Core Viewpoint - The recent decline in gold prices is influenced by strong U.S. employment data, while central bank gold purchasing trends provide long-term support for prices [2][3][4]. Group 1: Current Gold Prices - Domestic gold price (99.95%) is quoted at 775.68 CNY per gram, down 0.4% [1]. - International gold price is reported at 3337.5 USD per ounce, down 0.16% [2]. Group 2: Influencing Factors - Strong U.S. employment data for June exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut, which in turn pressured gold prices [2]. - Over 90% of surveyed central banks believe they will continue to increase gold holdings in the next 12 months, with net purchases expected to exceed 1300 tons by 2025 [3]. - Recent geopolitical stability and trade negotiations have reduced gold's safe-haven demand, although potential increases in U.S. debt could enhance its appeal [4]. Group 3: Market Outlook - Short-term outlook suggests gold may remain weak unless there is a significant deterioration in U.S. unemployment or inflation data [4]. - Long-term potential for gold price increases exists due to weakening U.S. dollar credibility and ongoing central bank purchases, but geopolitical and trade developments must be closely monitored [4].

Group 1 - International gold prices faced slight pressure, ending a two-day rebound, with COMEX gold futures net long positions dropping to 605.91 long tons, the lowest in nearly four quarters [1][2] - London gold spot prices briefly fell below $3,330 per ounce before rebounding, with current prices reported at $3,335.12 per ounce, while COMEX futures were at $3,344.8 per ounce [1] - Gold prices saw a significant drop to $3,255 per ounce last week, marking a one-month low, but rebounded to $3,350 per ounce at the start of this week, with a cumulative increase of 1.96% [1] Group 2 - Market trading sentiment has cooled, with a notable decline in COMEX gold futures net long positions in May and June, totaling 605.91 long tons for Q2 [2] - Sales of American Eagle coins have decreased, with cumulative sales of 102,000 ounces by the end of April, significantly lower than 185,000 ounces in the same period last year [2] - Gold ETFs have shown signs of net outflows, with Asian investors reducing holdings, resulting in a net sell of 4.8 tons in May and two weeks of outflows in June [2] Group 3 - Analysts attribute recent gold price fluctuations to easing geopolitical risks and changing expectations regarding Federal Reserve policies, with a focus on potential interest rate cuts in September [2] - The market anticipates a shift towards betting on Federal Reserve rate cuts in July, supported by strong global central bank gold purchases and concerns over the dollar's credibility [2] - The probability of a rate cut in September has risen to 21.3%, indicating increasing market expectations [2] Group 4 - Since 2025, the pricing logic of gold has shifted, with its monetary attributes returning, viewed as a put option under the current credit currency system [4] - The ongoing cycle of high interest rates, increased government interest expenditures, rising deficits, and declining U.S. Treasury credit is expected to enhance gold's safe-haven value [4] - A report indicates that one in three central banks managing $5 trillion in reserves plans to increase gold holdings in the next 1-2 years, the highest proportion in five years [4]

Group 1 - The World Gold Council's survey indicates that over 95% of central banks expect to continue increasing their gold reserves in the next 12 months, marking the highest level since the survey began in 2019, and an increase of 17 percentage points from 2024 [1] - The survey collected responses from 73 central banks, the highest participation rate to date, with nearly 43% planning to increase their gold reserves in the coming year [1] - Central banks' primary motivations for holding gold include its long-term value storage function (80%), portfolio diversification (81%), and performance during crises (85%) [1] Group 2 - Citigroup analysts predict that gold prices may fall below $3,000 per ounce in the coming quarters, marking the end of the current record rally, with a peak expected between $3,100 and $3,500 per ounce in Q3 of this year [3] - By the second half of 2026, gold prices are anticipated to decline to between $2,500 and $2,700 per ounce, representing a decrease of approximately 20% to 25% from current forward prices [3] Group 3 - Geopolitical tensions are providing short-term support for gold prices, with attention on the upcoming Federal Reserve interest rate decision and Jerome Powell's press conference [4] - Long-term factors influencing gold prices include the global dollar-based credit monetary system, economic de-globalization, central bank de-dollarization, and inflation outlook, suggesting potential for further price increases within the year [4]

Commodity Market Overview - The commodity futures market showed mixed performance during the week of May 26 to May 30, with black commodities being the weakest sector, leading to market attention [1] - Energy and chemical sectors saw significant declines, with fuel down 4.85% and crude oil down 2.97%, while basic metals led gains with nickel up 1.14% and copper up 1.33% [1] - Agricultural products exhibited a mixed trend, with palm oil rising while live pig prices fell [1] Gold Market Analysis - After a strong performance in April, gold prices fell in May, with COMEX gold dropping to a low of $3123 per ounce and experiencing a volatility of over 10% within the month [2] - The decline in gold prices is attributed to easing global tariff concerns, which previously drove prices up, leading to a phase of consolidation in the gold market [2][3] - Analysts expect short-term corrections in gold prices, but a long-term upward trend is anticipated due to factors such as declining dollar credit and ongoing central bank gold purchases [3] Oil Market Dynamics - Oil prices continued to show a downward trend, with WTI crude at $60.79 per barrel and Brent crude at $62.61 per barrel [4] - OPEC+ agreed to a significant production increase of 410,000 barrels per day, reflecting Saudi Arabia's strategy to regain market share from U.S. shale producers [4][5] - Demand forecasts for global oil consumption have been downgraded, with OPEC's predictions for 2025 and 2026 showing a decrease of 50,000 barrels per day from previous estimates [5] Manufacturing Sector Insights - The manufacturing Purchasing Managers' Index (PMI) rose to 49.5% in May, indicating a slight improvement in economic activity [6] - High-tech manufacturing continued to expand, with a PMI of 50.9%, while the service sector also showed signs of stability [6][7] - Analysts suggest that recent financial policies and easing trade tensions contributed to the rebound in manufacturing activity [7] Sector-Specific Trends - In the energy and chemical sector, OPEC+'s planned production increases are expected to exert downward pressure on oil prices, while domestic fuel oil inventories are rising [8] - The black commodity sector is facing weak demand for iron ore, with steel production declining and inventory levels remaining high [9] - In the agricultural sector, palm oil prices are rebounding due to improved export demand, while soybean crushing in China is at high levels, impacting domestic oil prices [10]

Core Viewpoint - The recent volatility in international gold prices presents both opportunities and risks for investors, with a recommendation to consider long-term strategic investments in gold as a hedge against market uncertainties [1][2]. Group 1: Market Trends - Since May, international gold prices have experienced significant fluctuations, with notable increases and decreases, including a peak of $3509.9 per ounce for COMEX gold and $3500.12 per ounce for London spot gold [1]. - The global trade war risks previously supported gold prices, but recent progress in US-China trade talks has led to a decrease in risk premiums and a decline in short-term safe-haven demand [1]. Group 2: Long-term Investment Perspective - Gold is influenced by various factors beyond trade risks, including the US dollar's performance, investor confidence in dollar assets, US government debt sustainability, inflation expectations, geopolitical risks, and central bank gold purchases [2]. - The World Gold Council encourages viewing gold as a strategic asset that can provide long-term returns, reduce portfolio volatility, and offer liquidity during market turmoil [2][3]. Group 3: Demand and Supply Dynamics - The World Gold Council's report indicates that global gold demand reached 1206 tons in Q1 2025, a slight increase of 1% year-on-year, marking the highest level for that period since 2016 [2]. - Strong investment demand, driven by central bank purchases and improved global gold ETF demand, is a key factor supporting overall gold demand [2]. Group 4: Investment Recommendations - For individual and institutional investors, a recommended allocation of 5%-10% in gold can enhance the risk-return profile of a typical 60/40 stock-bond portfolio [3]. - The recent increase in gold price volatility suggests that investors should exercise caution in their investment strategies [3].

Group 1: Report Overview - Report Title: Gold, Silver Futures Weekly Report [2] - Report Date: May 6 - 9, 2025 [1] Group 2: Gold Futures 1. Mid - term Market Analysis - Mid - term Trend: The overall trend of Shanghai Gold futures is in an upward channel, and it may be near the end of the trend [7]. - Trend Logic: Recently, the marginal improvement of macro - economic data has weakened the safe - haven demand, short - term easing of trade frictions, and technical adjustments have led to a high - level decline in gold prices. However, the long - term support logic remains unchanged, with the US fiscal deficit and global central bank gold purchases providing fundamental support. Attention should be paid to the May non - farm payroll data and the change in the Fed's balance - sheet reduction rhythm. If geopolitical risks resurface or inflation rebounds, precious metals may regain upward momentum [7]. - Mid - term Strategy: It is recommended to wait and see [8]. 2. Variety Trading Strategy - Last Week's Strategy: As the May Day holiday approached, it was necessary to pay attention to risks and it was recommended to wait and see [10]. - This Week's Strategy: Gold still has short - term callback pressure. Wait for the right time to configure and buy call options. The lower support for the main gold contract 2506 is 758 - 765, and the upper pressure is 829 - 836 [11]. 3. Related Data - The report shows data on Shanghai Gold price trends, COMEX gold price trends, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yields, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai Gold basis, and gold internal - external price difference [18][20][22] Group 3: Silver Futures 1. Mid - term Market Analysis - Mid - term Trend: The overall trend of Shanghai Silver futures is in a sideways consolidation, and it may be near the end of the trend [32]. - Trend Logic: Silver has "dual attributes". When macro - uncertainty increases, although its safe - haven attribute can bring certain positive factors, its industrial attribute makes it also dragged down by the weakening economic growth expectations. Currently, the slowdown of global manufacturing growth and the weakening demand expectations in industries such as electronics and photovoltaics further suppress the fundamentals of silver. In the long - term, the continuous global silver supply - demand gap, China's stimulus plan and the growth of industrial demand, and the enhanced safe - haven attribute of silver due to geopolitical risks support the silver price under the resonance of multiple factors [32]. - Mid - term Strategy: Shanghai Silver will continue to consolidate sideways. The expected operating range of the main Shanghai Silver contract 2506 is 6900 - 8800, and it is recommended to adopt a grid trading strategy [32]. 2. Variety Trading Strategy - Last Week's Strategy: As the May Day holiday approached, it was necessary to pay attention to risks and it was recommended to wait and see. It was expected that the main silver contract 2506 would fluctuate in a large range, and a grid trading strategy was recommended within the range of 6900 - 8800 [35]. - This Week's Strategy: Not clearly stated in the provided content other than the last - week's related information 3. Related Data - The report shows data on Shanghai Silver price trends, COMEX silver price trends, SLV silver ETF holdings, COMEX silver inventory, Shanghai Silver basis, and silver internal - external price difference [43][46][48]

Core Viewpoint - The report from Shenwan Hongyuan indicates that after the unexpected tariff policy on April 2, 2025, which caused liquidity shocks, gold prices surged and briefly exceeded $3,500 per ounce, before quickly retreating to $3,300 due to fluctuating attitudes from Trump regarding tariffs. The medium to long-term trend for gold prices remains upward, with a projected range of $3,209 to $3,905 per ounce in 2025 [1][3]. Group 1: Recent Gold Price Trends - Recent rapid increases in gold prices are characterized by significant volatility, driven by physical demand, Asian capital inflows, and a substantial decline in the US dollar index [2]. - Gold price volatility has risen sharply, currently at the 89.2 percentile historically, as uncertainty surrounding Trump's policies has led to increased safe-haven investments in gold [2]. - The divergence between COMEX gold net long positions and gold price trends indicates a shift from speculative pricing to a supply-demand pricing model, with physical investment funds like SPDR Gold ETF increasing their holdings [2]. Group 2: Future Outlook - In the short term, after adjustments, a favorable allocation window for gold is anticipated, with a focus on monitoring gold price volatility trends [3]. - If Trump's tariff stance significantly eases or if negotiations with other countries progress positively, gold prices may experience high-level fluctuations and a downward trend in volatility [3]. - Key fundamental events to watch include the progress of US tariff policy negotiations and short-term fluctuations in central bank gold purchases, which have been a core driver of gold price increases in 2023 [3]. Group 3: Medium-Term Considerations - The ongoing decline in the credibility of the US dollar and its reserve status may lead to a sustained increase in gold price levels [4]. - The backdrop of de-globalization suggests a long-term downtrend for the US dollar index, exacerbated by rising fiscal deficits and the challenges of implementing tax cuts [4]. - High policy uncertainty surrounding Trump's tariff policies is expected to continue supporting gold prices, as the current environment is markedly different from 2018 [4]. Group 4: Quantitative Analysis - The quantitative model projects that gold prices will fluctuate between $3,209 and $3,905 per ounce in 2025, based on a framework that has shown a high correlation with historical gold prices [5]. - The model identifies four key pricing factors for gold since 2022: global central bank gold reserves, US fiscal deficit rates, economic policy uncertainty in the US, and the real yield on 10-year US Treasury bonds [5].