Group 1: Currency Movements - The British pound is under pressure due to weak employment data, trading down to 1.3472 against the US dollar [5] - The Japanese yen continues to weaken as market risk appetite improves, with USD/JPY trading around 145.00, close to a two-week low [3] - The New Zealand dollar shows the largest decline among non-USD currencies, influenced by the resignation of the former Reserve Bank of New Zealand chairman [7][8] Group 2: Economic Indicators - The European Central Bank forecasts a 3.1% wage growth rate for the Eurozone in 2025, consistent with previous predictions, indicating alignment with the 2% inflation target [4] - The US is expected to release May's CPI data, with economists predicting a core CPI month-on-month increase of 0.1% to 0.3% [10]

景顺表示，在美国经济增长面临压力且美国总统特朗普乐见美元走弱以促进出口下，未来几个月美元可 能自当前水平再跌5%。景顺亚太全球市场策略师David Chao在简报会上表示，对冲活动的增加将导致 美元面临更大的下行压力；但他认为，美元从当前水平再贬10%的说法可能有点牵强。景顺看好黄金、 瑞士法郎和日元作为避险资产；看好德国、日本和瑞士政府债券。（彭博） ...

【消息面】 周三亚市早盘，黄金窄幅震荡，目前交投于3335美元。金价周二冲高回落，因为俄乌冲突持续不断，世界银行也下调全球经济增速预期，金价周 二盘中一度涨至3349.01美元，但随后回吐涨幅，收报3322.36美元，因交易员密切关注中美贸易谈判，其结果可能缓解贸易紧张局势并提振全球经 济，从而减少对避险资产的需求，而美股持续上涨也打压黄金的避险买需。 短期内，金价可能在3250至3350美元区间内震荡，等待CPI数据和贸易谈判的进一步明朗。长期来看，若全球经济不确定性持续加剧，黄金作为 避险资产的吸引力将进一步凸显，但贸易局势的缓和可能使其短期承压。 【黄金行情走势简析】 1，上一个交易日，黄金维持3300-3350美元区间震荡，亚盘黄金跌至日线中轨3302美元触底反弹，晚间黄金冲高3349美元回落，收在3322.7美 元，日线录得十字星，KDJ指标在高位2次死叉，附图拐头向下，MACD指标快慢线在0轴上方死叉，绿色空头动能增量，日线走势依旧偏空。 2，小时图，黄金早间探底3315.2美元回升，当前运行在60日均线上方3338美元，KDJ指标低位金叉，附图拐头向上，MACD指标快慢线在0轴附 近金叉，红色多 ...

Core Viewpoint - The gold market is influenced by ongoing geopolitical tensions, particularly the Russia-Ukraine conflict, and the global economic slowdown, which provide a solid support for gold prices, while optimistic expectations from US-China trade negotiations and a strengthening dollar limit its upward potential [1][3][4]. Group 1: Gold Price Movements - Gold prices experienced fluctuations, reaching a high of $3349.01 per ounce before closing at $3322.36, reflecting a decline of approximately 0.09% [1]. - The current trading range for gold is expected to be between $3250 and $3350 per ounce in the short term, pending further clarity from CPI data and trade negotiations [4]. Group 2: Economic Influences - The World Bank has downgraded global economic growth forecasts, indicating significant resistance due to rising trade barriers from tariffs implemented since Trump's administration [3]. - A potential increase in US tariffs by an additional 10% could lead to a further 0.5% decline in global economic growth, exacerbating trade stagnation risks [3]. Group 3: Geopolitical Factors - The EU's new sanctions against Russia, including lowering the oil price cap from $60 to $45 per barrel, may further elevate energy prices and indirectly affect global inflation expectations, providing some support for gold [4]. - The ongoing geopolitical tensions and economic slowdown create a strong bottom support for gold prices, while easing trade tensions could pressure gold in the short term [4].

换资前言： 黄金技术面分析：黄金目前调整依然没有走完，6月份，将是黄金调整的最后时间点，目前市场存在较大分歧，多空胶着。但时间未到，调整未完，再怎么 胶着，也不能激进追涨。自3500高点以来，连续测试了3430以及上周3403的高点均回落，但调整幅度不够，调整时间也不够。黄金现在就是震荡节奏，起起 伏伏，暂时还没有形成趋势性的行情，今晚CPI能否让黄金打破震荡节奏？昨日尾盘黄金最终收盘在3322.3美元一线，日线以一根上下影线等长的长脚阴十 字星形态收线，而这样的形态收尾后，今天黄金反弹继续做空，还有继续下跌的空间和需求，今天黄金关注上方阻力在3347美元一线，反弹依托这里阻力以 下做空，下方再看3310美元一线即可！不过数据前我们还是暂时继续当震荡看，反弹高位就不要轻易去追多，早盘反弹还是继续逢高空。 操作方面，短线来讲，震荡，多空都有机会，不存在方向的问题，上方压制3345——3350区域，下方支撑3300一线，昨天早盘回测3300附近后白盘直线拉 高，晚间触及3349附近之后再次回落。短线，多空都有机会，把握好此区间的高抛低吸。大方向，仍然关注3350区域承压后的再一次下跌，需要时间。现在 黄金走势震荡 ...

摘要周二(6月10日)纽约交易时段，现货黄金上演"高台跳水"行情，金价自高点大幅回落约30美元， FXStreet首席分析师ValeriaBednarik写道，因投资者对中美之间可能达成的贸易协议持乐观态度，金价 从3350美元/盎司附近回落，可能会重新测试3300美元/盎司关口。 周二(6月10日)纽约交易时段，现货黄金上演"高台跳水"行情，金价自高点大幅回落约30美元，FXStreet 首席分析师Valeria Bednarik写道，因投资者对中美之间可能达成的贸易协议持乐观态度，金价从3350美 元/盎司附近回落，可能会重新测试3300美元/盎司关口。 中美贸易谈判方面，美国商务部长卢特尼克周二表示，谈判进展"非常、非常顺利"。他表示，希望谈判 能在周二晚结束，但如果有必要，周三将继续进行。 卢特尼克在伦敦兰卡斯特宫对记者说："我认为谈判进展非常、非常顺利。我们投入了大量的时间、精 力和精力——每个人都埋头苦干，密切合作。"两国团队已在这里进行了为期两天的会谈。 卢特尼克补充道："我希望谈判今晚结束，但如果需要的话，我们明天还会来，但我希望谈判今晚结 束。" High Ridge Futures金属交易 ...

黄金、白银行情爆发中，一键布局买入金银等避险资产>>> 纽约期金向上触及3350美元/盎司，日内涨0.20%。 ...

在全球地缘政治局势方面，紧张局势仍在持续发酵。乌克兰方面宣称，俄罗斯发动了大规模空袭，这一事件对市场风险情绪构成了潜在扰动。在地缘政治冲 突不断升级的背景下，黄金作为传统的避险资产，其吸引力本应显著增强。然而，当前市场风险偏好因贸易谈判的乐观预期而有所改善，使得黄金的避险需 求在短期内未得到充分释放。但一旦地缘政治冲突进一步恶化，突破当前市场预期的范围，黄金价格可能会迅速获得强劲的上涨动力。 一位长期关注大宗商品领域的分析师指出："从近期黄金价格走势来看，其未能有效向上突破200小时均线，这一现象深刻反映出多头动能的不足。基于此， 短期内黄金价格倾向于进行整理，甚至存在进一步调整的可能性。"当前，黄金市场的走势受到多种复杂因素的综合影响，其中美联储未来的政策路径充满 不确定性，这在一定程度上限制了黄金价格的下跌空间。尽管此前公布的强劲就业数据在短期内对黄金价格构成利空，但CMEFedWatch工具所呈现的数据 显示，市场对于美联储在9月实施降息的概率预期仍然接近60%。这种对未来货币政策宽松的预期，使得投资者在一定程度上对黄金价格的下行持有谨慎态 度，为黄金价格提供了潜在支撑。 此外，美国长期存在的财政赤字问 ...

Group 1 - Silver prices have reached a nearly 13-year high, with London spot silver surpassing $36 per ounce on June 6, marking the highest level since February 2012, and a weekly increase of over 10% [1] - The Shanghai silver futures contract also saw a significant rise, exceeding 8800 yuan per kilogram, setting a new record since its listing [1] - In contrast, the spot gold price saw a modest increase of approximately 0.6% over the past week [1] Group 2 - The appeal of precious metals, including silver, as traditional safe-haven assets has increased due to escalating trade tensions, rising dollar outflows, and heightened economic uncertainty [4] - Industrial demand for silver is a crucial factor driving its price increase, with applications in electronics, photovoltaic industries, and new energy vehicles [7] - In 2023, China's industrial silver demand reached 8124 tons, reflecting a year-on-year growth rate of 44%, making it the largest industrial silver consumer globally [7] Group 3 - The supply of silver from mining is limited, leading to a tight market balance as industrial demand continues to grow [8] - The market perceives silver to be significantly undervalued relative to gold, with expectations for the gold-silver ratio to revert, contributing to silver's price recovery [8]

Report Summary 1. Market Performance Overnight - International precious metal futures closed mixed, with COMEX gold futures flat at $3,346.70 per ounce and COMEX silver futures up 2.12% at $36.91 per ounce [2] - International oil prices strengthened, with the U.S. oil main contract up 1.24% at $65.38 per barrel and the Brent crude main contract up 0.96% at $67.11 per barrel [3] - London base metals closed mixed, with LME copper up 1.03% at $9,769.02 per ton and LME nickel down 0.76% at $15,325.9 per ton [4] - Domestic futures main contracts were mixed. Styrene (EB) rose more than 1%, while coking coal fell more than 2% [4] - U.S. agricultural product futures fell across the board, with CBOT corn futures down 2.15%, CBOT wheat futures down 2.25%, and CBOT soybean futures down 0.12% [4] 2. Macroeconomic News - As of June 9, 2025, the Shanghai Export Container Settlement Freight Index (European route) was 1,622.81 points, up 29.5% from the previous period [7] - Citigroup postponed its forecast for the Fed's next rate cut from July to September and now expects a total of 75 basis points of cuts this year [7] - In the first five months, China's imports of iron ore decreased by 5.2%, crude oil increased by 0.3%, coal decreased by 7.9%, natural gas decreased by 9.5%, soybeans decreased by 0.7%, and refined oil decreased by 26.8% [7] - In May 2025, China's CPI was down 0.1% year-on-year and 0.2% month-on-month [8] - On June 9, the first meeting of the China-U.S. economic and trade consultation mechanism was held in London [9] - California Governor Gavin Newsom said he would sue the Trump administration over the National Guard deployment issue [9] 3. Energy and Chemical Futures - The local quotation of photovoltaic glass in the market has fallen below 12 yuan per square meter, with the lowest transaction price approaching 11.5 yuan per square meter [13] - As of June 6, the total inventory of coniferous logs in China was 3.39 million cubic meters, down 0.59% from the previous week [13] - As of June 8, 2025, the total inventory of natural rubber in Qingdao was 605,500 tons, down 0.67% from the previous period [13] - Morgan Stanley said OPEC+ may be significantly increasing oil production quotas, but the actual output increase is not obvious [13] - The U.S. Bank's commodities research head said OPEC+'s oil production increase plan is part of Saudi Arabia's strategy to start a long - term but moderate price war [13] - Iran's Foreign Ministry spokesman said the U.S. plan on the Iran nuclear deal is unacceptable [14] 4. Metal Futures - The listing benchmark prices for casting aluminum alloy futures contracts AD2511 - AD2605 are set at 18,365 yuan per ton [18] - The Shanghai Gold Exchange warned of high market volatility and advised members and investors to take risk - prevention measures [18] - China's lithium hydroxide production in June 2025 is expected to be 20,200 tons, down 5.8% month - on - month [19] 5. Black - series Futures - Mysteel's global iron ore shipments totaled 3.5104 million tons, up 79,400 tons week - on - week [21] - China's 47 - port iron ore arrivals totaled 2.6739 million tons, up 76,500 tons week - on - week [21] - As of the week of June 6, the total manganese ore inventory at ports was 420,200 tons, up 13,200 tons from the previous period [21] 6. Agricultural Product Futures - The central government will conduct a 10,000 - ton centralized procurement of frozen pork on June 11, 2025 [25] - As of June 6, 2025, the commercial inventory of soybean oil in key regions of China was 812,700 tons, up 7.66% week - on - week [25] - Analysts expect Brazil's 2024/2025 soybean production to be 169.27 million tons and Argentina's to be 4.904 million tons [25] - With the arrival of imported soybeans, the soybean commercial inventory of major oil mills has reached nearly 7 million tons [26] - APK - Inform lowered its forecast for Ukraine's 2025 grain production by 4.3% to 52.9 million tons [27] - As of June 9, 2025, the port inventory of imported soybeans in China was 5.9568 million tons, up 215,970 tons from June 3 [28] - As of last Thursday, Brazilian farmers in the central - southern region had harvested 1.9% of the 2025 second - season corn, the slowest pace since 2021 [28] - In the week ending June 5, 2025, the U.S. soybean export inspection volume was 547,040 tons, and the U.S. shipped 0 tons of soybeans to China [31] - As of June 8, the U.S. soybean good - to - excellent rate was 68%, the planting rate was 90%, and the emergence rate was 75% [31] 7. Financial Markets Commodities - The first recycled metal variety, casting aluminum alloy futures and options, was listed on the Shanghai Futures Exchange on June 10, with the benchmark price for 7 contracts set at 18,365 yuan per ton [33] Bonds - Domestic inter - bank bond yields were mixed, and the central bank conducted 173.8 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection [36] - Japan is considering repurchasing some long - term bonds, and Japanese investors sold a large amount of German and U.S. sovereign bonds in April [36] - U.S. Treasury yields fell across the board due to concerns about bond auctions, supply - demand adjustments, and investor sentiment [37] - European bond yields generally declined due to weak economic fundamentals in the eurozone [37] Foreign Exchange - Hong Kong will maintain the linked exchange rate system and strengthen its role as an offshore RMB business center [38] - The on - shore RMB closed at 7.1838 against the U.S. dollar on Monday, up 9 basis points from the previous trading day [38] - The three major RMB exchange rate indices fell last week, hitting new lows [41] - The U.S. dollar index fell 0.19% at the New York close, and non - U.S. currencies generally rose [41] 8. Upcoming Economic Data and Events - Key economic data to be released include South Korea's April current account, the U.K.'s May unemployment rate, etc. [44] - Key events include China's central bank's reverse repurchase maturity, EIA's monthly short - term energy outlook report, and various conferences and corporate events [46]