Report Industry Investment Rating - Not provided Core Viewpoints - The U.S. economic data shows resilience, with the July S&P Global Manufacturing PMI preliminary value at 49.5 falling short of expectations but the Services PMI at 55.2 being strong, and the weekly initial jobless claims at 217,000 remaining low. The precious metals are mainly in a wide - range oscillation. The probability of an unexpected confrontation is decreasing, but market uncertainties still exist [2]. - Silver has significant advantages over gold during the stage when domestic and foreign risk appetites are opened, and it is currently in an upward trend. Attention should be paid to whether the change in photovoltaic expectations affects the improvement of the term structure of silver demand expectations [2]. - The easing signs of the global trade situation and the strong performance of U.S. economic data are the main reasons for the decline in gold prices. These factors reduce investors' concerns about economic turmoil and weaken the attractiveness of gold as a safe - haven asset [2][3] Summary by Related Content Economic Data - The July S&P Global Manufacturing PMI preliminary value in the U.S. is 49.5, which is lower than expected, while the Services PMI is 55.2, showing strong performance. The weekly initial jobless claims are 217,000, remaining at a low level. The initial jobless claims for the week ending July 19 decreased by 4,000 to 217,000, the lowest level in three months, far lower than the economists' expected 226,000. The July U.S. Composite PMI rose from 52.9 in June to 54.6, and the Services PMI climbed significantly to 55.2, indicating an accelerated expansion of economic activities [2][3] Trade Situation - The U.S. and multiple countries are expected to reach tariff agreements one after another. The U.S. and Japan have reached a trade agreement that reduces the automobile import tariff to 15% and exempts some goods from punitive tariffs. The U.S. and the EU's trade negotiations have also shown positive progress, and the market expects the two sides to reach an agreement with a 15% benchmark tariff, lower than the 30% tariff level previously threatened by Trump [2] Precious Metals Market - Precious metals are mainly in a wide - range oscillation. Silver has significant advantages over gold during the stage when domestic and foreign risk appetites are opened and is in an upward trend. The change in photovoltaic expectations may affect the improvement of the term structure of silver demand expectations. The easing of the global trade situation and strong U.S. economic data have put pressure on gold prices [2]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - This week, the precious metals market fluctuated. Gold prices were affected by factors such as US - EU tariff negotiations, Fed policy expectations, and US economic data. Silver was relatively strong due to semiconductor demand and tight inventories. Looking ahead, potential trade risks and geopolitical tensions support precious metals, while strong US economic data may suppress gold prices in the short - term. If inflation expectations rise or the Fed gives more dovish signals, precious metal prices could be boosted again [7]. - Gold is recommended to be bought on dips in the range of $3300 - 3400 per ounce, and silver should be watched in the range of $38.50 - 39.50 per ounce [7]. 3. Summary by Directory 3.1 Week - to - Week Key Points Summary - **Market Review**: Gold prices rose at the beginning of the week due to US fiscal and political uncertainties and approaching US - EU tariff negotiation deadlines. However, they dropped on Wednesday as the US - Japan agreement and progress in US - EU negotiations eased risk - aversion. Fed policy interpretations were divided, and strong economic data weakened September rate - cut bets, further pressuring gold. Silver was relatively strong, with COMEX silver futures reaching a high of $39.66 per ounce, supported by semiconductor demand and tight inventories [7]. - **Market Outlook**: Although the US - EU tariff negotiation has eased, potential trade risks and geopolitical tensions support precious metals. Strong US economic data may suppress gold in the short - term, but rising inflation expectations or dovish Fed signals could lift prices [7]. 3.2 Futures and Spot Markets - **Price Changes**: As of July 25, 2025, COMEX silver was at $39.100 per ounce, up 1.63% week - on - week; Shanghai silver futures contract 2510 was at 9392 yuan per kilogram, up 2.24%. COMEX gold was at $3356.3 per ounce, down 0.05%; Shanghai gold futures contract 2510 was at 777.32 yuan per gram, up 0.26% [10]. - **ETF Holdings**: As of July 24, 2025, SLV silver ETF holdings were 15208 tons, up 3.5% week - on - week; SPDR gold ETF holdings were 957.09 tons, up 0.9% [15]. - **Speculative Positions**: As of July 15, 2025, COMEX gold total positions were 448531 contracts, up 1.22%, and net positions were 213115, up 5.00%. COMEX silver total positions were 171474 contracts, up 5.33%, and net positions were 59448, up 1.58% [19]. - **CFTC Positions**: As of July 15, 2025, COMEX gold non - commercial long positions were 270227 contracts, up 3.30%, and non - commercial short positions were 57112 contracts, down 2.70% [24]. - **Basis**: As of July 24, 2025, the gold basis was - 3.64 yuan per gram, up 0.27%; the silver basis was - 35 yuan per kilogram, up 43.55% [27]. - **Inventories**: As of July 24, 2025, COMEX gold inventory was 37616678.62 ounces, up 1.27%; Shanghai Futures Exchange gold inventory was 28857 kilograms, up 17.38%. COMEX silver inventory was 497984759 ounces, up 0.30%; Shanghai Futures Exchange silver inventory was 1211076 kilograms, down 7.10% [32]. 3.3 Silver Industry and Supply - Demand - **Imports**: As of June 2025, China's silver imports were 273364.75 kilograms, down 0.14% month - on - month; silver ore imports were 126019303.00 kilograms, down 7.51% [36]. - **Downstream Demand**: As of June 2025, semiconductor silver demand drove up the growth rate of integrated circuit production, with a monthly output of 4506000 pieces and a year - on - year growth rate of 15.80% [41]. - **Supply - Demand Balance**: In 2024, silver industrial demand was 680.5 million ounces, up 4% year - on - year; coin and bar demand was 190.9 million ounces, down 22%; silver ETF net investment demand was 61.6 million ounces, compared with - 37.6 million ounces in the previous year; total demand was 1164.1 million ounces, down 3%. Supply was 1015.1 million ounces, up 2%, resulting in a supply - demand gap of - 148.9 million ounces, down 26% [47][51]. 3.4 Gold Industry and Supply - Demand - **Prices**: As of July 24, 2025, the gold recycling price was 774.7 yuan per gram, up 0.28%. Gold jewelry prices of brands like Laofengxiang, Chow Tai Fook, and Saturday Fu also rose [55]. - **Supply - Demand**: In Q1 2025, gold industrial demand was 7396.6 ounces, gold investment demand was 50741 ounces, up 71.93%; jewelry demand was 39899.9 ounces, down 10.47%; total demand was 120440.4 ounces, up 7.12% [61]. 3.5 Macroeconomic Data - **Dollar and Bonds**: This week, the US dollar index and 10 - year US Treasury yields declined slightly due to fluctuating tariff expectations. The 10Y - 2Y Treasury yield spread narrowed slightly, the CBOE gold volatility index rose, and the SP500/COMEX gold price ratio increased [63][68]. - **Inflation Expectations**: Tariff negotiations made progress, and inflation expectations declined recently. The US 10 - year breakeven inflation rate dropped this week [72]. - **Central Bank Actions**: In July 2025, the People's Bank of China increased its gold reserves by about 1.86 tons, marking the eighth consecutive month of increases [77].

Core Insights - Precious metals trading attracts investors due to its unique appeal and hedging properties against economic fluctuations [1] - The rise of online trading platforms has created challenges for investors in finding legitimate platforms that meet their needs [1] Group 1: Overview of Recommended Platforms - **Wanzhou Gold**: Licensed by the Hong Kong Gold Exchange, offers eight trading products with low trading costs, including a minimum spread of $20 and a slippage rate of 0.02% [2] - **Jinrong China**: Also licensed by the Hong Kong Gold Exchange, utilizes a zero-commission model with a spread as low as $0.2 per ounce, and offers a minimum deposit of $70 [4] - **Rongsheng Gold**: Known for fast execution speeds and low slippage, supports various leverage options and flexible account management [5] - **Lingfeng Precious Metals**: Licensed by the Hong Kong Gold and Silver Exchange, offers fixed spreads and an average daily trading volume exceeding 800,000 lots [6] - **Chuangfu International**: Features a rapid trading system with a transaction speed of 0.3 seconds and a 30% reduction in exchange rate friction costs [7] Group 2: Selection Criteria for Trading Platforms - **Regulatory Compliance**: Platforms should hold AA-class licenses from the Hong Kong Gold Exchange, ensuring a minimum capital requirement of 5 million HKD and annual audits [9] - **Trading Costs and Execution Efficiency**: Key metrics include spreads, slippage rates, and order execution speed, with industry-leading examples like Jinrong China's $20 spread and Wanzhou Gold's 0.02% slippage rate [10] - **Fund Security and Risk Management**: Client funds should be stored separately in regulated banks, and some platforms offer risk assurance funds for extreme market conditions [11] - **User Experience**: New investors should consider platforms with demo accounts and efficient deposit/withdrawal processes, with instant deposits and withdrawals processed within two hours [12]

投资咨询业务资格:证监许可【2012】31号 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 | | | 2025/7/25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2508 | AG2508 | AU (T+D) | AG (T+D) | | 内外盘金 | | (美元/盎司) | (美元/盎司) | (美元/登司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点价 | | | | | | | | | | | 格跟踪 | 2025/7/24 | 3375. 08 | 39.12 | 3380. 80 | 39. 38 | 776.24 | 9359.00 | 774.69 | 9358.00 | | (本表數 | | | ...

| 贵金属日评20250725: 美国初请失业金仍属低于前值,欧洲央行7月暂停降息等待关税 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 较上周变化 | 较昨日变化 | 2025-07-24 | 2025-07-23 | 2025-07-18 | 收盘价 | 778.74 | 1.72 | 792. 90 | 777.02 | -14.16 | | | | | 成交量 | 331217.00 | 221277.00 | 44, 422. 00 | 286795.00 | 109, 940. 00 | 期货活跃台约 | 持仓量 | 11, 169.00 | 213456.00 | 222387.00 | 202287.00 | -8, 931. 00 | | | | 库存(十克) | 29358.00 | 28857.00 | 28857.00 | 501.00 | 501.00 | 上海黄金 | ...

| 贵金属日评20250725: 美国初请失业金仍属低于前值,欧洲央行7月暂停降息等待关税 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 较上周变化 | 较昨日变化 | 2025-07-24 | 2025-07-23 | 2025-07-18 | 收盘价 | 778.74 | 1.72 | 792. 90 | 777.02 | -14.16 | | | | | 成交量 | 331217.00 | 221277.00 | 44, 422. 00 | 286795.00 | 109, 940. 00 | 期货活跃台约 | 持仓量 | 11, 169.00 | 213456.00 | 222387.00 | 202287.00 | -8, 931. 00 | | | | 库存(十克) | 29358.00 | 28857.00 | 28857.00 | 501.00 | 501.00 | 上海黄金 | ...

| 贵金属日评20250724:欧盟持续加码对美国关税报复,关注欧洲央行7月利率决议 | 交易日期 | 较昨日变化 | 较上周变化 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-07-23 | 2025-07-22 | 2025-07-17 | 收盘价 | 792. 90 | 784. 84 | 776. 28 | 8.06 | 16. 62 | | | | | | | | 成交量 | 375362.00 | 286795.00 | -88, 567.00 | 215395.00 | 71, 400. 00 | 期货活跃合约 | 持仓量 | 222387.00 | 216722.00 | 203084.00 | 5. 665. 00 | 19, 303. 00 | | | | 库存(十克) | 28857.00 | 28857.00 | 28872.00 | -15.00 | 0. 00 | 上海黄金 | 收盘价 ...

Group 1: Platinum Market Insights - The surface inventory of platinum is only 100 tons, and it is expected to be depleted by 2028, leading to a strong price recovery due to tightening supply and demand dynamics [2][3] - Since 2011, platinum prices have been in a downward trend, but recent increases in jewelry and investment demand, along with a recovery in automotive demand, suggest a potential upward cycle for prices and consumption [2][4] - Key domestic downstream companies to watch include specific listed firms, while overseas mining producers are also highlighted as potential investment opportunities [3][4] Group 2: 3D Printing Market Opportunities - The consumer-grade 3D printing market is projected to reach $7.1 billion by 2028, driven by AI empowerment and supply chain cost reductions [6] - Consumer-grade 3D printers are designed for individual users and small businesses, with applications in various sectors such as consumer goods, education, and cultural creativity [6][8] - Investment opportunities in core components and materials for 3D printing are emphasized, with specific companies recommended for attention in the hardware, scanning, and materials sectors [7][9]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The uncertainty of Trump's new policies and high international geopolitical risks continue to support the gold price, and the restructuring of the international trade - currency system will support the long - term bull market of gold. The economic growth slowdown and central bank interest - rate cut expectations caused by Trump's reforms will support the medium - term bull market of gold. However, high price - to - earnings ratios mean increased price volatility, and in the third quarter, attention should be paid to the impact of the implementation of the US fiscal expansion bill and rising inflation pressure on the Fed's interest - rate cut timing [6]. - In the short term, London gold is expected to continue to oscillate within the range of $3120 - $3500 per ounce, waiting for the next round of breakthrough and upward trend. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions [4][6]. 3. Summary by Directory I. Precious Metals Market Conditions and Outlook - **Intraday Market**: Trump's government pressured the Fed to cut interest rates, causing the US dollar exchange rate and US Treasury yields to decline significantly, which boosted the price of precious metals with strong financial attributes. London gold rebounded close to $3440 per ounce. However, the information about the US reaching trade agreements with the Philippines and Japan in the Asian session on the 23rd weakened the safe - haven demand for gold. Currently, the volatility of gold has increased, but the medium - term upward trend remains good. London gold may oscillate within the range of $3120 - $3500 per ounce and then rise again. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions. This week, attention should be paid to the preliminary PMI values for July in Europe and the US and the ECB's interest - rate meeting [4]. - **Medium - term Market**: Since late April, London gold has been oscillating within the range of $3100 - $3500 per ounce. Although the cooling of international trade and the US fiscal expansion bill have weakened the safe - haven and allocation demand for gold, the uncertainty of Trump's new policies and high geopolitical risks continue to support the price. It is expected that in the short term, London gold will continue to oscillate within the range of $3120 - $3500 per ounce. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions. Traders with a bearish mindset can consider the "long gold, short silver" arbitrage strategy after the upward momentum of silver fades [6]. - **Domestic Precious Metals Market**: The Shanghai Gold Index closed at 794.01, up 1.04%; the Shanghai Silver Index closed at 9500, up 1.05%; the Gold T + D closed at 788.11, up 1.04%; the Silver T + D closed at 9475, up 1.14% [5]. II. Main Macroeconomic Events/Data - The US Treasury Secretary, Bezant, will meet with the Chinese Treasury Secretary in Stockholm next week to discuss whether to extend the deadline for the agreement reached on August 12 to avoid a significant tariff increase. China's embassy in the US said that the implementation details of the trade consensus reached by Trump and Xi Jinping have been finalized [18]. - US President Trump said that a large - scale deal has been reached with Japan, and Japan will pay a 15% reciprocal tariff to the US and invest $550 billion in the US as required. The EU's trade commissioner said that the upcoming China - EU summit is an opportunity to discuss key trade and investment issues [18]. - Trump criticized Fed Chairman Powell, saying that he is a fool for keeping interest rates too high and that Powell will step down in eight months. Trump believes that the policy interest rate should be 3 percentage points lower than the current level. Bezant said that there is no need for Powell to step down immediately and that Powell should adjust the scale of the Fed's non - monetary policy functions as a legacy of his tenure [18].

1. Price Performance - London Gold's latest price is 3413.55 with a change of 3.70 [1] - London Silver's latest price is 39.32 with a change of 0.48 [1] - London Platinum's latest price is 1448.00 with a change of -6.00 [1] - London Palladium's latest price is 1271.00 with a change of -1.00 [1] - WTI Crude's latest price is 65.25 with a change of -0.06 [1] - LME Copper's latest price is 9876.00 with a change of 13.50 [1] 2. Trading Data - COMEX Silver's latest inventory is not available with no change [2] - SHFE Silver's latest inventory is 1188.48 with a change of -10.57 [2] - Gold ETF's latest holding is 954.80 with no change [2] - Silver ETF's latest holding is 15207.82 with a change of 49.45 [2] - SGE Silver's latest inventory is 1327.23 with no change [2] - SGE Gold's latest deferred fee payment direction is 1 with a change of -1.00 [2] - SGE Silver's latest deferred fee payment direction is 2 with no change [2] 3. Other Information - The data sources of the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [9]