Group 1 - The US dollar index increased by 0.56%, currently at 99.439 points before the Federal Reserve's interest rate decision [1] - The yield on the 10-year US Treasury bond narrowed to less than 2.8 basis points, reported at 4.3481%, while the 2-year Treasury yield rose by 1.6 basis points, falling below 3.89% [1] Group 2 - Spot gold decreased by 0.76%, currently at $3301 [2] - The S&P 500 index rose by 0.23%, the Dow Jones remained roughly flat, the Nasdaq increased by 0.43%, the biotechnology index rose by 1%, the Philadelphia semiconductor index increased by 1.2%, the banking index rose by 0.5%, and the Russell 2000 index increased by 0.9% [2]

Group 1: International Gold Market - International gold price fluctuated and closed down at $3314.18 per ounce, with a high of $3345.35 and a low of $3301.47 during the trading day [1][9] - The COMEX gold futures closed at $3314.00 per ounce [9] - SPDR Gold ETF holdings stood at 956.23 tons [9][10] Group 2: Currency and Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 495.8 billion yuan, resulting in a net injection of 325.1 billion yuan after 170.7 billion yuan matured [2][10] - The onshore RMB closed at 7.1729 against the USD, down 50 basis points from the previous trading day, with the USD index rising by 1.02% to 98.6694 [15][2] Group 3: Macro Events and Trade Agreements - Trump announced that the U.S. will soon impose tariffs on pharmaceuticals, with global tariffs expected to be around 15-20% [2][17] - The EU and U.S. have established a general framework for a trade agreement, but specific details, including those related to alcoholic beverages, are still under negotiation [2][17] - The trade agreement includes a $750 billion energy purchase commitment and a $600 billion investment commitment from the EU, which may increase energy costs in Europe and accelerate capital outflow, negatively impacting the European economy [2][17] Group 4: Stock Market Performance - U.S. major stock indices showed mixed results, with the Dow down 0.14% at 44,837.56 points, S&P 500 up 0.02% at 6,389.77 points, and Nasdaq up 0.33% at 21,178.58 points [16] - Chinese A-shares saw gains, with the Shanghai Composite Index up 0.12% and the Shenzhen Component Index up 0.44% [16]

Core Insights - The report highlights a decline in the US manufacturing PMI to 49.5 in July, marking the lowest level since December 2024 [4] - The European Central Bank has maintained its three key interest rates, aligning with market expectations [4] - The EU has approved a countermeasure plan against US tariffs, amounting to €93 billion [4] Economic Data - The Baltic Dry Index increased by 4.18% to 2120.00 [5] - The Nasdaq Index closed at 21057.96, up by 0.18%, while the Dow Jones Industrial Average fell by 0.70% to 44693.91 [5] - The ICE Brent crude oil price rose by 1.24% to $69.36 [5] - The US dollar index increased by 0.29% to 97.49 [5] - The Shanghai Composite Index rose by 0.65% to 3605.73, and the Shenzhen Composite Index increased by 1.19% to 2203.09 [5]

Group 1 - The core point of the article highlights the price of gold in Shanghai on July 25, 2025, which is 773.85 CNY per gram, indicating a slight decrease compared to the international gold price of 774.59 CNY per gram, with a difference of 0.74 CNY per gram [1][3]

Group 1 - The core point of the article indicates that on July 24, 2025, the morning gold price in Shanghai was 777.76 CNY per gram, which is lower than the international gold price of 778.47 CNY per gram by 0.71 CNY per gram [1] Group 2 - The article highlights the current status of spot gold prices [3]

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - Despite the uncertainty of Powell's tenure, under Trump's strong intervention, the Fed's monetary policy will gradually shift to a dovish stance, which is a significant positive factor for international silver prices. Gold prices will also benefit, but to a lesser extent than silver. It is recommended to maintain a long - position strategy in the precious metals market. The reference operating range for the main contract of Shanghai Gold is 760 - 800 yuan/gram, and for the main contract of Shanghai Silver is 9095 - 10000 yuan/kilogram [3]. 3. Summary by Relevant Content Market Quotes - **Domestic Market**: Shanghai Gold (Au) rose 0.36% to 778.10 yuan/gram, and Shanghai Silver (Ag) rose 0.33% to 9216.00 yuan/kilogram. Au(T + D) rose 0.32% to 773.37 yuan/gram, and Ag(T + D) rose 0.96% to 9211.00 yuan/kilogram [2][4]. - **International Market**: COMEX gold fell 0.08% to 3355.70 dollars/ounce, and COMEX silver fell 0.15% to 38.41 dollars/ounce. London gold rose 1.10% to 3355.10 dollars/ounce, and London silver rose 1.36% to 38.27 dollars/ounce [2][4]. - **Other Market Indicators**: The 10 - year US Treasury yield was 4.44%, and the US dollar index was 98.42. The Dow Jones Index fell 0.32%, the S&P 500 fell 0.01%, and the Nasdaq Index rose 0.05% [2][4]. Market Outlook - **Powell's Situation**: Trump inquired about firing Powell, which caused a short - term increase in gold and silver prices. Although Trump later said there was no plan to fire Powell, he was considering candidates for the next Fed chair, and the candidates' views on monetary policy are dovish [2][3]. - **Impact on Precious Metals**: A dovish Fed monetary policy is beneficial for international silver prices, and gold prices will also be positively affected, but silver is expected to perform stronger. It is advisable to maintain a long - position strategy [3]. Data Tables and Charts - **Key Data of Gold and Silver**: On July 18, 2025, COMEX gold's closing price rose 0.30%, while its trading volume decreased by 28.86%. COMEX silver's closing price fell 0.03%, and its position increased by 5.33% [7]. - **Price and Volume Charts**: There are multiple charts showing the relationships between gold and silver prices, trading volumes, positions, and other factors such as the US dollar index, real interest rates, and historical price trends [9][11][13][17][28][29]. - **Near - and Far - Month Structures**: The near - and far - month structures of COMEX gold, London gold, Shanghai Gold, COMEX silver, London silver, and Shanghai Silver are presented, along with the price differences between different contracts [19][21][31][39]. - **Net Long Positions of Management Funds**: The relationships between the net long positions of management funds in COMEX gold and silver and their prices are shown [41][47]. - **ETF Positions**: The total positions of gold and silver ETFs are presented [48]. - **Internal - External Price Differences**: The internal - external price differences of gold and silver on July 18, 2025, are calculated, including the price differences between SHFE and COMEX, and SGE and LBMA [50]. - **Moving Averages and Seasonal Charts**: The 5 - day moving averages and seasonal charts of the internal - external price differences of gold and silver are provided [51][53].

Group 1 - The core point of the article highlights the midday gold price in Shanghai on July 17, 2025, which is 772 CNY per gram, showing a premium of 1.34 CNY over the international gold price of 770.66 CNY per gram [1] Group 2 - The article mentions the current spot gold price, indicating its relevance in the market [3]

美国非农数据是全球金融市场中的一个重要经济指标，通常于每个月的首周星期五公布，对市场的影响 深远，尤其是对现货黄金市场来说，非农数据的发布常常引发黄金价格的剧烈波动。因此，了解非农数 据及其与黄金价格之间的关联性，是投资者应对非农行情的必修课。本文中，领峰环球将详细介绍非农 数据的知识点，分析其与黄金价格的关系，并为投资者提供捕捉非农行情的实用建议。 一、非农数据是什么？ 非农数据是美国劳工部每月发布的一项重要经济报告，主要反映了美国境内非农业行业的新增就业人 数。具体来说，它包含了全美就业市场的综合表现，排除了政府部门、农业和自营职业的影响。因此， 非农数据对于衡量美国经济健康状况具有重要的参考价值。 非农数据的核心内容包括： 1.新增就业人数：指的是一个月内新增的非农业就业岗位数量。 理解非农数据与黄金价格之间的关系后，投资者可以通过以下几种方式把握非农期间的黄金交易机会。 2.失业率：反映劳动力市场中失业人口的比例。 3.平均小时工资：衡量劳动力市场中工资变化的趋势。 这些数据不仅反映了美国经济的就业情况，还能够揭示出潜在的经济增长动能，对金融市场具有重大影 响。投资者登录领峰环球官网、领峰环球官方AP ...

Core Viewpoint - The domestic gold market has experienced a slight decline in jewelry gold prices, with the highest drop being 13 yuan per gram, indicating a minor adjustment in the market [1][4]. Price Summary - Major brands have reported the following gold prices: - Chow Sang Sang: 1013 yuan/gram, down 5 yuan - Lao Miao: 1007 yuan/gram, down 5 yuan - Liufuk: 1012 yuan/gram, down 8 yuan - Zhou Dafu: 1012 yuan/gram, down 8 yuan - Zhou Liufu: 992 yuan/gram, down 13 yuan - Cai Bai: 990 yuan/gram, unchanged [1][3][4]. Market Dynamics - The price difference between the highest and lowest gold prices among brands is now 23 yuan/gram, which has slightly narrowed [1]. - In contrast to gold, platinum prices have seen an increase, with Chow Sang Sang's platinum jewelry rising by 13 yuan/gram to 525 yuan/gram [4]. International Gold Price Trends - The international spot gold price has shown volatility, dropping to a low of 3347.09 USD/ounce before recovering to 3393.49 USD/ounce, but ultimately closing at 3368.19 USD/ounce, reflecting a marginal increase of 0.02% [7]. - As of the latest update, the spot gold price is reported at 3323.18 USD/ounce, down 1.34% [7]. Economic Indicators - Recent economic data from the U.S. indicates a stable economy, with the June S&P Global Services PMI at 53.1, above the expected 52.9, and the Manufacturing PMI at 52, exceeding the forecast of 51 [7]. - These indicators have contributed to market expectations of a hawkish stance from the Federal Reserve, which may continue to pressure gold prices [7]. Future Outlook - The potential for further declines in gold prices remains, contingent on the Federal Reserve's decisions regarding interest rates in July [8]. - The upcoming U.S. consumer confidence index is also anticipated to impact gold prices, suggesting that investors should remain vigilant [8].

Core Viewpoint - Chow Tai Fook's revenue for the fiscal year 2025 decreased by 17.5% to HKD 89.656 billion, influenced by external macroeconomic factors and high gold prices affecting consumer sentiment [1] Group 1: Financial Performance - The company's operating profit showed resilience, increasing by 9.8% to HKD 14.746 billion despite the decline in revenue [1] - Operating profit margin expanded by 400 basis points to 16.4% [1] - The return on equity reached 21.9%, improving from the historical average of 18.4% over the past five years [1]