Group 1 - The US President Trump has decided to abandon the threat of imposing a 50% tariff on EU imports starting next month, which led to a temporary drop in gold prices to around $3323, but buying support and geopolitical tensions between Russia and Ukraine helped gold prices recover, closing at $3337.93 per ounce on Monday [1] - On Tuesday morning, spot gold showed slight gains, trading around $3340.70 per ounce [2] - The US dollar index fell to 98.55 on Monday, marking a new low since April 29, which also provided support for gold prices [4] Group 2 - The trade negotiation window between the US and EU is set to last until July 9, with EU Commission President von der Leyen indicating a willingness to act swiftly and decisively in negotiations, contingent on Trump returning to the original 90-day negotiation period [6] - ECB President Lagarde stated that Trump's erratic policies present a unique opportunity to strengthen the euro's international status, suggesting that European decision-makers are looking to leverage the situation to enhance the euro's position [7] - A recent study by the German Economic Institute indicates that Trump's proposed tariffs could lead to a cumulative loss of €200 billion for the German economy from 2025 to 2028, potentially increasing to €250 billion if the EU implements reciprocal measures [8]

Group 1 - The EU is accelerating trade negotiations with the US, focusing on key industries and addressing tariff and non-tariff barriers [1] - EU Trade Commissioner Maroš Šefčovič will lead political negotiations in sectors such as steel, aluminum, automotive, pharmaceuticals, semiconductors, and civil aviation [1] - The EU submitted a proposal to the US to enhance cooperation in the aforementioned sectors, which are either affected by US tariffs or are potential targets for future tariffs [1] Group 2 - The EU's proposal to lower tariffs and collaborate on global challenges was rejected by the US, prompting threats of increased tariffs from President Trump [2] - Ongoing negotiations have faced challenges, with unclear US demands and accusations of unfair targeting of US companies by the EU [5] - The EU has approved tariffs on US goods worth €21 billion (approximately $23.8 billion) in response to US tariffs on metal products, with additional tariffs on $95 billion worth of US products planned [5] Group 3 - Some EU member states are urging the EU to prepare for potential further actions from President Trump, particularly in the semiconductor and pharmaceutical sectors [6] - German Finance Minister Lars Klingbeil expressed the need for a quick resolution and maintained cautious optimism about reaching an agreement [6]

1. Report Industry Investment Rating - The report gives a cautious and bullish rating for both gold and silver, and suggests going long on the gold-silver ratio at low levels and selling put options [8] 2. Core Viewpoints - The passage of Trump's "Beautiful Big Bill" has raised concerns about US government debt, and the relatively poor long-term US Treasury bond auctions and reports of the Fed's potential bond-buying plan have supported the price of gold. Silver also maintains a relatively strong trend as gold prices rise, but there are doubts about the performance of the photovoltaic sector in the second half of the year [8] 3. Summary by Relevant Catalogs Market News and Important Data - The fourth round of Japan-US tariff negotiations is scheduled for the 30th, and the Japanese government plans to use 900 billion yen in national funds to mitigate the impact of US tariffs. The EU's "zero-tariff for zero-tariff" proposal is still on the table, and the EU plans to accelerate negotiations with the US. Trump Media & Technology Group plans to raise about $3 billion for cryptocurrency investments. Geopolitical tensions include preparations to strike Israel and a refusal to halt uranium enrichment. Western countries have removed the range limit on weapons aid to Ukraine [1] Futures Quotes and Trading Volumes - On May 26, 2025, the Shanghai Gold futures main contract opened at 785.00 yuan/gram and closed at 777.30 yuan/gram, down 0.36% from the previous trading day. The trading volume was 296,331 lots, and the open interest was 216,132 lots. The night session closed at 779.72 yuan/gram, down 0.23% from the afternoon session. The Shanghai Silver futures main contract opened at 8,251 yuan/kg and closed at 8,280 yuan/kg, down 1.31% from the previous trading day. The trading volume was 687,113 lots, and the open interest was 371,701 lots. The night session closed at 8,294 yuan/kg, up 0.29% from the afternoon session [2] US Treasury Yield and Spread Monitoring - On May 26, 2025, the US 10-year Treasury yield closed at 4.51%, down 0.03% from the previous trading day. The spread between the 10-year and 2-year Treasuries was 0.51%, down 3 basis points from the previous trading day [3] Changes in Positions and Trading Volumes of Gold and Silver on the Shanghai Futures Exchange - On the Au2502 contract, the number of long positions decreased by 23 lots, and the number of short positions increased by 243 lots. The total trading volume of gold contracts was 539,548 lots, down 4.97% from the previous trading day. On the Ag2502 contract, the number of long positions was 136 lots, and the number of short positions increased by 171 lots. The total trading volume of silver contracts was 925,933 lots, down 9.09% from the previous trading day [4] Tracking of Precious Metal ETF Positions - The gold ETF position remained unchanged at 922.46 tons, and the silver ETF position remained unchanged at 14,217.50 tons compared to the previous trading day [5] Precious Metal Arbitrage Tracking - On May 26, 2025, the domestic premium for gold was -3.76 yuan/gram, and the domestic premium for silver was -474.18 yuan/kg. The ratio of the main gold and silver futures contracts on the Shanghai Futures Exchange was about 93.88, down 0.56% from the previous trading day. The overseas gold-silver ratio was 100.67, up 0.51% from the previous trading day [6] Fundamentals - On May 26, 2025, the trading volume of gold on the Shanghai Gold Exchange was 61,062 kg, up 3.63% from the previous trading day. The trading volume of silver was 325,264 kg, down 12.69% from the previous trading day. The gold delivery volume was 10,166 kg, and the silver delivery volume was 89,820 kg [7] Strategy - Gold: It is recommended to buy on dips for hedging, with the buying range between 770 yuan/gram and 775 yuan/gram. Silver: It is also recommended to buy on dips for hedging, with the buying range between 7,950 yuan/kg and 8,000 yuan/kg. Arbitrage: Go long on the gold-silver ratio at low levels. Options: Sell put options [8]

2017 投资咨询业务资格:证监许可【2012】31号 ITC国贸期货 世界500强投资企业 E 突期货有限公司 流的衍生品综合服务商 D778 - 服 热 官 方 线 网 www.itf.com.cn 400-8888-598 市 市 站 需 有 课 风 慎 脸 fet ITG国贸期货 贵金属数据日报 | 国贸期货研究院 | | | | | | | 投资咨询号: Z0013700 | | 2025/5/27 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 宏观金融研究中心 白素娜 | | | | | | | 人业资格号:F3023916 | | | | 伦敦银现 内外盘金 (美元/盎司) | 日期 | 伦敦金现 (美元/盎司) | | COMEX更令 (美元/盎司) | COMEX白银 (美元/盎司) | AU2508 (元/克) | AG2508 (元/千克) | AU (T+D) (元/克) | AG (T+D) (元/千克) | | 银15点价 | | | | | | | | | | | 格厨房 | 2025/5/26 ...

| 贵金属日评20250527: 美国与欧日关税谈判进程加快,美联储官员表示宽松暂停期或更长 | 交易日期 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 较上周变化 | 较昨日变化 | 2025-05-20 | 2025-05-23 | 2025-05-26 | 收盘价 | 22. 92 | 777.30 | -2. 80 | 780.10 | 754. 38 | | | | | | 成交重 | 296331.00 | -33,827.00 | 330158.00 | 268945.00 | 27, 386. 00 | 期货活跃合约 | 持仓量 | 216132.00 | 220512.00 | 211353.00 | -4, 380. 00 | 4. 779. 00 | | | | 库存(十克) | 17247.00 | 17247.00 | 0. 00 | 9.00 | 17238.00 | 上海黄金 | 收盘 ...

操作策略： 1.黄金建议回调3320-3325区域做多，止损在3312，目标看3355-3385，破位持有 受特朗普宣布暂停对欧盟加征高关税影响，市场避险情绪降温，现货黄金开盘后震荡下行，货币政策方面，欧洲 央行管委西姆库斯称6月仍存降息可能，美联储卡什卡利则表示9月前利率调整方向"尚不确定"。最新CME"美联 储观察"数据显示，6月维持利率不变的概率为94.4%，降息25个基点的概率为5.6%；7月累计降息25个基点的概率 升至23.9%，累计降息50个基点的概率仅为1.1%。综合来看，当前美国与多国的贸易谈判持续推进，翁富豪建议 大家重点关注谈判进展及地缘局势变化对黄金市场的影响。 从技术面分析来看，月线级别呈现四连阳走势，前三个上涨月后均出现单月回调，当前已连续四个月收涨，五月 份翁老师提醒需重点关注市场风险。周线级别显示黄金在3160区域获得有效支撑，中期看多观点维持不变，只有 跌破该支撑位才会转为下行压力。日线级别当前支撑位于3278区域，价格在此上方运行则保持上行趋势。四小时 级别关键支撑在3320-3325区间，这也是昨日低点位置，正如预期价格在此止跌回升，只要不跌破该区间就继续 关注上行走势； ...

原油期货方面，周一，美欧关税谈判的积极消息缓解了市场担忧的情绪，另外，美国油田技术服务公司 贝克休斯当天发布的数据显示，上周美国运营中的石油钻井平台数量为465个，较前一周减少8个，为 2021年11月以来最低水平，这显示出低油价环境下美国能源企业正在压缩产能。不过当天又有消息称， 欧佩克+将7月产量会议召开日期提前1天至5月31日，市场预计将发布大幅增产计划。国际油价承压下 跌。截至收盘，7月交货的伦敦布伦特原油期货价格收于每桶64.74美元，跌幅为0.06%。纽约油价由于 提前结束交易，没有形成结算价。 26日国际金价回落 贵金属方面，贸易方面的利好消息抑制了投资者避险情绪，国际金价周一有所回落。纽商所6月黄金期 价全天在每盎司3330美元-3350美元之间波动，较前一交易日的收盘价小幅下跌。因交易所提前结束交 易，纽约黄金期价当天没有收盘价。 （总台央视记者 贺嘉婧） 【#欧盟计划加快与美国贸易谈判##沃尔沃宣布将裁员3000人#】当地时间周一，美国和英国股市因传统 假日休市一天。美国总统特朗普在与欧盟委员会主席冯德莱恩通话后，同意将原定6月1日对欧盟商品征 收50%关税的计划推迟至7月9日。与此同时， ...

Core Viewpoint - South Africa and the United States are set to negotiate a "suitable price" for LNG imports, which will include American investments in natural gas infrastructure and technical cooperation, including hydraulic fracturing [1] Group 1 - The proposed trade package includes a duty-free quota for automobiles and auto parts exported from South Africa to the United States [1]

Core Viewpoint - The European Union plans to expedite trade negotiations with the United States [1] Group 1 - The EU aims to enhance economic ties with the US through accelerated trade talks [1] - This initiative is part of a broader strategy to strengthen transatlantic relations [1] - The negotiations are expected to address various trade barriers and promote mutual economic benefits [1]

1、特朗普恢复与欧盟为期90天的贸易谈判窗口，此前冯德莱恩主动与之联系。此前特朗普称与欧盟的 讨论毫无进展，建议从6月1日起对欧盟直接征收50%的关税；欧盟委员会拒绝就美国贸易关税发表评 论，直到欧盟贸易专员与美国贸易代表通电话。 2、美国财长贝森特：50%的关税威胁是对欧盟行动速度的回应，希望这样做能激励欧盟采取行动。美 国在与印度及亚洲国家的贸易谈判方面已取得了显著进展。将在未来90天内宣布更多协议；特朗普政府 暂停了创建主权财富基金的计划。 北京时间周一（5月26日）亚盘时段，美元指数交投于98.90附近，现货白银今日开盘于33.44美元/盎 司，目前交投于33.50美元/盎司附近，白银t+d交投于8250元/千克附近，沪银主力交投于8280元/千克附 近。日内无可关注的数据及事件，另外，由于美国阵亡将 纪念 ，贵金属市场将于美盘时段提前休市， 故此日内白银价格波动走势有限，或震荡走盘对待。 上周五(5月23日)美元指数跌0.81%，收报99.13，现货白银收涨33.48美元/盎司，上涨1.33%，在现货白 银上涨之际，其他贵金属涨跌不一：现货黄金上涨1.89%，报3357.00美元/盎司，现货铂金收涨 ...