6月9日（周一），现货黄金价格小幅上涨，截至当前，金价交投报3318.92美元/盎司，涨幅0.29%。最高上报3321.13美元/盎司，最低3293.19美元/盎司。黄 金ETF基金（159937）跌幅1.11%，换手率2.27%，成交金额6.39亿元。 来源：Wind 国家外汇管理局6月7日公布数据显示，截至2025年5月末，我国外汇储备规模为32853亿美元，较4月末上升36亿美元，升幅为0.11%。同日，国家外汇管理 局发布的数据显示，5月末黄金储备为7383万盎司，环比增加6万盎司，为我国央行连续第7个月增持黄金。 图片来源：国家外汇管理局网站 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 展望后续，国家外汇管理局表示，我国经济持续回升向好，经济发展质量稳步提升，为外汇储备规模保持基本稳定提供支撑。 华联期货分析称，全球关税战反复，避险情绪也反复，并且美国数据表现不一，黄金或震荡反复，建议短线交易。如果美国通胀数据确定继续下行的话，一 季度炒通胀预期就失败，那这样中期黄金可能进入到调整阶段，目前4月美国CPI低于预期，创下2021年2月以来的最低纪录。预计中线趋势行情仍需等待 ...

市场下调美联储降息预期，叠加避险情绪降温，黄金反弹高度或有限？点此0元进群领黄金策略，还有 直播深度剖析金价走势！仅限50个名额 相关链接 进群免费领黄金策略 ...

张津镭：避险VS美元压制，黄金如何把握交易节奏？ 故日内操作上张津镭建议： 上周，受地缘局势担忧等因素影响，黄金周初高涨，随后的几个交易日震荡运行，不过随着国际贸易局 势传来乐观消息，金价开始回吐涨幅，由于非农数据强于市场预期，现货黄金上周五下跌收报3311美 元/盎司。本周事件消息不多，依然是重点关注中东，俄乌事件。以及美国政府的关税政策等。 从技术上来看，上周五黄金借着非农数据带来利空已经将下方预期的回修空间运行的差不多了，且今日 早间行情受情绪延续影响对3300整数关口都有刺破动作，如此状态说明市场对于技术性回修调整还是比 较期待的，但是奈何避险情绪不定时的对行情构成扰动打乱运行节奏。目前黄金有望借着3300进行一定 的争夺，周初允许有回弹测试5、10日线3330的动作，但是不宜站上，本周预期大概率横向震荡消化， 以等待下周美联储利率决定来做中期级别的方向引导，但是期间务必要防范基本面可能再爆出突发消息 的影响，尤其是俄乌局势恶化方面可能带来的避险情绪升温。 周一（6月9日）金价在早间开盘小幅下跌，跌破3300关口后快速反弹。受美国5月非农就业数据超预期 的影响，美元反弹，抑制了以美元计价的黄金价格上涨 ...

Core Viewpoint - International gold prices are struggling around the $3,300 mark, indicating a potential turning point in the market dynamics [1][4]. Group 1: Market Trends - Gold has been oscillating in a high-level range between $3,200 and $3,500 since April 22, with no new highs reached, attributed to reduced risk appetite and upcoming U.S.-China trade negotiations [3]. - The 20-day moving average is flattening, suggesting that the bullish trend may be approaching a turning point, while the 60-day moving average is at $3,243, indicating that failure to rise above this level could lead to a negative mid-term trend for gold [3][4]. Group 2: Fundamental vs. Technical Analysis - Despite the current bullish sentiment towards gold, including central banks increasing their gold holdings, the technical indicators suggest a potential risk of a downturn, highlighting a divergence between fundamental and technical analyses [4]. - The market is at a critical juncture where technical analysis may provide early signals of fundamental shifts, emphasizing the need for caution despite a generally positive outlook on gold [4].

当地时间6月5日，美股三大指数收跌，特斯拉大跌14.26%，市值蒸发超过1500亿美元，折合人民币超 万亿元，最新总市值为9170亿美元。 美股三大指数集体收跌 当地时间6月5日，美股三大指数收跌。 Wind数据显示，截至收盘，道指跌0.25%；纳指跌0.83%；标 普500指数跌0.53%。特斯拉大跌14.26%。 美股大型科技股涨跌不一，Wind数据显示，万得美国科技七巨头指数下跌1.19%。 当地时间6月5日， 国际贵金属期货涨跌不一 。截至收盘，COMEX黄金期货跌0.68%，报3376.1美元/盎 司，COMEX白银期货涨3.31%，报35.795美元/盎司。 德邦证券认为，此前伴随贸易问题有所缓和，黄金的避险情绪出现一定回落，但后续全球贸易仍有不确 定性，依旧对黄金持续看好。 来源：中国证券报 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 | 热门中概股多数上涨，Wind数据显示，纳斯达克中国金龙指数上涨0.54%。 | | --- | | MERCURITY FINT | 4.190 | 10.55% | 0.400 | | --- | --- | --- | --- | | M ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, the precious metals market maintained a volatile and upward - trending pattern. Gold had a phased rebound driven by risk - aversion sentiment, and silver was particularly strong under the impetus of interest - rate cut expectations. The silver price reached a new high since 2013 on Thursday night. Future market trends depend on the non - farm payroll report and the Fed's policy guidance. If the non - farm payroll data is better than expected, the gold price may face downward pressure; otherwise, the expectation of Fed rate cuts may boost the prices of precious metals. In the long run, Trump's tariff policy, the US debt issue, and economic slowdown form triple pressures, which are structurally beneficial to the precious metals market. The continuous inflow of funds into the silver ETF and the significant increase in positions may indicate strong upward momentum for silver, and the gold - silver ratio is expected to continue to decline [7]. Summary by Directory 1. Weekly Highlights - **Market Review**: The precious metals market was volatile and upward - trending. Gold rebounded due to risk - aversion sentiment, and silver was strong due to interest - rate cut expectations. The Trump administration's tariff policy, weak US economic data, and geopolitical risks all affected the market. The global gold ETF had a net outflow of $1.58 billion in May, while the silver ETF had a continuous inflow [7]. - **Market Outlook**: The market is waiting for the non - farm payroll report and Fed policy guidance. If the non - farm payroll data is better than expected, the gold price may fall; otherwise, the expectation of Fed rate cuts will be boosted. If the Fed cuts rates, silver may remain strong. In the long run, the precious metals market is structurally beneficial, and the gold - silver ratio is expected to decline. The suggested price ranges for relevant contracts are provided [7]. 2. Futures and Spot Markets - **Price Changes**: As of June 6, 2025, COMEX silver was at $35.67 per ounce, up 8.16% month - on - month; the Shanghai silver main contract 2508 was at 8,830 yuan per kilogram, up 7.47%. COMEX gold was at $3,352.2 per ounce, up 1.91%; the Shanghai gold main contract 2508 was at 783.24 yuan per gram, up 1.48% [12]. - **ETF Positions**: As of June 5, 2025, the SLV silver ETF position was 14,673 tons, up 2.60% month - on - month; the SPDR gold ETF position was 935.65 tons, up 0.60% [17]. - **COMEX Net Positions**: As of May 27, 2025, the COMEX gold net position was 174,184, up 6.22% month - on - month; the COMEX silver net position was 53,012, up 5.94% [21]. - **Basis Changes**: As of June 6, 2025, the gold basis was - 3.24 yuan per gram, down 25% month - on - month; the silver basis was 19 yuan per kilogram, down 56.8% [24]. - **Inventory Changes**: As of June 6, 2025, the Shanghai Futures Exchange gold inventory was 17,847 kilograms, up 3.48%; the silver inventory was 1,117,940 kilograms, up 4.79% [29]. 3. Industry Supply and Demand Silver - **Import Data**: As of April 2025, China's silver import volume was 280,638.23 kilograms, up 13.56% month - on - month; the import volume of silver ore and concentrates was 123,247,164 kilograms, down 4.55% [35]. - **Downstream Production**: As of April 2025, the monthly integrated circuit production was 4,170,000 pieces, with a year - on - year increase of 4% [39]. - **Supply - Demand Pattern**: As of 2024, the total silver supply was 1,015.1 million ounces, up 2% year - on - year; the total demand was 1,164.1 million ounces, down 3% year - on - year; the supply - demand gap was - 148.9 million ounces, down 26% month - on - month [44][48]. Gold - **Price Changes**: As of June 5, 2025, the Chinese gold recycling price was 779 yuan per gram, up 0.32% month - on - month. The prices of gold products from major brands all increased [52]. - **Demand Changes**: As of the first quarter of 2025, the gold investment demand was 50,741 ounces, up 71.93% month - on - month; the total demand was 120,440.4 ounces, up 7.12% month - on - month. The gold ETF had a net outflow in May [54][58]. 4. Macroeconomic and Options - **Macroeconomic Data**: This week, the US dollar index and the 10 - year US Treasury yield both declined. The 10Y - 2Y Treasury yield spread narrowed, the CBOE gold volatility decreased, and the SP500/COMEX gold price ratio increased. In May 2025, the People's Bank of China increased its gold reserves by about 2.18 tons [60][65][75].

图片来源/摄图网授权 ■中国经济时报记者张一鸣 中国石油大学(北京)副教授郭海涛在接受中国经济时报记者采访时表示，今年以来，国际油价持续下行，与年初时近80美元/桶 的原油价格相比，已经大幅下调，降幅接近20美元/桶，有利于降低我国经济运行成本。以我国每年进口5亿多吨的原油量粗略 计算，如果全年维持这一降幅，大约能节省700多亿美元，对我国交通、工业等的发展显著利好。 近期，除了国际原油价格上涨外，黄金和白金等大宗商品价格也同步上扬。在上海钢联能化总经理廖娜看来，黄金价格的大幅 上涨是带动原油价格短期波动的重要因素之一。 "大宗商品本身就是资金的蓄水池，原油被称为液体黄金，是工业经济的刚需。在重大风险事件引发的避险情绪高涨下，两者同 步上涨。但是原油和黄金不同，黄金的货币和稳定属性更强，油价的生产流通属性比较强，油价涨跌会影响通胀率。特别是在 经济衰退的背景下，国际油价下跌，黄金的避险和结算需求更强，反而上涨。"廖娜说。 中国石油国家高端智库研究中心原专职副主任、学术委员会秘书长吕建中对中国经济时报记者分析指出，在国际石油市场上， 由于资源的稀缺性、不可再生性及战略属性，经常会出现"向后弯曲的供需曲线"，即在 ...

丨2025年6月6日星期五丨 NO.1央行：6月6日将开展1万亿元买断式逆回购操作 6月5日，央行在官网开设"中央银行各项工具操作情况"栏目，并更新了2025年5月中央银行各项工具流 动性投放情况。该栏目公布了三大类九种工具的月度投放和回笼情况。根据该栏目公布数据，2025年5 月准备金净投放10000亿元，常备借贷便利（SLF）净投放5亿元，中期借贷便利（MLF）净投放3750亿 元，中央国库现金管理净投放2400亿元。 点评：市场分析普遍认为，央行开展1万亿元买断式逆回购操作不仅是年内规模性流动性投放的关键举 措，更以"月初公告+新设专栏披露"的形式，展现央行稳定资金面、强化政策透明度的双重决心。 NO.3存款降息，理财"吃饱" 低于1%的存款利率、2%左右的理财预期收益率，让不少储户觉得要改变打理"钱袋子"思路了。存款再 度降息后，"存款特种兵"变成"理财猎手"，纷纷买入理财产品。理财公司趁势加大营销力度，助推银行 理财规模攀升。数据显示，截至6月3日，银行理财规模较4月末增长1400多亿元。 点评：业内人士认为，存款利率下调加大了银行揽储难度，而银行理财产品等迎来增量资金，年内理财 规模或将突破33万 ...

Core Viewpoint - The recent decline in U.S. economic activity and unexpected macro data in May have led to increased uncertainty, as reflected in the Federal Reserve's latest Beige Book, which used the term "uncertainty" 80 times, impacting the bond market positively with a notable rise in bond prices [1] Group 1: Economic Indicators - The Beige Book indicates a decline in U.S. economic activity, suggesting that tariffs and high uncertainty are causing a chain reaction in the economy [1] - ADP's report shows that private sector job growth in May was nearly stagnant, with only 37,000 jobs added, significantly below the expected 110,000, marking the lowest level in over two years [1] Group 2: Bond Market Trends - The yields on U.S. Treasury bonds have dropped to their lowest levels since May 9, with the 2-year yield down 8.25 basis points to 3.862% and the 10-year yield down 9.85 basis points to 4.355% [2] - Short-term bond ETFs have gained popularity, with significant inflows, including over $25 billion into iShares 0-3 Month U.S. Treasury Bond ETF (SGOV) and SPDR Bloomberg 1-3 Month U.S. Treasury Bond ETF (BIL) [4] Group 3: Investment Strategies - Many fixed-income investors are avoiding long-term U.S. Treasuries, shifting focus to short-term bonds as a substitute, reflecting a cautious market sentiment [4] - Current conditions are expected to lead to a supply-demand imbalance in the bond market, with potential upward pressure on term premiums, keeping medium to long-term Treasury yields elevated [5]

特朗普曝普京将"报复"乌克兰，警惕避险情绪回归，黄金转换位在哪？点击观看金十研究员文成直播分 析 相关链接 ...