Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Views - Gold: Trump's latest tariff plan led to the selling of US stocks and bonds. With the early extension of the suspension period, the gold price first rose and then fell. The impact of tariffs will decline again, and the gold price is expected to be volatile. The premium of Shanghai gold has converged to 2.3 yuan/gram. Although there have been recent news of additional tariffs in some regions, the gold price has shown limited reaction [4]. - Silver: Trump's latest tariff plan also affected silver. With the extension of the tariff suspension period, the silver price oscillated and closed down. It has returned to following the gold price, and the impact of tariffs has decreased. The silver price is expected to be weakly volatile. The premium of Shanghai silver remains at around 420 yuan/kg [5]. 3. Summary by Directory 3.1. Previous Day's Review - **Gold**: US stocks and bonds were sold due to Trump's tariff plan. The US three major stock indexes closed down across the board, European major stock indexes had mixed closing results, US bond yields rose collectively (the 10 - year US bond yield rose 3.56 basis points to 4.377%), the US dollar index rose 0.58% to 97.55, the offshore RMB depreciated against the US dollar to 7.1796, and COMEX gold futures rose 0.10% to $3346.40 per ounce. The gold basis was -4.4 (spot at a discount to futures), gold futures warehouse receipts increased by 3000 kg to 21456 kg, the 20 - day moving average was downward with the K - line below it, and the main net long position increased [4]. - **Silver**: Similar to gold, the silver price oscillated and closed down. COMEX silver futures fell 0.39% to $36.94 per ounce. The silver basis was -16 (spot at a discount to futures), the Shanghai silver futures warehouse receipts decreased by 9051 kg to 1330695 kg, the 20 - day moving average was downward with the K - line above it, and the main net long position decreased [5]. 3.2. Daily Tips - **Gold**: The logic is that after Trump took office, the world entered a period of extreme turmoil and change. The inflation expectation has shifted to an economic recession expectation, making it difficult for the gold price to fall. The verification between the expected and actual policies of the new US government will continue, and the sentiment for the gold price is high, still prone to rise and hard to fall [9]. - **Silver**: Silver still mainly follows the gold price. The concern about tariffs has a stronger impact on the silver price, and there is a risk of an enlarged increase. Factors such as global turmoil, rising US stagflation expectations, tense situations in Russia - Ukraine and the Middle East, and tariff concerns are positive for silver. On the other hand, factors like the end of interest rate cuts, improved economic expectations, insufficient European fiscal expansion, and the end of the Russia - Ukraine conflict are negative for silver [12][13]. 3.3. Today's Focus - 07:50: Japan's May trade balance - 12:30: The Reserve Bank of Australia announces the interest rate decision - 13:30: RBA Governor Bullock holds a monetary policy press conference - Time TBD: EU finance ministers' meeting, with ECB Vice - President Guindos participating - 18:00: US June NFIB Small Business Optimism Index - 22:00: ECB Governing Council member and Bundesbank President Nagel speaks - 03:00 (next day): US May consumer credit [14] 3.4. Fundamental Data - **Gold and Silver Price Movements**: Various gold and silver futures and spot prices, as well as the US dollar index, showed different changes. For example, Shanghai gold 2510 fell 0.54%, Shanghai silver 2508 fell 0.50%, etc. [15]. - **Price Spreads**: The spreads between different gold and silver contracts and the relationship between domestic and foreign spot prices are presented through charts [16][20]. - **Market Sentiment Indicators**: The 10 - year US bond yield rose 3.56 basis points to 4.377%, and the TIPS inflation expectation and other related data are shown [24]. 3.5. Position Data - **Gold**: The long positions of the top 20 in Shanghai gold increased by 152 (0.08%) to 200,758, short positions increased by 181 (0.29%) to 62,978, and the net position decreased by 29 (-0.02%) to 137,780 [26][27]. - **Silver**: The long positions of the top 20 in Shanghai silver decreased by 5,018 (-1.25%) to 397,792, short positions decreased by 5,409 (-1.65%) to 321,461, and the net position increased by 391 (0.51%) to 76,331 [28][29]. - **ETF Positions**: Gold ETF positions decreased slightly, while silver ETF positions oscillated and were higher than the same period in the past two years [31][34]. - **Warehouse Receipts**: Shanghai gold warehouse receipts continued to increase, COMEX gold warehouse receipts continued to decrease but remained at a high level, Shanghai silver warehouse receipts changed to an increase and were higher than last year, and COMEX silver warehouse receipts decreased slightly [35][36][38].

Report Overview - Report Date: July 8, 2025 - Report Type: Precious Metals Daily Review - Research Team: Macro Finance Team of Jianxin Futures Research and Development Department 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The passage of the $3.4 trillion Big Beauty Act by the US Congress and better - than - expected June non - farm payrolls data in the US have suppressed the Fed's interest rate cut expectations, pushed up the US dollar index, and pressured precious metal prices. However, Trump's 2.0 new policy has boosted the safe - haven demand for gold. Although gold's short - term trend may be weak, its medium - term upward trend remains intact [4]. - The restructuring of the international trade and monetary system and the uncertainties of Trump's new policy, along with weak global economic growth and geopolitical risks, will continue to support the long - and medium - term bull market for gold. But high price levels also mean increased volatility, and attention should be paid to the impact of rising US inflation pressure on the Fed's interest rate cut timing in the third quarter [5]. 3. Summary by Directory 3.1 Precious Metals Market Conditions and Outlook 3.1.1 Intraday Market - The US Congress passing the Big Beauty Act and strong non - farm payrolls data have suppressed the Fed's interest rate cut expectations, pushing up the US dollar index and causing the London gold price to correct to around $3305 per ounce during the Asian session on the 7th. It may continue to be weak in the short term [4]. - Trump's 2.0 new policy has boosted gold's safe - haven demand. Gold's volatility has increased, but its medium - term upward trend is good. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions [4]. - This week, attention should be paid to China's June financial data, the Fed's meeting minutes, and international trade situations [4]. 3.1.2 Medium - term Market - Since late April, London gold has been in a wide - range oscillation between $3100 - $3500 per ounce. Weakening trade situation concerns and a strong stock market rebound have reduced gold's safe - haven and allocation demand, but other factors continue to support the price. South Asian and Middle Eastern geopolitical risks provide short - term upward momentum [5]. - In early June, speculative funds flooded into the silver and platinum markets, causing London silver to soar from $33 to $36.9 per ounce in six trading days [5]. - The restructuring of the international trade and monetary system and Trump's new policy uncertainties will support gold's long - and medium - term bull markets. However, high price levels mean increased volatility, and attention should be paid to the impact of rising US inflation on the Fed's interest rate cut timing in the third quarter. Investors are advised to maintain a long - position mindset, avoid full - position chasing and blind short - selling. Short - biased traders can consider the "long gold, short silver" arbitrage strategy [5]. 3.1.3 Market Data | Contract | Pre - closing Price | High | Low | Closing Price | Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 777.50 | 777.59 | 769.92 | 771.87 | - 0.72% | 399,160 | - 10,573 | | Shanghai Silver Index | 8,950 | 8,981 | 8,873 | 8,902 | - 0.53% | 898,973 | - 17,088 | | Gold T + D | 771.57 | 772.50 | 765.39 | 767.15 | - 0.57% | 228,910 | 8,254 | | Silver T + D | 8,885 | 8,935 | 8,830 | 8,858 | - 0.30% | 3,338,736 | 79,962 | [5] 3.2 Precious Metals Market - Related Charts - The report provides multiple charts, including those of Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - to - silver ratio, and the correlation between London gold and other assets. All data sources are Wind and Jianxin Futures Research and Development Department [7][9][11][13][15][16]. 3.3 Main Macroeconomic Events/Data - The US Treasury Secretary said that the US is close to reaching several trade agreements before the July 9 deadline for higher tariffs, and the Trump administration will notify 100 small countries of higher tariffs. Trump has signed letters to 12 countries regarding different tariff levels, which will be sent on Monday [17]. - China's Ministry of Finance announced that starting from July 6, EU enterprises (excluding European - funded enterprises in China) will be excluded from participating in government procurement of medical devices with a budget of over 45 million yuan. This is a counter - measure in response to the EU's restrictions on Chinese enterprises [17]. - OPEC + agreed on Saturday to increase production by 548,000 barrels per day in August, accelerating the production increase pace. Since April, OPEC + has increased production by 1.918 million barrels per day, leaving a gap of only 280,000 barrels per day in the 2.2 million barrels - per - day production cut [18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The unexpectedly high US non - farm payroll data has cooled the expectation of interest rate cuts, leading to a decline in gold prices and a pull - back in silver prices after a rise. The tax cut bill has also contributed to the cooling of interest rate cut expectations. Gold prices are expected to fluctuate, while silver prices are expected to fluctuate with a slight upward bias [4][5]. - After Trump took office, the global situation has become extremely volatile. The inflation expectation has shifted to an economic recession expectation. Gold prices are difficult to fall back, and silver prices mainly follow gold prices. Silver prices are more affected by tariff concerns and may see an enlarged increase [9][12]. 3. Summary by Directory 3.1 Previous Day's Review - **Gold**: The US non - farm payroll data was unexpectedly high, cooling the interest rate cut expectation and causing gold prices to fall. The US and European stock markets rose, the US dollar index increased by 0.35% to 97.12, the offshore RMB depreciated slightly against the US dollar, and the 10 - year US Treasury yield rose 6.30 basis points to 4.242%. COMEX gold futures fell 0.71% to $3336.00 per ounce [4]. - **Silver**: The US non - farm payroll data was unexpectedly high, cooling the interest rate cut expectation. Silver prices rose first and then fell. The US and European stock markets rose, the US dollar index increased by 0.35% to 97.12, the offshore RMB depreciated slightly against the US dollar, and the 10 - year US Treasury yield rose 6.30 basis points to 4.242%. COMEX silver futures rose 0.85% to $37.04 per ounce [5]. 3.2 Daily Tips - **Gold**: The basis is - 4.28, with the spot price at a discount to the futures price; the inventory of gold futures increased by 3 kilograms to 18456 kilograms; the 20 - day moving average is downward, and the K - line is above the 20 - day moving average; the main net position is long, and the main long position increased [4]. - **Silver**: The basis is - 20, with the spot price at a discount to the futures price; the inventory of Shanghai silver futures increased by 2133 kilograms to 1340792 kilograms; the 20 - day moving average is upward, and the K - line is above the 20 - day moving average; the main net position is long, and the main long position decreased [5]. 3.3 Today's Focus - All - day: US financial markets are closed. - 17:00: Eurozone May PPI. - 20:15: Speech by Villeroy, member of the European Central Bank Governing Council and President of the Bank of France. - 23:00: Speech by Taylor, member of the Bank of England's Monetary Policy Committee (MPC). - Next day 01:30: Speech by Taylor, member of the Bank of England's Monetary Policy Committee (MPC). - Next day 04:00: US President Trump will hold a signing and celebration event for the "Great Beautiful Tax Bill" at the White House. - Sunday: Vietnam's Q2 GDP, OPEC + meeting to discuss August oil production policy, and the opening of the 2025 BRICS Summit in Brazil. - 14:00: Germany's May factory orders. - 15:30: European Central Bank President Lagarde meets with German Chancellor Merz. - 16:00: Speech by Elderson, member of the European Central Bank Executive Board [14]. 3.4 Fundamental Data - **Gold**: The unexpectedly high US non - farm payroll data has cooled the interest rate cut expectation; the tax cut bill has also contributed to the cooling of interest rate cut expectations. The Shanghai - gold premium has converged to 3.5 yuan per gram [4]. - **Silver**: The unexpectedly high US non - farm payroll data has cooled the interest rate cut expectation; the tax cut bill has also contributed to the cooling of interest rate cut expectations. The Shanghai - silver premium has converged to about 420 yuan per kilogram [5]. 3.5 Position Data - **Gold**: The long position of the top 20 in Shanghai gold decreased by 1456 to 200503, the short position decreased by 29 to 65235, and the net position decreased by 1427 to 135268 [27]. - **Silver**: The long position of the top 20 in Shanghai silver increased by 29036 to 411699, the short position increased by 42443 to 338958, and the net position decreased by 13407 to 72741 [30].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The international copper market is still in a race with copper tariffs. The tight supply expectation caused by cross - regional flow is the main logic for the upward movement of copper prices. Although the current US employment data is unfavorable and suppresses the copper price, the upward - trending and volatile pattern of copper prices remains unchanged. The follow - up should focus on the Fed's interest - rate cut expectation, as its impact on the US dollar index will intensify copper price fluctuations [1]. 3. Summary by Relevant Catalogs Strategy Analysis - The US ADP employment in June decreased by 33,000, triggering economic recession expectations. On the supply side, as of June 30, 2025, the spot smelting fee was -$43.56 per dry ton, and the spot refining fee was -4.35 cents per pound. The supply of copper is still increasing. In terms of inventory, the global copper inventory is being depleted, with LME copper significantly depleted, COMEX copper rapidly accumulating, and domestic copper depletion being relatively slow. On the demand side, affected by the copper tariff event, copper export demand has increased, but the terminal market is weak, and downstream buyers mainly purchase at low prices and for rigid needs. Except for COMEX copper, inventory depletion in other regions supports the market, and the reduction in imports intensifies the tight domestic supply situation [1]. Futures and Spot Market Conditions - Futures: The Shanghai copper futures opened low, rose during the session, and closed down at 80,560. The long positions of the top 20 increased by 1,142 to 142,298 lots, and the short positions increased by 1,251 to 142,218 lots. Spot: The spot premium in East China was 100 yuan per ton, and in South China was 65 yuan per ton. On July 2, 2025, the LME official price was $9,966 per ton, and the spot premium was $79 per ton [4]. Supply Side - As of June 30, the latest data showed that the spot smelting fee (TC) was -$43.56 per dry ton, and the spot refining fee (RC) was -4.35 cents per pound [6]. Fundamental Tracking - Inventory: SHFE copper inventory was 24,100 tons, a decrease of 994 tons from the previous period. As of June 30, the copper inventory in the Shanghai Free Trade Zone was 61,900 tons, a decrease of 1,400 tons from the previous period. LME copper inventory was 94,300 tons, a slight increase of 1,075 tons from the previous period. COMEX copper inventory was 213,200 short tons, an increase of 1,032 short tons from the previous period [8].

交易咨询业务资格：证监许可【2012】1091号 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面： "小非农"爆冷，降息预期升温，金价继回升；美国三大股指收盘涨 跌不一，欧洲三大股指收盘涨跌不一；美元指数涨0.14%报96.78，离岸人民币对美 元几乎收平报7.1617；美债收益率集体上涨，10年期美债收益率涨4.50个基点报 4.279%；COMEX黄金期货涨0.56%报3368.7美元/盎司；中性 贵金属早报—— 2025年7月3日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 6、预期：今日美国股市提前半天收市，关注美国非农结业报告、中美欧PMI、欧洲 央行公布6月货币政策会议纪要、美联储委员讲话。美越贸易协议达成，"小非农" 爆冷，降息预期升温，金价回升。沪金溢价收 ...

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年7月1日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面：特朗普称不需延长最后期限，降息预期继续升温，美元走弱，金价继回 升；美国三大股指全线收涨，欧洲三大股指小幅收跌；美元指数跌0.50%报96.77， 离岸人民币对美元升值报7.1575；美债收益率全线走低，10年期美债收益率跌4.89 个基点报4.222%；COMEX黄金期货涨0.83%报3315.00美元/盎司；中性 2、基差：黄金期货767.58，现货762.56，基差-2.6，现货贴水期货；中性 3、库存：黄金期货仓单18237千克，不变；偏空 4、盘面：20日均线向上，k线在20日均线下方； ...

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年6月27日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面：美国一季度GDP终值下修至-0.5%，金价震荡；美国三大股指全线收涨， 欧洲三大股指收盘涨跌不一；美元指数跌0.41%报97.30，离岸人民币对美元小幅升 值报7.1637；美债收益率集体下跌，10年期美债收益率跌5.09个基点报4.240%； COMEX黄金期货跌0.04%报3341.6美元/盎司；中性 6、预期：今日关注美国5月个人收入和个人支出（PCE）、美国6月密歇根大学消费 者信心指数终值、美联储委员和欧央行官员密集讲话。美国一季度GDP终值下修至- 0.5%，降息预期升温，美债收益率 ...

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年6月23日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面：周末美国袭击伊朗三处核设施，早间金价高开回落；美国三大股指收盘 涨跌不一，美国三大股指收盘涨跌不一；美元指数跌0.01%报98.7639；美债收益率 集体下跌，10年期美债收益率跌1.59个基点报4.373%；COMEX黄金期货跌0.09%报 3384.4美元/盎司；中性 6、预期：今日美欧日PMI初值、美国5月成屋销售、美联储委员讲话、伊朗外长与俄 罗斯总统会谈。周末美国袭击伊朗三处核设施，中东局势紧张，早间金价高开回 落，黄金需求有限。沪金溢价维持至2元/克。中东局势依旧反复，但推动减弱，金 ...

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年6月19日 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面：特朗普称伊朗主动提出谈判，鲍威尔预计通胀压力显著上升，金价回落； 美国三大股指收盘涨跌不一，欧洲三大股指收盘涨跌不一；美元指数涨0.06%报 98.89，离岸人民币对美元小幅贬值报7.1944；美债收益率集体上涨，10年期美债收 益率涨1.58个基点报4.393%；COMEX黄金期货跌0.60%报3386.40美元/盎司；中性 2、基差：黄金期货785.42，现货782.02，基差-3.4，现货贴水期货；中性 3、库存：黄金期货仓单18168千克，减少9千克；偏空 4、盘面：20日均线向上，k线在20日均线上方；偏多 5、主力持仓：主力净持仓多，主力多增；偏多 6、预期：今日美国金融市场休市，关注2025陆家嘴论坛、英央行利率 ...

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年6月18日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面：特朗普引发中东冲突升级担忧，金价先下后上；美国三大股指全线收 跌，欧洲三大股指收盘全线下跌；美元指数涨0.69%报98.8，离岸人民币对美元小幅 贬值报7.1923；美债收益率集体下跌，10年期美债收益率跌6.92个基点报4.377%； COMEX黄金期货跌0.32%报3406.50美元/盎司；中性 6、预期：今日关注2025陆家嘴论坛、美联储利率决议，美国5月新屋开工和营建许 可、英国5月CPI、欧央行官员密集讲话。特朗普引发中东冲突升级担忧，金价再度 先下后上但依旧收跌。沪金溢价收敛至0元/ ...