Group 1 - The domestic gold market shows stability in jewelry gold prices, with slight declines in some stores. The highest price for gold jewelry at Chow Sang Sang is down by 3 yuan per gram, now at 1020 yuan per gram, aligning with most stores [1] - The price gap between major brand stores remains at 30 yuan per gram, slightly narrowing. The lowest market price is from Caibai at 990 yuan per gram [1] - Platinum prices are on the rise, with a small increase of 1 yuan per gram for platinum jewelry, now priced at 532 yuan per gram [1] Group 2 - The gold recovery price has decreased by 5 yuan per gram, with significant price differences among brands. The recovery price for gold is reported at 766.70 yuan per gram [2] - International gold prices experienced fluctuations, with a minimum drop to 3347.19 USD per ounce, closing at 3370.21 USD per ounce, reflecting a slight increase of 0.05% [4] - The Federal Reserve's emphasis on high inflation risks has weakened market expectations for short-term interest rate cuts, putting downward pressure on gold prices [4]

现货黄金 金十图示：2025年06月20日（周五）上海金午盘价为775.46元/克，较国际金价(772.48元/克)，高2.98元/克 ...

Group 1 - COMEX gold inventory recorded at 1175.22 tons on June 19, showing a decrease of 0.01 tons from the previous trading day [1][2] - COMEX gold price closed at 3387.40 USD/ounce on June 19, with an intraday high of 3405.20 USD/ounce and a low of 3363.60 USD/ounce, reflecting a slight increase of 0.03% [1] - The Federal Reserve maintained its benchmark interest rate in the range of 4.25%-4.50%, aligning with market expectations, while indicating potential rate cuts later in the year [3] Group 2 - Despite geopolitical tensions regarding Iran, including potential military action by the U.S. and recent airstrikes by Israel, gold prices did not sustain a safe-haven rally [3] - The cautious tone from Federal Reserve Chairman Powell regarding inflation and monetary policy has supported the strength of the U.S. dollar, which in turn limited the rise in gold prices [3]

特朗普几天来一直公开酝酿让美国加入以色列对伊朗的打击，以加大赌注。 彭博社认为，在连续发表强硬言论(包括要求德黑兰居民撤离，以及提前离开本周在加拿大举行的七国 集团峰会返回华盛顿)之后，特朗普的最新立场显示出一种让步。 莱维特发表上述言论后，黄金与原油价格都出现下滑。现货黄金价格周五亚市早盘下滑，金价最低跌至 3362美元/盎司附近。布伦特原油早盘下跌2.00%，报75.74美元/桶。 多年来，特朗普一直倾向于设定两周的最后期限，有时会遵守，有时却错过期限，或者根本不采取行 动，这使得"两周内"成为他在白宫两届任期内处理待决决定的常用语。 摘要周五（6月20日）亚市早盘，现货黄金短线走低，最新黄金价格交投于3360美元附近，今日金价开 盘先行窄幅偏弱运行，受到5-10日短期均线的压力，不过走势未跌破中轨线支撑，基本面也有利好支 撑，故此，后市仍偏向震荡调整，或再度走强攀升。 周五（6月20日）亚市早盘，现货黄金短线走低，最新黄金价格交投于3360美元附近，今日金价开盘先 行窄幅偏弱运行，受到5-10日短期均线的压力，不过走势未跌破中轨线支撑，基本面也有利好支撑，故 此，后市仍偏向震荡调整，或再度走强攀升。 【 ...

现货黄金 金十图示：2025年06月20日（周五）上海金早盘价为777.49元/克，较国际金价(775.19元/克)，高2.3元/克 ...

Economic Growth and Consumption - The core viewpoint is that consumption will play a more significant role in driving economic growth this year, with retail sales expected to exceed a 5% growth rate, compared to 3.5% last year [2][5] - In May, the total retail sales of consumer goods reached 41,326 billion yuan, marking a year-on-year increase of 6.4%, the highest growth rate since 2024 [4][5] - The "old-for-new" consumption policy has effectively boosted sales, contributing 1.1 trillion yuan in sales across five major categories in the first five months [5] Foreign Trade Performance - The total value of goods trade in the first five months was 17.94 trillion yuan, with a year-on-year growth of 2.5%, indicating better-than-expected foreign trade performance [10] - Exports to the EU and ASEAN increased significantly by 9.1% and 2.9%, respectively, while exports to the US decreased by 8.1% due to tariff increases [10] - The phenomenon of "export grabbing" has contributed to the positive foreign trade data, as companies rushed to export before anticipated tariff hikes [9][10] Service Consumption and Innovation - The shift in consumer demographics, particularly the rise of the post-95 and post-00 generations, is driving demand for emotional value and personalized consumption [6] - Service consumption can be categorized into survival, development, and experiential services, with a focus on promoting experiential services through innovative consumption scenarios [6] - Increasing public service investment and improving income distribution are essential for enhancing overall consumption [8] Policy Recommendations - To address weak price levels and stimulate consumption, targeted policy measures should include improving income distribution and increasing public consumption [8] - The government could consider expanding subsidies from durable goods to service consumption and providing direct consumption subsidies to low-income groups [5][8]

中东乱局持续，市场关注美国是否出手，黄金能否再测3400？点击观看金十研究员文成直播分析 相关链接 ...

Economic Data Overview - In May, China's total retail sales of consumer goods reached 41,326 billion yuan, with a year-on-year growth of 6.4%, marking the highest growth rate since 2024 [1][2] - For the first five months, China's total import and export value of goods was 17.94 trillion yuan, showing a year-on-year increase of 2.5%, indicating a sustained growth trend [1][5] Consumer Spending Insights - The growth in consumer spending in May exceeded expectations, driven by policies such as "old-for-new" exchanges and emerging consumption trends like "self-indulgent consumption" [2][3] - The "old-for-new" policy significantly boosted sales, contributing 1.1 trillion yuan in sales across five major categories in the first five months [2][3] - The retail sales growth is expected to surpass 5% this year, compared to a 3.5% growth in the previous year, as consumption plays a more prominent role in economic growth [2][3] Trade Dynamics - The foreign trade performance in the first five months was better than expected, influenced by "export rushes" and a notable increase in exports to the EU and ASEAN, despite a decline in exports to the US due to tariffs [1][5][6] - Exports to ASEAN and the EU grew by 9.1% and 2.9% respectively, while exports to the US decreased by 8.1% [5] Policy Recommendations - Future consumption policies could expand from durable goods to service consumption and provide direct subsidies to low-income groups [2][3] - To enhance service consumption, there is a need for innovative and diversified consumption scenarios, integrating new business models and products [3] Inflation and Economic Balance - The consumer price index (CPI) rose by 0.1% year-on-year in the first five months, indicating a need for policies to promote economic balance and reasonable price recovery [4][5] - The weak price level is attributed to intense competition in investment-driven sectors, income distribution disparities, and underutilized public consumption [4][5] Gold Market Outlook - The outlook for gold prices is characterized by short-term volatility and long-term upward trends, influenced by interest rates, the dollar's performance, and geopolitical risks [8] - Recent trends show a significant increase in gold prices, with a rise of approximately 30% this year, supported by central banks' continued accumulation of gold reserves [8]

金十数据6月19日讯，澳新银行大宗商品策略师Soni Kumari表示，我们预计金价不会跌回3,000美元，因 为有很多的不确定因素。他指的是美国是否决定直接卷入伊以冲突。周四，伊朗导弹袭击了以色列一家 医院，与此同时，以色列袭击了伊朗各地的目标。与此同时，特朗普让全世界都在猜测，美国是否会加 入以色列的空袭行动，试图摧毁德黑兰的核设施。本周早些时候，花旗预测，黄金将在未来几个季度回 落至3000美元以下。 澳新银行：预计金价不会跌回3000美元 ...

今年一季度，现货黄金价格上涨约19%，创下1986年9月以来国际金价最大季度涨幅。在这个节骨眼上，作为中国珠宝前五大品牌中 唯一一家未上市的公司，周六福珠宝正式通过主板上市聆讯。 在世界各国央行增持黄金分散外汇风险；为应对国际复杂多变的局面、提前布局避险资产的趋势下，国际金价在近期得到持续上涨的 支撑。 然而，作为黄金珠宝企业，周六福和一众同行一样，黄金价格大涨，自身利润并没有跟上涨幅。曾一度比肩老铺黄金的净利率水平， 也成了回不去的昨天。 一、增收难增利 在传导机制上，由于黄金价格太透明，很难有差价空间，黄金珠宝类的企业赚的基本是固定比例的加工费。所以，当金价疯狂上涨 时，企业率先承受的是原材料成本提高的负担，以及金价过高导致消费意愿降低的客流减少，收入增速短期承压的风险。 2022年至2024年，周六福收入分别为31.02亿元、51.5亿元、57.18亿元；同期年内利润分别约为5.75亿元、6.60亿元、7.06亿元。收入 增速分别为66.02%和11.03%；利润增速14.78%和6.97%，均呈现大幅下降。 此外，公司毛利率也由2022年的38.7%下跌至2024年的25.9%，净利率从18.5%下跌 ...