1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report Due to the expected expansion of the US fiscal deficit, the possibility of the Fed still cutting interest rates, continuous gold purchases by central banks around the world, and persistent geopolitical risks, precious metal prices are likely to rise rather than fall. Investors are advised to take long positions on dips. The report suggests paying attention to the support and resistance levels of London gold, Shanghai gold, London silver, and Shanghai silver [1]. 3. Summary by Relevant Catalogs Gold - **Market Data**: Shanghai gold futures active contract closed at 776.22 yuan/g, up 4.92 yuan from the previous day; spot Shanghai gold (T+D) closed at 771.51 yuan/g, up 3.71 yuan. COMEX futures active contract closed at 3346.40 dollars/ounce, with a trading volume of 202,143 lots and an open interest of 310,175 lots. London gold spot closed at 3314.75 dollars/ounce. SPDR Gold ETF holdings decreased by 1.15 tons to 947.66 tons [1]. - **Important Information**: The People's Bank of China increased its gold reserves by 70,000 ounces in June, marking the 8th consecutive month of increases, with the pace of increase recovering. Trump's first - wave of tax hikes on 14 countries including Japan and South Korea, ranging from 25% to 40%, will take effect on August 1st. The EU may be close to an agreement. Although consumer inflation has rebounded significantly, the probability of the Fed cutting interest rates in July is almost zero due to the higher - than - expected and previous - value 147,000 new non - farm payrolls in the US in June, but the expected time for rate cuts remains September/October/December [1]. Silver - **Market Data**: Shanghai silver futures active contract closed at 8953.00 yuan/10g, with a trading volume of 261,611 lots and an open interest of 338,144 lots. Spot Shanghai silver (T+D) had a trading volume of 549,594 lots and an open interest of 3,325,506 lots. COMEX futures active contract closed at 36.93 dollars/ounce, with a trading volume of 202,143 lots and an open interest of 310,175 lots. London silver spot closed at 36.78 dollars/ounce. The US iShare Silver ETF holdings increased to 14,935.15 tons [1]. - **Important Information**: The US House of Representatives' version of the "Great Beautiful" bill was passed, planning to raise the debt ceiling to 5 trillion dollars, and the fiscal deficit expansion may exceed 3 trillion dollars. Trump's tariff policy remains in the spotlight [1]. Other Markets - **Crude Oil**: INE crude oil was at 510.70 yuan/barrel, ICE Brent crude was at 70.03 dollars/barrel, and NYMEX crude oil was at 68.18 dollars/barrel [1]. - **Base Metals**: Shanghai copper futures were at 79,270 yuan/ton, LME copper cash was at 9,665 dollars/ton, and Shanghai rebar was at 3,065 yuan/ton [1]. - **Stock Indexes**: The Shanghai Composite Index closed at 3,473.1271, the S&P 500 was at 6,225.5200, the UK FTSE 100 was at 8,806.5300, the French CAC40 was at 7,723.4700, the German DAX was at 24,073.6700, the Nikkei 225 was at 39,587.6800, and the South Korean Composite Index was at 3,114.9500 [1]. Central Bank Policies - **European Central Bank**: Cut interest rates by 25 basis points in June, lowering the deposit mechanism rate to 2%. The manufacturing PMI in the eurozone and Germany (France) in June continued to rise, and the CPI annual rate was close to expectations but higher than the previous value. The market expects the ECB to cut interest rates 1 - 2 times by the end of 2025 [1]. - **Bank of England**: Cut the key rate by 25 basis points to 4.25% in June, and continued to reduce holdings of 100 billion pounds of government bonds from October 2024 to September 2025. The CPI (core CPI) annual rate in May was in line with expectations but lower than the previous value. The August rate - cut expectation is rising, and it may cut rates 2 - 3 times by the end of 2025 [1]. - **Bank of Japan**: Raised interest rates by 25 basis points in January, raising the benchmark rate to 0.5%. It may start to reduce quarterly government bond purchases from 400 billion yen to 200 billion yen in April 2026. There is still an expectation of interest rate hikes by the end of 2025 [1].

Report Industry Investment Rating - Gold: ★☆☆, indicating a bullish bias but limited operability in the market [1] - Silver: ★★★, suggesting a clearer bullish trend and relatively appropriate investment opportunities currently [1] Core View of the Report - Overnight, precious metals fluctuated significantly, first declining and then rising. Last week's better - than - expected US non - farm payroll data supported the Fed to remain on hold, and the market abandoned bets on a rate cut in July. The market focus shifted to the upcoming changes in US tariff policies. Precious metals continued to oscillate, waiting for the outcome of tariff negotiations, and may fluctuate until the deadline [1] Summarized According to Related Content Tariff Policy Changes - Trump sent tariff letters to 14 countries, imposing a 25% tariff on imported goods from Japan and South Korea starting from August 1st, and 25% - 40% tariffs on Malaysia, South Africa, Indonesia, Myanmar, Thailand, etc. An additional 10% tariff will be imposed on any country aligning with the anti - US policies of BRICS countries. The deadline for reciprocal tariff suspension was extended to August 1st. White House officials stated that specific country tariffs and industry tariffs will not be superimposed [1] - The EU claimed that trade negotiations with the US have made good progress. The Portuguese Finance Minister believed that the US and the EU are likely to reach a very low - tariff agreement, possibly below 10%. A source said that the EU is seeking an agreement with the US to offset the trade deficit in the automotive sector and may obtain basic tariff exemptions on aircraft and spirits [2] Fed - related Statements - Kevin Warsh, a top candidate for Fed chair, called for a rate cut to a lower level. White House trade advisor Peter Navarro also urged the Fed's board of governors to intervene in Powell's stance [2]

Core Viewpoint - Precious metals such as gold, silver, and platinum are increasingly favored by investors due to their strong inflation resistance and safe-haven characteristics in uncertain global economic conditions [1] Group 1: Channels for Precious Metal Investment Account Opening - Domestic precious metal investment accounts are primarily opened through three main channels: banks, futures companies, and exchange member units [2] - Banks like Industrial and Commercial Bank of China and China Construction Bank offer account precious metal trading services suitable for low-risk investors [2] - Futures companies require opening accounts through regulated firms for trading gold and silver futures listed on the Shanghai Futures Exchange [2] - Exchange member units, such as the Hong Kong Gold Exchange and Shanghai Gold Exchange, provide trading services for physical gold and London gold, necessitating a thorough verification of regulatory qualifications [2] Group 2: Recommended Safe Account Opening Platforms - **Wanzhou Gold Industry**: Operates under Hong Kong Gold Exchange AA Class Member No. 141, with an average daily trading volume exceeding $5 billion and a transparent trading flow query function [4] - **Jinrong China**: Also under Hong Kong Gold Exchange AA Class Member No. 84, supports 24/7 trading with a minimum entry of $50 and has been rated as "Best Transparent Trading Platform" for three consecutive years [5] - **Huatai Securities**: Has over 8 million monthly active users and integrates various features including precious metal market data and educational courses [6] - **CITIC Construction Investment Futures**: Offers a self-developed app with a simulated trading competition attracting over 100,000 participants annually [9] - **Guotai Junan Futures**: An AA-rated futures company with a CTP trading system that supports algorithmic trading and has a risk reserve fund exceeding 3 billion yuan [12][13] Group 3: Account Opening Guidelines and Cautions - Investors should be wary of high-yield traps, as platforms claiming "guaranteed returns" or "risk-free arbitrage" are often scams [15] - It is crucial to verify the deposit and withdrawal rules of platforms, ensuring that transactions are conducted through bank channels with clear timelines [16] - New investors are advised to start with low leverage (≤1:50) to mitigate the risk of liquidation due to market fluctuations [17]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The expected expansion of the US fiscal deficit, the potential for the Federal Reserve to cut interest rates, continuous gold purchases by central banks worldwide, and persistent geopolitical risks may make precious metal prices more likely to rise than fall. Investors are advised to mainly establish long positions on price pullbacks [1]. Summary by Relevant Catalogs Gold - China's central bank increased its gold reserves by 70,000 ounces in June, marking eight consecutive months of increases with a recovery in the pace [1]. - The probability of the Federal Reserve cutting interest rates in July is slim, but the expected time points for rate cuts are September, October, or December [1]. Silver - The US House of Representatives passed the "Big Beautiful" bill, planning to raise the debt ceiling to $5 trillion, and the fiscal deficit may expand by over $3 trillion. Trump's tariff policy remains in effect [1]. Global Central Bank Policies - The European Central Bank cut interest rates by 25 basis points in June, and the market expects 1 - 2 more rate cuts by the end of 2025 [1]. - The Bank of England's key interest rate decreased by 25 basis points in May, and the expectation of rate cuts in August is rising, with 2 - 3 possible rate cuts by the end of 2025 [1]. - The Bank of Japan raised interest rates by 25 basis points in January, and there is still an expectation of a rate hike by the end of 2025 [1]. Trading Strategies - For investors, it is recommended to mainly establish long positions on price pullbacks. For London gold, focus on support around $3,000 - $3,200 and resistance around $3,500 - $3,700; for Shanghai gold, support around 730 - 750 and resistance around 840 - 900. For London silver, support around $31 - $34 and resistance around $38 - $40; for Shanghai silver, support around 8,300 - 8,500 and resistance around 8,900 - 9,100 [1].

上海黄金交易所黄金T+D 7月8日（周二）早盘盘初上涨0.51%报771.48元/克； 上海黄金交易所白银T+D 7月8日（周二）早盘盘初上涨0.14%报8895.0元/千克。 黄金延期 白银延期 ...

Report Summary 1) Report Industry Investment Rating - Gold: ★★★, indicating a clearer long - term trend and relatively appropriate investment opportunities currently [1] - Silver: ★★★, indicating a clearer long - term trend and relatively appropriate investment opportunities currently [1] 2) Core View of the Report - Today, precious metals declined. The better - than - expected US non - farm payrolls in June and the decrease in the unemployment rate led the market to abandon bets on a July interest rate cut. Economic data shows that the economy is not significantly weakening, and the Fed will base its next move on data performance. After the geopolitical risks cooled down and economic data suppressed the interest rate cut expectations, the market's focus this week is on the change of the US reciprocal tariff policy expiring on July 9. Trump said new tariffs would take effect on August 1, with rates ranging from 10 - 70%. The short - term direction of precious metals is unclear, and they will continue to fluctuate waiting for the impact of the final policy on market risk sentiment [1] 3) Other Key Points - On July 4, Trump signed a nearly 900 - page "big and beautiful" tax and spending bill, which includes many of his 2024 campaign promises. The bill will increase the federal fiscal deficit by about $3.3 trillion in the next decade [2] - US Treasury Secretary Besent said that several major agreements are close to being reached. If countries receiving tariff letters fail to reach an agreement, the tax rate will return to the April level on August 1. US Commerce Secretary Lutnick said tariffs will take effect on August 1, and Trump is "now formulating tax rates and agreements". White House economic adviser Hassett said some trade negotiations may exceed the deadline [2] - Israel and Hamas' first - round indirect cease - fire negotiations in Qatar ended without results, with Israel saying Hamas' demands were "unacceptable" [2]

Core Viewpoint - The recent surge in platinum prices, which has outpaced gold, is driven by a combination of market dynamics and investor behavior, but it is essential to recognize the fundamental differences between platinum and gold as investment assets [1][4][10]. Group 1: Price Dynamics - Since May 15, 2025, platinum prices have skyrocketed, with a weekly increase of 10% and a total rise of over 50% by June 27, 2025, reaching over 320 yuan per gram [1]. - In contrast, gold prices have experienced volatility, initially rising to historical highs before a significant drop, leading many investors to seek alternatives like platinum [1][10]. - Chinese customs data indicates that prior to the price surge, imports of platinum reached a record high of 11.5 tons in April 2025, reflecting increased demand from jewelers and investors [1][10]. Group 2: Market Sentiment and Investor Behavior - The current platinum market is characterized by a mix of speculative investment and a shift in demand from gold, as some investors view platinum as a substitute for gold amidst rising gold prices [4][10]. - The allure of platinum is further fueled by its historical price relationship with gold, where it once traded at a premium, leading to renewed interest from seasoned investors [5][10]. - However, the market is also plagued by issues of counterfeit products, with reports of fake platinum jewelry circulating, which has raised concerns among consumers [1][15][16]. Group 3: Fundamental Differences Between Platinum and Gold - Unlike gold, which has established itself as a global reserve asset, platinum's financial attributes are limited due to its concentrated supply, with South Africa and Russia controlling a significant portion of global reserves [5][6][10]. - The industrial demand for platinum, primarily used in automotive catalysts, has declined due to the rise of electric vehicles, which further complicates its investment appeal [5][6][10]. - Historical trends show that platinum's price is highly sensitive to economic conditions, with past downturns linked to industrial demand drops, contrasting with gold's status as a safe-haven asset during economic turmoil [6][10].

南华贵金属日报: 美非农超预期 焦点重转7月9日关税期限 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年7月7日 【行情回顾】 上周贵金属市场整体仍小涨，尽管降息预期受美国强劲非农就业报告影响降温，引发美债收益率走高，但 美国贸易关税政策不确定性，特别是美经济回归货币财政路径仍削弱美指，并利多贵金属。周四晚间公布的 美国6非农就业报告强于预期，新增就业人数录得14.7万人，预期11万，前值上修0.5万至14.4万人；失业率 录得4.1%，数据意外下降，预期4.3%，前值4.2%。数据后交易员不再押注美联储7月降息，9月降息概率下 降。另外，周二晚间公布的美6月ISM制造业PMI小幅回升至49，高于预期和前值；5月职位空缺数776.9，高 于预期和前值，一定程度削弱降息预期。美国虽与英国、越南达成贸易协议，但与日本、欧盟与印度等主要 经济体谈判仍僵持，且美越协议中携带第三方关税条款。特朗普表示已签署12封贸易信函，计划周一发 出。"大而美"法案已获通过，将美国联邦政府的法定债务上限提高5万亿美元，国会预算办公室（CBO）估 计，这可能会让政府预算赤字未来十 ...

现货黄金、白银短线小幅拉升，现分别报3341美元/盎司和37.14美元/盎司。 现货黄金 ...

Core Viewpoint - The article highlights the significant rise in silver prices in 2023, with international spot silver prices exceeding $37 per ounce, marking a nearly decade-high, and domestic prices surpassing 8.46 yuan per gram, indicating strong upward momentum in the market [1][8]. Group 1: Silver Market Dynamics - The demand for silver investment products has surged, with sales of investment silver bars and silver ingots increasing by over 40% year-on-year [1]. - In June, sales of investment silver bars rose by 20% compared to May, with consumers showing a strong preference for 1-kilogram and 500-gram silver bars [4]. - The silver market is experiencing a mix of buyers, with some purchasing for long-term investment and others selling their holdings for profit [5]. Group 2: Factors Influencing Silver Prices - The increase in silver prices is attributed to a continuous supply shortage over the past five years, driven by rising industrial demand from sectors such as electric vehicles, AI, semiconductors, and 5G technology [8]. - Experts suggest that the current price level of $37 per ounce is a critical resistance point, and with potential long-term interest rate cuts from the Federal Reserve, silver and other precious metals may continue to rise [9]. Group 3: Platinum Market Trends - Similar to silver, platinum prices have also surged, with a year-to-date increase of over 36%, surpassing the growth rate of gold [10]. - The market is witnessing a shift, with some gold retailers reducing gold sales and increasing platinum offerings [11]. Group 4: Consumer Caution - Despite the bullish trends in precious metals, experts advise consumers to remain rational and avoid impulsive buying due to the volatility influenced by international geopolitical factors [12].