Core Viewpoint - The article highlights the cautious attitude of UK consumers in response to potential tax increases later this year, leading to increased savings and a decline in consumer confidence [1] Consumer Confidence - The GfK consumer confidence index in the UK fell from -18 in June to -19 in July, with expectations of a further drop to -20 [1] - This decline indicates a growing concern among consumers about future economic conditions [1] Savings Behavior - The GfK savings index rose by 7 points to +34, marking the highest level since November 2007, just before the global financial crisis deepened [1] - This increase in savings reflects consumers' anticipation of economic challenges ahead, particularly related to potential tax hikes [1]

Group 1 - The core point of the article is that the UK Gfk consumer confidence index for July is reported at -19, which is slightly better than the expected -20 but worse than the previous value of -18 [1]

Group 1 - The core point of the article indicates that Germany's Gfk consumer confidence index for August is -21.5, which is lower than the expected -19.2 and the previous value of -20.3 [1]

德国8月Gfk消费者信心指数将于十分钟后公布。 ...

Group 1 - Tesla is scheduled to release its earnings report after the US stock market closes on July 24, 2025 [1] - The Reserve Bank of Australia Governor Philip Lowe will deliver a speech at 11:05 AM [1] - The European Central Bank will announce its interest rate decision at 8:15 PM [1] Group 2 - Various PMI data will be released, including Germany's manufacturing PMI at 3:30 PM and the Eurozone's manufacturing PMI at 4:00 PM [1][1] - The UK will also release its manufacturing and services PMI data at 4:30 PM [1] - The US will report initial jobless claims for the week ending July 19 at 8:30 PM [1]

智通财经7月23日电，欧元区7月消费者信心指数初值为-14.7，预期-15，前值-15.3。 ...

欧元区7月消费者信心指数初值-14.7，预期-15，前值-15.3。 ...

Group 1 - The Eurozone's consumer confidence index for July is set to be released shortly, indicating potential shifts in consumer sentiment within the region [1] - The annualized total of existing home sales in the United States for June will also be published soon, which may reflect trends in the housing market [1]

Group 1 - The consumer confidence index in South Korea for July is reported at 110.8, an increase from the previous value of 108.7 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Although the recent market risk appetite remains high and the US signals on tariff negotiations are optimistic, with the upcoming tariff deferral period in early August, gold is expected to gradually return to the safe - haven logic in the short term, but the rise may be slow due to the strong US economic data and the post - poned Fed rate - cut expectation to September. It is recommended to buy on dips. For silver, while the recovery of risk appetite benefits its industrial attributes, there is a risk of weakening in the medium - term real demand, so cautious chasing of gains is advised [4]. - In the medium - to - long term, considering the ongoing trade war, the probability of Fed rate cuts this year, global geopolitical uncertainties, intensified great - power games, and the trend of de - dollarization, the center of gravity of gold prices is likely to continue to move up [4]. 3. Summary by Relevant Catalogs 3.1 Price Tracking of Precious Metals - **Precious Metal Prices**: On July 21, 2025, London gold spot was at $3367.28/ounce, London silver spot at $38.30/ounce, COMEX gold at $3374.80/ounce, and COMEX silver at $38.60/ounce. The prices of domestic gold and silver futures and spot also had corresponding values. Compared with July 18, the price of London gold spot increased by 0.8%, London silver spot decreased by 0.1%, etc. [3] - **Price Spreads and Ratios**: On July 21, 2025, the gold TD - SHFE active price spread was - 2.02 yuan/gram, and the silver TD - SHFE active price spread was - 14 yuan/kg. Compared with July 18, the changes in price spreads and ratios varied, such as the gold TD - SHFE active price spread increasing by 1.0% [3] 3.2 Position Data - **COMEX and ETF Positions**: As of July 15, 2025 (weekly data), for COMEX gold, non - commercial long positions were 270227 contracts, non - commercial short positions were 57112 contracts, and the net long position was 213115 contracts. For gold ETF - SPDR, the position on July 18 was 943.62 tons, a decrease of 0.51% compared with July 17 [3] - **Inventory Data**: On July 21, 2025, SHFE gold inventory was 28857 kg, with no change compared with July 18; SHFE silver inventory was 1204466 kg, a decrease of 0.55% compared with July 18 [3] 3.3 Interest Rates, Exchange Rates, and Stock Market Data - **Interest Rates and Exchange Rates**: On July 21, 2025, the 2 - year US Treasury yield was 4.44%, the 10 - year US Treasury yield was 3.88%, the US dollar index was 98.46, etc. Compared with July 18, the 2 - year US Treasury yield increased by 0.03%, the US dollar index decreased by 0.18%, etc. [4] 3.4 Market News and Analysis - **Economic Data**: The preliminary value of the University of Michigan Consumer Confidence Index in the US in July was 61.8, higher than the expected 61.5. The preliminary value of the 1 - year inflation expectation was 4.4%, lower than the expected 5% [4] - **Policy and Geopolitical News**: US President Trump is promoting a minimum tariff increase of 15% - 20% on all EU goods. The LDP in Japan suffered a historic defeat in the Senate election, but Prime Minister Ishiba Shigeru said he would continue to govern [4]