1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - The market's concern about the loss of control over US fiscal and financial discipline has resurfaced. The Fed may restart the interest - rate cut process in September, with a relatively moderate pace. Gold's safe - haven demand is strongly boosted, and its volatility has increased while the medium - term upward trend remains intact. London gold is expected to trade in a wide range between $3120 - $3500 per ounce before rising again. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions [4]. - From late April to now, London gold has been trading in a wide range between $3100 - $3500 per ounce. The reduction in international trade uncertainty weakens gold's safe - haven demand, but the restructuring of the international trade currency system and the Fed's interest - rate cut expectations continue to support the gold price. The restructuring of the international trade currency system and the expected economic slowdown and central bank interest - rate cuts will support the long - and medium - term bull markets of gold. However, the high price and P/E ratio also mean increased volatility. In the short term, London gold will continue to consolidate in the $3120 - $3500 per ounce range. The central bank's easing expectations may support the silver price in the medium - to - short term. Investors are advised to maintain a long - position mindset and avoid full - position chasing or blind short - selling [5]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Market Conditions and Outlook 3.1.1 Intraday Market - Trump fired Fed Governor Cook on suspicion of mortgage law violations, and Cook vowed to fight back, which raised market concerns about the loss of control over US fiscal and financial discipline. The Fed may restart the interest - rate cut process in September, with a relatively moderate pace. London gold failed to break through the $3400 per ounce mark and then pulled back, but the support level in the pull - back is gradually rising. Trump's new policies are accelerating the restructuring of the global political and economic landscape, boosting gold's safe - haven demand. Gold's volatility has increased, and it is expected to trade in a wide range between $3120 - $3500 per ounce before rising again. This week, attention should be paid to Fed officials' statements, US July PCE prices, China's August PMI, and the progress of the Russia - Ukraine conflict [4]. 3.1.2 Medium - term Market - From late April to now, London gold has been trading in a wide range between $3100 - $3500 per ounce. The reduction in international trade uncertainty weakens gold's safe - haven demand, but the restructuring of the international trade currency system and the Fed's interest - rate cut expectations continue to support the gold price. In June, speculative funds flooded into the silver and platinum markets. In July, the silver price fluctuated significantly due to the expectation of anti - involution policies, and the London gold - silver ratio stabilized slightly after falling to 86. The restructuring of the international trade currency system and the expected economic slowdown and central bank interest - rate cuts will support the long - and medium - term bull markets of gold. However, the high price and P/E ratio also mean increased volatility. In the short term, London gold will continue to consolidate in the $3120 - $3500 per ounce range. The central bank's easing expectations may support the silver price in the medium - to - short term. Investors are advised to maintain a long - position mindset and avoid full - position chasing or blind short - selling [5]. 3.2 Precious Metals Market - Related Charts - The report presents multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T+D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets, with data sourced from Wind and the Research and Development Department of CCB Futures [7][9][11]. 3.3 Major Macroeconomic Events/Data - Fed Governor Cook will sue to prevent Trump from firing her, which may lead to a long - term legal battle. Trump wants to quickly announce a candidate to replace Cook, with potential candidates including White House Council of Economic Advisers Chairman Milan and former World Bank President Malpass [17]. - US new orders for key capital goods in July increased more than expected, indicating strong business equipment spending at the beginning of the third quarter. However, consumers' assessment of the labor market has deteriorated, with the August consumer expectation for their job - seeking ability dropping to the lowest level in more than four years [17]. - Richmond Fed President Barkin predicts a moderate interest - rate adjustment, expecting no major changes in economic activity for the rest of the year [17].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The uncertainty around the Russia - Ukraine conflict and the expectation of a Fed rate cut in September support the upward trend of gold prices. Gold's volatility has increased, but the medium - term upward trend remains good. London gold may fluctuate widely between $3120 - $3500 per ounce and then rise again. [4] - The restructuring of the international trade monetary system and the Fed's rate - cut expectation continue to support the long - and medium - term bull market of gold. However, high price - to - earnings ratios also lead to increased volatility. In the short term, London gold is expected to continue to consolidate within the $3120 - $3500 per ounce range. [6] - Although the global economic situation is not favorable for silver with strong industrial attributes, the central bank's easing expectation may support silver prices in the medium and short term. Investors are advised to maintain a long - position mindset and participate in gold and silver trading with medium - to - low positions. [6] 3. Summary by Directory 3.1 Precious Metals Market Conditions and Outlook - **Intraday Market**: On August 18th, during the Asian session, London gold rebounded to around $3350 per ounce after falling to $3323 per ounce. The strong rise of the Chinese stock market boosted silver. Gold's safe - haven demand was enhanced due to Trump 2.0's new policies. [4] - **Medium - term Market**: Since late April, London gold has been fluctuating between $3100 - $3500 per ounce. The decline in international trade uncertainty weakens gold's safe - haven demand, but the restructuring of the international trade monetary system and the Fed's rate - cut expectation support gold prices. The London gold - to - silver ratio has stabilized after回调 to 86. [6] - **Domestic Precious Metals Market**: Shanghai Gold Index closed at 779.47, up 0.24%; Shanghai Silver Index closed at 9275, up 0.58%; Gold T + D closed at 774.80, up 0.22%; Silver T + D closed at 9227, up 0.42%. [5] 3.2 Precious Metals Market - Related Charts The report presents multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, Shanghai futures index basis against Shanghai Gold T + D, gold and silver ETF holdings, gold - to - silver ratio, and the correlation between London gold and other assets, with data sourced from Wind and the Research and Development Department of CCB Futures. [8][10][12] 3.3 Main Macroeconomic Events/Data - US President Trump and Russian President Putin held a face - to - face meeting in Alaska. They made progress on some issues but did not reach an agreement on suspending the war in Ukraine. A peace proposal involves land exchanges between Russia and Ukraine, but its nature is unclear. [18] - US retail sales in July grew strongly, but labor market softness and rising commodity prices may suppress consumer spending growth in Q3. After the data release, the probability of a 25 - basis - point Fed rate cut in September dropped from 94% to about 89%. [18] - Chicago Fed President Goolsbee said the rise in service inflation was concerning, indicating a stagflation impact of tariffs on the economy. He believes more data is needed to judge the economic situation. [19]

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - The international trade - currency system restructuring and reserve diversification will support the long - term bull market of gold, and Trump's reforms and economic conditions will support the medium - term bull market of gold. However, high price and P/E ratio mean increased volatility. In the short - term, London gold will continue to move in a range waiting for the next upward breakthrough. Investors are advised to hold a long - term view with medium - low positions, and short - minded traders can consider "long gold, short silver" arbitrage when silver's upward momentum fades [4][6]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Market Conditions and Outlook 3.1.1 Intraday Market - More Fed officials worry about the US job market and support rate cuts, which weakens the US dollar and supports precious metal prices. But the potential cooling of the Russia - Ukraine war and the clarification of no import tariffs on gold and silver weaken the safe - haven demand for precious metals. London gold pulled back to around $3360 per ounce overnight, while silver was slightly stronger due to China's anti - involution policy expectations. Gold's safe - haven demand is boosted by Trump 2.0's new policies. London gold may fluctuate between $3120 - $3500 per ounce and then rise again. Investors are advised to hold a long - term view with medium - low positions. This week, pay attention to the US - Russia summit, US inflation data, Fed officials' statements, and China's economic data [4]. 3.1.2 Medium - term Market - Since late April, London gold has been fluctuating between $3100 - $3500 per ounce. International trade cooling and US fiscal expansion reduce gold's safe - haven and allocation demand, but Trump's new policies and geopolitical risks support the price. Speculative funds flowed into silver and platinum in June, and silver prices fluctuated greatly in July. The gold - silver ratio rebounded slightly after falling to 86. The long - term bull market of gold is supported by international trade and currency system restructuring, and the medium - term bull market is supported by Trump's policies and economic conditions. Gold's volatility has increased, and in the third quarter, pay attention to the impact of US economic and inflation conditions on Fed policies. It is expected that London gold will continue to move in a range in the short - term. Long - minded investors can participate with medium - low positions, and short - minded traders can consider "long gold, short silver" arbitrage [6]. 3.2 Precious Metals Market - related Charts - The content provides multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, Shanghai futures index basis against Shanghai gold T+D, and gold and silver ETF holdings, with data sources from Wind and the research and development department of Jianxin Futures [8][10][12]. 3.3 Major Macroeconomic Events/Data - The US Commerce Department allows Nvidia to export H20 chips to China, and Nvidia and AMD will pay 15% of their Chinese chip sales revenue to the US government [18]. - Trump will meet Putin on August 15 to discuss ending the Ukraine war, and the White House is considering inviting Zelensky. European leaders welcome the meeting but emphasize the need to pressure Moscow [18]. - Many Fed officials are worried about the labor market and suggest rate cuts in September. However, some officials think it's too early to commit to rate cuts due to upcoming key data and expected inflation rise [19]. - The Bank of England cut interest rates by 25 basis points, but four of the nine policymakers opposed it, indicating that consecutive rate cuts may be near the end [19].

Report Information - Report Title: Precious Metals Daily Review - Date: August 11, 2025 - Research Team: Macro and Financial Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - Fed's potential rate cut and Trump's new policies support the precious metals market, but there are also uncertainties such as Fed officials' stances and geopolitical situations. Gold's long - and mid - term bull markets are supported by various factors, but its volatility has increased. It is recommended that investors participate in trading with a long - term view and medium - low positions, and short - term investors can consider "long gold, short silver" arbitrage opportunities [4][5]. Summary by Directory 1. Precious Metals Market Conditions and Outlook Intraday Market - Trump's nomination of a new Fed governor raises the market's expectation of a Fed rate cut in September to 86.6%, which supports the precious metals' upward movement. However, some Fed officials believe that a September rate cut is not certain, and the potential easing of the Russia - Ukraine conflict under US pressure causes London gold to face resistance around $3400/ounce. Gold's safe - haven demand is boosted by Trump's new policies, and it is expected to fluctuate between $3120 - $3500/ounce before rising again. Investors are advised to hold a long - term view and use medium - low positions for trading [4]. Domestic Precious Metals Market Data | Contract | Pre - closing Price | Highest Price | Lowest Price | Closing Price | Change % | Open Interest | Position Change | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 786.70 | 790.19 | 785.20 | 789.42 | 0.35% | 441,940 | 3990 | | Shanghai Silver Index | 9,275 | 9,334 | 9,258 | 9,295 | 0.22% | 784,183 | - 10841 | | Gold T + D | 782.02 | 784.45 | 778.80 | 783.50 | 0.19% | 213,736 | 4684 | | Silver T + D | 9,224 | 9,287 | 9,210 | 9,249 | 0.27% | 3,528,966 | 24404 | [5] Medium - term Market - Since late April, London gold has been fluctuating between $3100 - $3500/ounce. Although the cooling of international trade and the US fiscal expansion bill have reduced gold's hedging and allocation demand, Trump's new policies and geopolitical risks, along with the deterioration of the US job market, have increased the expectation of a Fed rate cut. In June, speculative funds flowed into the silver and platinum markets, and in July, the silver price fluctuated greatly. The long - term bull market of gold is supported by the restructuring of the international trade and monetary system, and the mid - term bull market is supported by Trump's policies and the expectation of a Fed rate cut. However, the high price and P/E ratio of gold have increased its volatility. It is expected that London gold will continue to move within the range in the short term. Long - term investors are advised to participate with medium - low positions, and short - term investors can consider "long gold, short silver" arbitrage opportunities [5]. 2. Main Macroeconomic Events/Data - Russia and the US have agreed to hold a Putin - Trump summit in the coming days, and Zelensky has held talks with European leaders on the peace process [17]. - Trump has nominated Milan as a temporary Fed governor and is still looking for candidates for a long - term Fed seat. Fed Governor Waller is the favorite to become the next Fed chairman [17]. - The US and China may extend the tariff truce by 90 days. Trump may impose secondary tariffs on Indian goods and is considering tariffs on China [17]. - The Bank of England has cut interest rates by 25 basis points, but four of the nine policymakers oppose it, indicating that the continuous rate cuts may be near the end [17]. - Atlanta Fed President Bostic believes that it is too early to promise a rate cut as key data has not been released and inflation is expected to rise in the next few months [18].

Group 1: Report Information - Report Title: Precious Metals Daily Review [1] - Date: August 7, 2025 [1] - Research Team: Macro Finance Team [2] - Researchers: He Zhuoqiao (Macro Precious Metals), Huang Wenxin (Treasury Bonds and Container Shipping), Nie Jiayi (Stock Index) [2] Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Viewpoints - The uncertainty of trade policies and the expectation of the Fed's interest rate cut support the gold price, while the narrowing of the US trade deficit in June and the service PMI above the boom-bust line support the US dollar index and weaken the safe-haven demand for gold. The London gold price continues to trade in the range of $3345 - $3390 per ounce. The gold's safe-haven demand is greatly boosted by Trump's 2.0 new policy, and the London gold may rise again after wide-range consolidation between $3120 - $3500 per ounce. It is recommended that investors maintain a long position mindset and participate in trading with medium to low positions [4]. - Since late April, London gold has been in a wide-range oscillation between $3100 - $3500 per ounce. The cooling of international trade situation and the US fiscal expansion bill weaken the safe-haven and allocation demand for gold, but the uncertainty of Trump's new policy and high international geopolitical risks continue to support the gold price. The safe-haven and reserve diversification demand brought by the reorganization of the international trade and monetary system will continue to support the long-term bull market of gold, and the economic growth weakness and the expectation of central bank interest rate cuts caused by Trump's multiple reforms will support the medium-term bull market. It is expected that London gold will continue to oscillate and consolidate in the range of $3120 - $3500 per ounce in the short term. Investors are advised to maintain a long position mindset and participate in trading with medium to low positions, and short-minded traders can pay attention to the arbitrage opportunity of "going long on gold and shorting silver" after the upward momentum of silver fades [6]. Group 4: Precious Metals Market Conditions and Outlook Intraday Market - Trump's tariff threats on drugs, semiconductors, and India, and the nomination of new Fed governors, along with trade policy uncertainty and Fed rate cut expectations, support the gold price. Meanwhile, the narrowing of the US trade deficit in June and the service PMI above the boom-bust line support the US dollar index and weaken the safe-haven demand for gold. The London gold price continues to trade in the range of $3345 - $3390 per ounce. The expectation of the Fed restarting the rate cut process drives the global stock market and industrial commodities to run strongly, and the London gold-silver ratio slightly drops to 89.2. It is recommended that investors maintain a long position mindset and participate in trading with medium to low positions [4]. Medium-Term Market - Since late April, London gold has been in a wide-range oscillation between $3100 - $3500 per ounce. The cooling of international trade situation and the US fiscal expansion bill weaken the safe-haven and allocation demand for gold, but the uncertainty of Trump's new policy and high international geopolitical risks continue to support the gold price. In June, speculative funds flooded into the relatively underperforming silver and platinum markets, and the gold-silver ratio has basically returned to the level before April. It is expected that London gold will continue to oscillate and consolidate in the range of $3120 - $3500 per ounce in the short term. Investors are advised to maintain a long position mindset and participate in trading with medium to low positions, and short-minded traders can pay attention to the arbitrage opportunity of "going long on gold and shorting silver" after the upward momentum of silver fades [6]. Group 5: Domestic Precious Metals Market Conditions | Contract | Pre - closing Price | Highest Price | Lowest Price | Closing Price | Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 784.16 | 787.42 | 784.30 | 785.36 | 0.15% | 433,180 | - 4596 | | Shanghai Silver Index | 9,093 | 9,217 | 9,113 | 9,199 | 1.17% | 789,871 | 5,633 | | Gold T + D | 779.92 | 781.70 | 775.17 | 779.63 | - 0.04% | 216,324 | 7,234 | | Silver T + D | 9,052 | 9,168 | 9,045 | 9,150 | 1.08% | 3,470,566 | 27,222 | [5] Group 6: Main Macro Events/Data 1. In June, the US trade deficit narrowed by 16.0% to $60.2 billion, and the trade deficit with China decreased by about one-third to $9.5 billion, the lowest since February 2004. In July, the US service industry business activity was basically flat, orders hardly changed, employment weakened further, and input costs rose at the largest rate in nearly three years, highlighting the continuous drag of tariff policy uncertainty on enterprises [18]. 2. Trump will decide on the replacement for Fed governor Kugler before the weekend and has narrowed the list of candidates for the next Fed chair to four, including current National Economic Council Director Hassett and former Fed governor Warsh. Treasury Secretary Bessent is excluded because he wants to continue in his current position [18]. 3. The US will first impose a "small tariff" on drug imports and then increase the rate in about a year. Trump will announce tariffs on semiconductors and chips in about a week. Given India's continued purchase of Russian oil, Trump will "significantly" increase the tariffs on goods imported from India from the current 25% within the next 24 hours [18].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the report. 2. Core Viewpoints - The uncertainty of Trump's new policy and high international geopolitical risks continue to support the gold price, while the cooling of international trade and the US fiscal expansion bill reduce the demand for gold as a hedge and for allocation. The report expects the long - term and medium - term bull markets of gold to continue, but the price volatility will increase significantly. It is recommended that investors participate in trading with a long - term mindset and medium - low positions [4][6]. 3. Summary by Directory I. Precious Metals Market Trends and Outlook - **Intraday Trends**: Due to Trump's threat to Russia and the lack of breakthroughs in the China - US - Sweden economic and trade meeting, the US dollar index pulled back slightly after reaching 99, and London gold rebounded to around $3330 per ounce. The Politburo meeting's lack of specific deployment on anti - involution made silver, which has strong industrial attributes, relatively weak. It is recommended that investors maintain a long - term mindset and use medium - low positions to participate in trading. This week, attention should be paid to economic and trade talks, central bank meetings, and important economic data [4]. - **Domestic Precious Metals Market**: The Shanghai Gold Index closed at 775.25, up 0.29% with an open interest of 424,176 and an increase of 3248; the Shanghai Silver Index closed at 9,205, down 0.03% with an open interest of 835,724 and a decrease of 10,841; Gold T + D closed at 769.40, up 0.29% with an open interest of 214,988 and an increase of 8030; Silver T + D closed at 9,166, up 0.03% with an open interest of 3,535,666 and an increase of 30,532 [5]. - **Medium - term Trends**: Since late April, London gold has been in a wide - range oscillation between $3100 - $3500 per ounce. The inflow of speculative funds into the silver and platinum markets in June has brought the gold - silver ratio back to the level before April. It is expected that London gold will continue to oscillate in the range of $3120 - $3500 per ounce in the short term, and investors are advised to maintain a long - term mindset and use medium - low positions to participate in trading [6]. II. Precious Metals Market - Related Charts - The report presents multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets, with data sources from Wind and the Research and Development Department of Jianxin Futures [8][10][12]. III. Major Macroeconomic Events/Data - **China - US Economic and Trade Talks**: China and the US held a two - day constructive meeting in Stockholm, aiming to ease the trade war. Both sides agreed to strive to extend the current 90 - day tariff truce, but no major breakthroughs were announced, and whether to extend the truce will be decided by President Trump [18]. - **IMF's Global Economic Growth Forecast**: The International Monetary Fund slightly raised its global economic growth forecasts for 2025 and 2026 by 0.2 and 0.1 percentage points to 3.0% and 3.1% respectively, but warned that the global economy still faces significant risks [18]. - **Trump's Statement on Russia**: Trump said that if Russia shows no progress in ending the Ukraine war, the US will impose tariffs and other measures on Russia 10 days after July 29 [18]. - **China's PV Industry Association**: The China Photovoltaic Industry Association issued a clarification statement, indicating that recent news about anti - involution in the photovoltaic industry, especially in the polysilicon sector, does not match the actual situation [19].

Group 1: Report Information - Report Title: Precious Metals Daily Review [1] - Date: July 30, 2025 [1] - Research Team: Macro Finance Team [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core Viewpoints - The international trade and monetary system restructuring will support the long - term bull market of gold, and Trump's reforms will support the medium - term bull market. However, high price and PE levels increase volatility, and in Q3, the impact of the US fiscal expansion bill and inflation on the Fed's rate - cut timing should be noted. [5] - It is recommended that investors maintain a long - term view and participate in trading with medium - low positions. For those with a short - term view, they can consider the "long gold, short silver" arbitrage opportunity after the silver's upward momentum fades. [4][5] Group 4: Summary by Directory 1. Precious Metals Market Conditions and Outlook Intraday Market - The potential harm of the US - EU trade agreement to the European economy led to a more than 1% drop in the euro against the US dollar, pushing the US dollar index to around 99. The easing of international trade and the cease - fire on the Thai - Cambodian border reduced the safe - haven demand for precious metals. London gold fell to around $3300 per ounce, while silver with strong industrial attributes was strong due to Sino - US trade negotiation expectations. [4] - Trump's new policies boost the safe - haven demand for gold. London gold is expected to oscillate between $3120 - $3500 per ounce and then rise. [4] - This week, attention should be paid to Sino - US - Swedish economic and trade talks, central bank meetings, and important economic data. [4] Medium - term Market - Since late April, London gold has been oscillating between $3100 - $3500 per ounce. International trade cooling and the US fiscal expansion bill reduced the safe - haven and allocation demand for gold, but Trump's policies and geopolitical risks supported the price. [5] - In June, speculative funds flowed into the silver and platinum markets, and the gold - silver ratio has basically returned to the level before April. [5] - It is expected that London gold will continue to oscillate between $3120 - $3500 per ounce in the short term, waiting for the next upward breakthrough. [5] 2. Precious Metals Market - related Charts - The report provides multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, Shanghai futures index basis against Shanghai Gold T + D, gold and silver ETF holdings, gold - silver ratio, and the correlation between London gold and other assets. [7][9][11] 3. Main Macroeconomic Events/Data - Sino - US senior economic officials held over five - hour talks in Stockholm to extend the trade truce by three months. [17] - A cease - fire agreement between Thailand and Cambodia took effect at midnight on Monday, ending a deadly conflict. [17] - Trump set a new deadline for Russia to make progress in ending the Ukraine war. [17] - Trump expects to impose 15% - 20% tariffs on countries without trade agreements with the US and will send notice letters to about 200 countries. The US is considering changing its Myanmar policy regarding rare - earth resources. The EU and the US will establish a metal alliance as part of the trade agreement. [18]

1. Report Investment Rating - No investment rating information provided in the report 2. Core Viewpoints - The political risks in the US have pushed down the US dollar index and boosted the prices of gold and silver. Gold's safe - haven demand is strongly supported, and its volatility has increased while the medium - term upward trend remains intact. The report suggests investors maintain a bullish mindset and participate in trading with medium - to - low positions [4]. - The long - term bull market of gold is supported by the hedging and reserve diversification needs from the restructuring of the international trade and monetary system, and the medium - term bull market is supported by Trump's reforms, economic weakness, and central bank rate - cut expectations. However, the high price and P/E ratio lead to increased volatility, and the impact of the US fiscal expansion bill and inflation on the Fed's rate - cut timing in the third quarter should be monitored [5]. 3. Section Summaries 3.1 Precious Metals Market Quotes and Outlook 3.1.1 Intraday Market - Trump's government's pressure on Fed Chair Powell and a congressman's criminal charge against Powell have pushed down the US dollar index and caused London gold to rebound to $3390 per ounce. The anti - involution expectation has driven up the price of silver with strong industrial attributes. Gold's safe - haven demand is boosted, and it is expected to fluctuate between $3120 - $3500 per ounce before the next upward breakthrough. Investors are advised to hold a bullish view and trade with medium - to - low positions. This week, attention should be paid to the preliminary PMI values in July in Europe and the US and the ECB's interest - rate meeting [4]. 3.1.2 Medium - term Market - Since late April, London gold has been fluctuating between $3100 - $3500 per ounce. Although the cooling of international trade and the US fiscal expansion bill have weakened gold's hedging and allocation needs, Trump's new policies and geopolitical risks still support the price. The gold - silver ratio has returned to the level before April. The report expects London gold to continue to fluctuate between $3120 - $3500 per ounce in the short term. Investors are advised to maintain a bullish view, and bearish - minded traders can consider the "long gold, short silver" arbitrage opportunity [5]. 3.2 Precious Metals Market - Related Charts - The report presents multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai gold T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets [7][9][11]. 3.3 Major Macroeconomic Events/Data - The EU is exploring broader counter - measures against the US as the prospect of a trade agreement with Washington fades. Some EU countries are evaluating the use of a comprehensive anti - coercion mechanism [17]. - The US Treasury Secretary suggests a review of the Fed, and the Fed responds to the White House's criticism of the renovation cost of its headquarters [17]. - Guangdong and Anhui in China will regulate the new - energy vehicle industry to promote healthy competition [17].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The international trade and monetary system restructuring and reserve diversification demand will continue to support the long - term bull market of gold, and Trump's new policies and economic situation will support the medium - term bull market. However, the high price and P/E ratio lead to increased volatility, and the impact of the US fiscal expansion bill and inflation on the Fed's interest - rate cut in the third quarter should be noted. It is recommended that investors take a long - position approach with medium - low positions, and short - thinking traders can consider "long gold, short silver" arbitrage opportunities [4][5]. 3. Summary According to the Directory 3.1 Precious Metals Market Quotes and Outlook - **Intraday Quotes**: Trump's criticism of Powell and the clarification of dismissal rumors, along with US PPI data, caused gold price fluctuations. Anti - involution expectations drove up silver prices. Gold's safe - haven demand is boosted, with London gold expected to oscillate between $3120 - 3500 per ounce before rising again. This week, focus on China's Q2 GDP, June economic data, and US June inflation and consumption data [4]. - **Domestic Precious Metals Quotes**: Shanghai Gold Index closed at 777.12, down 0.02%; Shanghai Silver Index closed at 9174, up 0.18%; Gold T + D closed at 770.80, down 0.18%; Silver T + D closed at 9113, up 0.04% [5]. - **Medium - term Quotes**: Since late April, London gold has been oscillating between $3100 - 3500 per ounce. International trade cooling and the US fiscal expansion bill weakened gold's demand, but Trump's new policies and geopolitical risks supported it. The gold - silver ratio has returned to pre - April levels. It is expected that London gold will continue to oscillate between $3120 - 3500 per ounce in the short term [5]. 3.2 Precious Metals Market - Related Charts - Multiple charts are provided, including Shanghai gold and silver futures indices, London gold and silver spot prices, Shanghai futures index basis to Shanghai Gold T + D, gold and silver ETF holdings, gold - silver ratio, and the correlation between London gold and other assets [7][9][11]. 3.3 Main Macroeconomic Events/Data - Trump said he doesn't plan to fire Powell but doesn't completely rule it out. Bloomberg's report of a possible dismissal caused market fluctuations [17]. - Trump mentioned maintaining Japan's tariff rates, being close to a trade deal with India, and the possibility of a deal with Europe, but it's too early to comment on the Canada deal [17]. - The EU is ready to impose tariffs worth 72 billion euros ($83.6 billion) on US goods if trade negotiations with the US fail [18]. - Canada will implement a tariff - quota system for countries with free - trade agreements (except the US) and impose a 25% additional tariff on steel imports containing Chinese - smelted and cast steel [18]. - US producer prices were unexpectedly flat in June, and weak service prices may create conditions for the Fed to cut interest rates later this year [18].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The short - term volatility of gold has increased, but the medium - term upward trend remains good. London gold may oscillate and consolidate between $3120 - 3500 per ounce before rising again. The long - cycle and medium - cycle bull markets of gold are supported by multiple factors, but the volatility is also significant. It is recommended that investors maintain a long - position mindset and participate in trading with medium - to - low positions [4][5] 3. Summary by Relevant Catalogs 3.1 Precious Metals Market Analysis 3.1.1 Intraday Market - The stabilization and rebound of the US CPI in June supported the Fed's decision to stay on hold. The US dollar index rebounded significantly to around 98.5, and London gold fell back to around $3320 per ounce. However, the change in the US attitude towards Russia and the concern about the long - term Russia - Ukraine conflict provided bottom support for precious metals. London gold rebounded slightly to $3340 per ounce in the Asian session on the 16th [4] 3.1.2 Medium - term Market - Since late April, London gold has been in a wide - range oscillation between $3100 - 3500 per ounce. The cooling of international trade and the US fiscal expansion bill weakened the hedging and allocation demand for gold, but the hedging demand due to Trump's new - deal uncertainty and geopolitical risks supported the gold price. In June, speculative funds flowed into the silver and platinum markets, and the gold - silver ratio has basically returned to the level before April. The long - cycle and medium - cycle bull markets of gold are supported, but the gold price volatility is significant. It is expected that London gold will continue to oscillate and consolidate in the range of $3120 - 3500 per ounce in the short term [5] 3.2 Main Macroeconomic Events/Data - Russia's President Putin intends to continue the war in Ukraine until Western countries accept his peace terms, believing that Russia's economic and military strength can withstand further Western sanctions [17] - NVIDIA will resume the sales of H20 chips in China, announce a new GPU for the Chinese market, and launch a new graphics card RTX Pro [17] - US President Trump reached an agreement with the Indonesian President. Indonesia promised to buy US energy worth $15 billion, US agricultural products worth $4.5 billion, and 50 Boeing aircraft. The US will impose a 19% tariff on all Indonesian imports, while US exports to Indonesia will enjoy tariff - free and non - tariff - barrier - free treatment [17] - The US CPI in June rose 2.7% year - on - year, the highest since February, in line with market expectations. The core CPI rose 2.9% year - on - year and 0.2% month - on - month, both lower than market expectations. Traders predict that the Fed will start to cut interest rates in September and cut rates nearly twice by the end of the year [18]