Group 1 - The Bank of Japan unanimously decided to maintain interest rates, with future rate hikes dependent on the likelihood of achieving economic expectations [1] - The Japanese economy is showing moderate recovery, although some signs of weakness remain, with downward risks to both the economy and prices being more severe [1] - Inflation expectations in Japan have not stabilized at the 2% target level, with core inflation not rising at an accelerated pace [1] Group 2 - The Bank of Japan plans to reduce monthly government bond purchases, with a target of 325 billion yen for 3-5 year bonds from July to September, down from 275 billion yen previously [2] - By March 2027, the total amount of government bonds held by the Bank of Japan is expected to decrease by approximately 16-17% from the levels in June 2024 [2] - A new bond purchase plan will be announced in June next year for the period starting April 2027 [2]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The ongoing China - US trade negotiations are the focus of the market, and their results will significantly affect the US dollar's trend, investors' risk - aversion sentiment, and thus the gold price. The market is also waiting for the US CPI inflation data on Wednesday to guide the future interest - rate path. Gold prices held steady on Tuesday, trading around $3340 and staying above the key support level of the 20 - day moving average ($3303). Optimistic market sentiment boosted the US dollar and limited gold's upside potential, making it difficult to break through the psychological resistance level of $3350. The weekly COMEX gold is expected to be in the range of [3200, 3450], and the weekly COMEX silver in the range of [32, 35] [1][3]. 3) Summary by Related Contents Key Information - The China - US trade talks in London are progressing well and are expected to last until Tuesday [2]. - California officials accused President Trump of intensifying the tense situation in Los Angeles by deploying the National Guard, while the White House thought the violent demonstrations justified increased efforts to deport illegal immigrants [2]. - China's Ministry of Commerce extended the anti - dumping investigation on imported pork and pork by - products from the EU until December 16, 2025 [2]. Price Logic - The ongoing China - US trade negotiations are the main focus. The US Commerce Secretary said the talks were "going well", and the economic advisor hinted at the lifting of the ban on rare - earth exports. Gold prices rose slightly on Tuesday, with market optimism boosting the US dollar and limiting gold's upside [3]. - China's May exports to the US dropped by 35% compared to the same period last year, the largest decline since the pandemic, highlighting the changing trade environment [3]. - The market is closely watching whether the negotiation progress can ease tensions and promote global economic growth and is waiting for the US CPI inflation data on Wednesday to guide the future interest - rate path [3].

欧洲央行管委Rehn：欧洲央行不会对任何利率路径预先承诺。 每次会议上的决策仍然至关重要。 ...

欧洲央行行长拉加德：根据目前的利率路径，我们处于有利地位。 ...

欧洲央行：未提前承诺特定的利率路径。 ...

Group 1 - The market widely expects the European Central Bank (ECB) to cut interest rates by 25 basis points [1] - Attention is on the ECB's forecasts for inflation and the economy, with expectations that the ECB will lower its inflation forecast for the Eurozone [1] - Focus is also on the ECB's views regarding the future path of interest rates, particularly whether the ECB will indicate an openness to further rate cuts later this year [1] Group 2 - The ECB's perspectives on trade wars, oil prices, and exchange rates are also of interest [1] - The ECB will announce its interest rate decision at 20:15 Beijing time, followed by a press conference by President Lagarde at 20:45 [1]

利率路径仍然是下行的，但下行的幅度和速度更加不确定。 英国央行行长贝利：不会对六月份的利率决策做出任何预测。 ...

贸易动荡影响的不确定性上升。 新西兰联储在应对全球形势发展方面处于有利位置。 新西兰联储助理主席Silk：新西兰联储需要更多时间来决定利率路径。 ...

1、美联储对利率路径的讨论情况。 2、美联储对关税问题的讨论，包括对美国经济、就业、通胀等的影响。 3、美联储对金融市场（美元、美债、美股等）的看法。 4、美联储对政策框架评估相关事宜的讨论。 ...

Group 1 - The central bank of Israel will determine the interest rate path based on inflation trends towards its target, the stability of financial markets, economic activity, and the state of fiscal policy [1]