Report Industry Investment Rating - Not mentioned in the report Core View - The Fed's expected timing of interest rate cuts is delayed, but due to the slower - than - expected bond - issuing pace of the US Treasury, combined with continuous gold purchases by central banks around the world and unresolved geopolitical risks, precious metal prices are likely to rise and difficult to fall. It is recommended that investors mainly lay out long positions on pullbacks [1]. Summary by Relevant Information Gold and Silver Market Data - **Shanghai Gold**: The closing price was 777.46 yuan/g, with a change of 8.16 yuan compared to a certain reference and 5.95 yuan compared to another reference. The trading volume was 38,158, and the open interest was 214,998 [1]. - **COMEX Gold Futures**: The closing price was 3370.30, the trading volume was 180,941, and the open interest was 254,790. The inventory was 36,748,662.05 troy ounces [1]. - **London Gold Spot**: The price was 3332.15 dollars/ounce, with a change of 19.00 dollars compared to a certain reference and - 0.95 dollars compared to another reference [1]. - **Shanghai Silver**: The closing price was 9172.00 yuan/kg, the trading volume was 1,017,134, and the open interest was 3,243,004 [1]. - **COMEX Silver Futures**: The closing price was 38.41 dollars/ounce, the trading volume was 21,699, and the open interest was 131,773. The inventory was 499,281,076.24 troy ounces [1]. - **London Silver Spot**: The price was 37.50 dollars/ounce, with a change of 1.50 dollars compared to a certain reference and 2.11 dollars compared to another reference [1]. Important Information - **Tariff Policies**: The EU plans to impose counter - tariffs on 72 billion euros of US goods. Trump threatens Russia with 100% tariffs if an agreement is not reached within 50 days. Brazil seeks to reduce tariffs to 30% and delay for 90 days. The Trump administration imposes a 17% anti - dumping tariff on Mexican tomatoes [1]. - **US Treasury's Plan**: The US Treasury plans to increase cash reserves to 500 billion and 850 billion dollars by the end of July and September respectively, through increasing the weekly benchmark Treasury auction scale [1]. - **Central Bank Policies and Economic Data**: - The Fed's July interest rate cut probability is low due to higher - than - expected non - farm payrolls in June, but the expected timing of rate cuts is still September/December [1]. - The European Central Bank cut interest rates by 25 basis points in June. The market expects 1 - 2 more rate cuts by the end of 2025 [1]. - The Bank of England cut the key interest rate by 25 basis points in June and may cut rates 2 - 3 times by the end of 2025 [1]. - The Bank of Japan raised interest rates by 25 basis points in January and may reduce quarterly Treasury purchases from 400 billion to 200 billion yen starting in April 2026 [1]. Trading Strategy - For London gold, focus on the support level around 3150 - 3250 and the resistance level around 3500 - 3700. For Shanghai gold, focus on the support level around 730 - 750 and the resistance level around 840 - 900. For London silver, focus on the support level around 34 - 35 and the resistance level around 38 - 40. For Shanghai silver, focus on the support level around 830 - 8600 and the resistance level around 9000 - 10000 [1].

Core Viewpoint - The Reserve Bank of Australia (RBA) Chairman, Philip Lowe, indicated that the monthly Consumer Price Index (CPI) is experiencing significant volatility, suggesting that quarterly data may present a more accurate reflection of economic conditions [1] Group 1 - The RBA is seeking to ensure that the economy aligns with expected pathways [1]

Group 1 - The core point of the article is that Thailand's overall consumer price index (CPI) decreased by 0.25% year-on-year in June, which is a larger decline than the Reuters survey expectation of a 0.10% decrease [1]

Core Insights - The Consumer Price Index (CPI) in Japan for May, excluding fresh food, increased by 3.7% year-on-year, marking an acceleration from the 3.5% rise in April [1] Group 1 - The CPI growth indicates a continuing trend of inflation in Japan's economy [1] - The increase in CPI suggests potential impacts on consumer spending and overall economic conditions [1]

Economic Outlook - The OECD has downgraded the economic growth forecast for the US to 1.6% for 2025 and 1.5% for 2026, with global economic growth expected to decline to 2.9% and inflation potentially reaching 3.2% [1] - The US Department of Labor reported that job vacancies reached 7.391 million in April, exceeding expectations, indicating healthy demand for labor [2] - The Eurozone's consumer price index (CPI) increased by 1.9% year-on-year in May, which is below market expectations, raising the likelihood of an interest rate cut by the European Central Bank [2] Market Movements - The Dow Jones Industrial Average rose by 0.51% to 42,519.64 points, the S&P 500 increased by 0.58% to 5,970.37 points, and the Nasdaq Composite climbed by 0.81% to 19,398.96 points [3] - COMEX gold futures fell by 0.60% to $3,376.90 per ounce, while COMEX silver futures decreased by 0.05% to $34.68 per ounce [4] - Crude oil prices saw an increase, with the main US oil contract rising by 1.31% to $63.34 per barrel and Brent oil up by 1.47% to $65.58 per barrel [5] Currency and Bond Markets - The US dollar index increased by 0.60% to 99.28, while the euro and British pound both depreciated against the dollar [6] - The yields on US Treasury bonds rose, with the 2-year yield up by 1.45 basis points to 3.945%, the 5-year yield up by 1.91 basis points to 4.021%, and the 10-year yield up by 1.38 basis points to 4.454% [5]

Group 1 - The core point of the article highlights that Japan's Ministry of Internal Affairs reported a significant increase in the national consumer price index for April, with rice prices soaring by 98.4% compared to the same period last year, marking the largest increase since comparable data began in 1971 [1]

Group 1 - The Japanese yen has maintained strength against the weak US dollar for the third consecutive day, with the latest USD/JPY exchange rate at 146.2680, down 0.25% [1] - Market expectations indicate that the Bank of Japan (BoJ) will raise interest rates again, supported by weakened risk sentiment and new dollar sell-offs, increasing downward pressure on the USD/JPY currency pair [1] - The BoJ's recent monetary policy meeting summary expressed concerns about US trade policies potentially harming Japan's economic growth, with expectations of a slowdown to near potential growth levels before a gradual recovery [1] Group 2 - Japan's Producer Price Index (PPI) rose by 0.2% month-on-month in April, with a year-on-year increase of 4%, which is lower than the previous month's 4.2%, but this had limited impact on the yen [2] - The US dollar is struggling to attract buyers due to lower-than-expected US consumer inflation data, reinforcing market expectations for the Federal Reserve to cut rates at least twice in 2025 [2] - The overall Consumer Price Index (CPI) in the US decreased slightly from 2.4% to 2.3% year-on-year in April, while the core CPI, excluding volatile food and energy prices, rose by 2.8%, in line with expectations [2] Group 3 - The cloud chart indicators for the USD/JPY exchange rate limit upward movement, with declines stalling near the May 1 high [3] - Resistance levels are identified at 147.60 (cloud bottom), 147.77 (Bollinger band upper limit), and 148.65 to 148.70 (December 3 and March 31 lows) [3] - Support levels are noted at 145.73 (May 1 high), 145.50 (conversion line), and 145 (psychological level) [3]

匈牙利央行：致力于以可持续方式实现消费者物价指数目标。 ...

Core Points - The Social Security Administration (SSA) announced a 2.8% cost-of-living adjustment (COLA) for 2026, translating to an average increase of about $56 per month for retirees [1][2] - Nearly 71 million beneficiaries will see this adjustment starting January 2026 [2] - Beneficiaries can estimate their new benefits by creating an account on SSA.gov [2][10] Group 1: COLA Details - The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the previous year to the third quarter of the current year [9] - For example, a retiree currently receiving $1,900 will see their monthly benefit increase to approximately $1,953.20, reflecting a $53.20 increase [4] Group 2: Managing Benefits - Social Security benefits account for about 31% of income for individuals over 65, with nearly 90% of Americans in this age group receiving benefits [5] - Retirees can enhance their income by parking Social Security payments in high-yield savings accounts, which currently offer rates of 4% to 5% [7] - Other options include certificates of deposit (CDs) and money market accounts, which can provide better interest rates while allowing varying levels of access to funds [8] Group 3: Account Setup - Setting up a My Social Security account is straightforward and allows beneficiaries to manage their benefits and estimate future payments [10][12] - Beneficiaries must provide an email address and additional authentication to verify their identity during account setup [11]