] - Patience is advised for palladium and platinum investors, as policy catalysts, such as the EU's carbon tariff regulations, may serve as turning points for these metals [5]

大连商场黄金饰品业种经理牛慧莲告诉记者，过高的价格使得黄金销售遇冷。而恰逢此时，铂金产地供 应紧张，再加上当下季节因素、价格上涨趋势以及部分品牌款式上新快且新颖，多种利好叠加，使得最 近一个月铂金销售情况很好。 据《证券时报》等媒体近日报道，在全国最大的黄金交易市场深圳水贝，不少档口纷纷缩小黄金销售铺 位，甚至直接撤掉黄金摊位，转而投身铂金销售。一时间，采购商云集，铂金饰品供不应求，某摊位铂 金饰品月销量从150-200公斤猛增至四五百公斤，小件饰品更是处于紧张状态。 从投资角度看，黄金与铂金价格走势具有一定的同步性。当黄金价格持续上涨并维持高位时，许多投资 者将目光投向其他贵金属。因铂金价格相对较低，成为投资者眼中的"价值洼地"，大量资金涌入，带动 大商金店一位销售人员告诉记者，铂金饰品在十几二十年前曾流行过一段时间，但因硬度不如K金且款 式相对单一而不温不火很多年，近期的突然大流行很难说不与黄金涨价有极大关系。 铂金价格还能再涨吗？ 其价格上涨，黄金投资领域观察员罗亮表示。 从供给端来看，全球超七成铂金产自南非，今年一季度其产量下降，导致供给紧张，进一步推动了铂金 价格上扬。值得注意的是，相比黄金、白银， ...

投资咨询系列报告 山金期货贵金属策略报告 更新时间：2025年06月26日16时43分 投资咨询系列报告 一、黄金 报告导读： 今日贵金属低位反弹，沪金主力收涨0.69%，沪银主力收涨1.70%。①核心逻辑，短期中东地缘异动缓和，经济衰退地缘异动风险 仍存；美国经济滞涨风险增加，美联储降息节奏放缓。②避险属性方面，特朗普宣称以色列与伊朗将"完全彻底地"停火，双方达成 协议。③货币属性方面，鲍威尔重申降息可以等待，美联储正在研究关税影响。关税或仅是一次性冲击，但美联储需管理导致持久 通胀的风险。美国6月消费者信心意外下滑，一年通胀预期下降。目前市场预期美联储下次降息至9月，预期25年总降息空间跌至 50基点左右。美元指数和美债收益率震荡偏弱；④商品属性方面，CRB商品指数反弹承压，人民币升值利空国内价格。⑤预计贵金 属短期震荡偏强，中期高位震荡，长期阶梯上行。 | | | 学名前 | | | | 学学会 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名次 | 会员简称 | 净多車 | 增减 | 日比(%) 名次 | 会员简称 | ...

2025-06-26 18:33:05 作者：狼叫兽 亚太金业是一家专注于黄金投资的平台，其业务范围涵盖了现货黄金、实物黄金等多种交易品种。平台 具备高效的交易系统和稳定的服务器，确保投资者能够顺利进行交易。亚太金业还提供了全面的市场分 析和及时的新闻资讯，为投资者提供有力的支持。 四、英伦金融App 在当今的国际金融市场中，避险情绪逐渐升温，贵金属交易越来越受到投资者的青睐。选择一款好的贵 金属交易软件对于交易者来说至关重要：首先，在选择贵金属交易软件时，首先要了解其基本功能；其 次，选择贵金属交易软件时，安全性是首要考虑因素；另外，软件的性能对于交易者来说至关重要；最 后，在选择贵金属交易软件时，还需要考虑软件费用。 了解清楚各软件的详细情况，选择适合自己需求的软件，以免造成不必要的损失。为了更加直观地展现 贵金属交易软件的具体情况，小编根据测评信息综合了"香港十大专业级贵金属交易平台App最新排名 （综合榜单）"仅供大家参考。 一、金荣中国App 金荣中国自2010年起立足香港，面向全球市场，为全球客户提供不间断的金融投资交易服务。金荣中国 拥有经验丰富的团队，可提供专业、可靠而便捷的黄金买卖服务，协助 ...

Group 1 - Gold has always been a symbol of wealth, known for its value retention, inflation resistance, and safe-haven characteristics, making it increasingly attractive to investors amid global economic volatility [1][2] - Gold investment is not limited to physical gold; choosing a reliable trading platform is crucial for effective risk management and profit enhancement [1][4] Group 2 - Advantages of gold investment include its natural scarcity, which protects it from single-country monetary policies, and its ability to remain stable or even appreciate during economic turmoil [2] - Electronic gold trading (such as futures, ETFs, and spot gold) offers greater liquidity and flexibility compared to physical gold, allowing for T+0 trading suitable for both short-term and long-term investors [4] Group 3 - Recommended trading platforms include: - **Wanzhou Gold**: A reputable platform with real-time data updates and a user-friendly mobile app for trading and fund management [6][8] - **Jinrong China**: Known for low trading costs and a strong focus on investor education, offering free account opening and market analysis [9] - **Rongsheng Gold**: Features a multi-asset intelligent terminal and robust security measures, including ISO27001 certification [11] - **Lingfeng Precious Metals**: Offers a simple account opening process and various services to enhance investor skills [12] - **Aide Gold**: Provides commission-free account opening and emphasizes trading system stability and investor education [13]