Core Viewpoint - The platinum market is experiencing a significant resurgence, with prices surpassing 300 yuan per gram and a year-to-date increase of over 36%, outpacing gold's growth [1][10]. Group 1: Market Demand and Trends - In the first quarter, China's demand for platinum bars and coins reached nearly 1 ton, marking a 140% year-on-year increase, making it the largest retail platinum investment market globally, surpassing North America [1]. - As gold prices rise, many consumers are shifting towards purchasing platinum, leading to a supply shortage for certain platinum jewelry items [3][5]. - Sales of platinum jewelry have increased significantly, with one jewelry business reporting sales rising from 150-200 kg per month to potentially 400-500 kg during peak periods [5]. Group 2: Supply and Price Dynamics - The price of platinum futures recently exceeded $1300 per ounce, reaching a nearly five-year high, driven by strong demand and supply constraints [10]. - The supply of platinum is primarily from mining (80%) and recycling (20%), with over 70% of global production coming from South Africa, where production has declined, contributing to supply tightness [12]. - Financial factors, including geopolitical tensions and a weak dollar, have also supported platinum prices, as investors seek safe-haven assets [12]. Group 3: Investment Considerations - While platinum prices generally follow gold trends, the smaller market size and lower liquidity of platinum compared to gold present unique investment risks [13]. - Investors are advised to be cautious and consider the differences between platinum and gold, ensuring they purchase from reputable brands to guarantee product quality [13].

Group 1: Platinum Market - Platinum prices have surged significantly, reaching 324.09 CNY per gram by June 30, 2025, marking a 45.28% increase since the beginning of the year, far exceeding gold's less than 10% rise during the same period [2] - The price gap between platinum and gold has narrowed, with platinum now able to be exchanged for 0.65 grams of gold, compared to only 0.3 grams in 2020, indicating a more than double increase in the price ratio [2] - The World Platinum Investment Council reported a 140% increase in demand for platinum bars and coins in China during Q1 2025, surpassing North America and making China the largest investment market for platinum [2] Group 2: Jewelry Market - Despite the soaring platinum prices, sales of platinum jewelry have not seen significant growth, with brands like Chow Sang Sang and Chow Tai Fook raising prices by nearly 80% without a corresponding increase in consumer purchases [3] - Platinum's position in the jewelry market is weak, with only 18% of global platinum consumption used for jewelry, compared to 80% for gold, leading consumers to prefer gold or diamonds due to better perceived value and liquidity [3] - Consumers have expressed dissatisfaction with the resale value of old platinum jewelry, which is often only one-third of the original price, contributing to the perception of platinum as a "depreciation king" [3] Group 3: Gold Market - The gold market has shown stability with slight price increases; as of July 2, 2025, gold prices for various brands ranged from 995 CNY to 1000 CNY per gram, reflecting increases of 9 to 15 CNY [4] - Bank gold bar prices have also adjusted, with prices from major banks like ICBC and ABC ranging from 780.77 CNY to 786.90 CNY [4] Group 4: International Market - In the international market, spot gold was priced at 3316.59 USD per ounce, showing a slight increase of 0.42%, while platinum and silver prices experienced declines [5] - Spot platinum was reported at 1341.10 USD per ounce, down 1.15%, and spot palladium rose by 0.74% to 1110.00 USD per ounce [5] Group 5: Gold Recycling Prices - Recent trends in gold recycling prices have shown fluctuations between 750 CNY and 768 CNY per gram, with a slight decrease noted on July 1, 2025, when the recycling price was 755 CNY per gram [6] Group 6: Conclusion - The precious metals market as of July 2, 2025, is characterized by a significant rise in platinum prices alongside a modest increase in gold prices, highlighting the strong demand for platinum in industrial and investment sectors, while revealing the challenges faced in the jewelry market [7]

Core Viewpoint - The article emphasizes the importance of selecting a reliable and suitable precious metals trading platform for new investors, highlighting the unique hedging properties and value retention of gold as an investment choice [1]. Group 1: Overview of Trading Platforms - JINRONG China is an AA-class member of the Hong Kong Gold Exchange, offering a variety of financial investment products and maintaining a strong reputation for transparency and fairness [2]. - WANZHOU Gold Industry, established in 2017, provides a stable trading system and a comprehensive mobile application for user convenience [7]. - SANJIA Gold and Silver Industry has quickly risen in the London gold trading sector, offering professional investment guidance and a user-friendly platform [10]. - XINHUI Precious Metals is known for its stable operations and quality customer service, providing a wide range of trading options [14]. - GUOSHENG Gold Industry focuses on global investors, ensuring fair and transparent trading with low transaction costs [17]. - HENGSENG Gold, a subsidiary of Hang Seng Bank, benefits from its strong financial backing and offers a good trading experience [21]. - CITIC Gold is recognized for its advanced trading system and comprehensive services, enhancing investor skills [24]. - TIANYU Gold is noted for its innovative trading features and excellent customer service [27]. - HONGYE Gold specializes in personalized trading solutions and utilizes big data for product recommendations [30]. - LINGFENG Precious Metals, an AA-class member of the Hong Kong Gold Exchange, offers a variety of trading products and professional market analysis [35]. Group 2: Advantages of Trading Platforms - JINRONG China is compliant with strict regulations, ensuring fund security [3]. - WANZHOU Gold Industry guarantees instant trading experiences through its advanced trading system [8]. - SANJIA Gold and Silver Industry provides high transparency and 24/7 customer support [11]. - XINHUI Precious Metals offers flexible trading methods and reasonable fees [15][16]. - GUOSHENG Gold Industry provides timely market quotes and information services [19]. - HENGSENG Gold has established a good reputation in the precious metals trading field [22]. - CITIC Gold offers comprehensive services, including market analysis and investment advice [26]. - TIANYU Gold provides real-time market data and professional analysis tools [29]. - HONGYE Gold is recognized for its reliability and personalized service [31]. - LINGFENG Precious Metals offers a wide range of trading products and regular market analysis reports [36].

南华贵金属日报: 非农超预期 贵金属分化 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4日 【行情回顾】 周四贵金属市场金跌银涨。周边资产看，美股、美债收益率、美指皆收涨，比特币、原油、南华有色金属 震荡或微跌。最终COMEX黄金2508合约收报3336美元/盎司，-0.71%；美白银2509合约收报于37.04美元/ 盎司，+0.85%。 SHFE黄金2508主力合约收报781.28元/克，+0.47%；SHFE白银2508合约收8944元/千 克，+1.83%。数据方面，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。消息面，"大漂亮"法案在美国众议院以四票优势涉险过关， 特朗普将于当地时间7月4日17时签署"大漂亮"法案。 本次"大漂亮"法案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年内增加3.4 ...

Group 1: Platinum Market - Recent volatility in platinum prices has raised concerns, with speculation and ETF demand driving prices to a ten-year high, rather than fundamental improvements [2] - A significant drop in precious metal futures was observed on June 27, with COMEX gold futures down 1.85% and spot platinum down 5.9%, indicating potential market instability [2] - Investors are advised to carefully assess market risks before investing in platinum, as its price is heavily influenced by supply and demand dynamics, similar to industrial metals like copper [2] Group 2: Domestic Gold Market - The base gold price in the domestic market is 761.3 RMB per gram, but there are significant price differences among brands, with leading brands like Chow Tai Fook and Luk Fook Jewelry priced around 989 RMB per gram [3][4] - The price variations are primarily due to brand premiums and craftsmanship costs, with some brands offering lower prices, such as Cai Bai Jewelry at 978 RMB per gram [3][7] - The Shanghai Gold Exchange has reported a decline in prices for Au9999, Au9995, and Au100g gold bars, with decreases ranging from 0.42% to 0.58% [8] Group 3: Investment Considerations - The overall stability of the gold market contrasts with the volatility in the platinum market, highlighting the need for cautious investment strategies [9] - Consumers are encouraged to compare prices and services when purchasing gold jewelry or bars, ensuring they choose appropriate investment channels [9]

Core Insights - The global economy is facing a triple challenge of "sticky inflation, policy swings, and geopolitical conflicts" which has led to a significant increase in gold prices, surpassing $3,132 per ounce in early April 2025, marking a rise of over 12% since the beginning of the year [1] - The shift in Federal Reserve policy expectations, concerns over trade system restructuring due to the Trump administration's "reciprocal tariff policy," and a three-year trend of central banks increasing gold reserves have contributed to this milestone [1] Group 1: Reconstructed Hedging Logic - The financial market is reassessing the intrinsic value of precious metals, with gold gaining favor as a non-USD asset following the Fed's signal to pause interest rate hikes [3] - Silver has reached its highest price since 2012, driven by surging semiconductor demand and its dual role as both an industrial and financial asset [3] - Central banks globally added 1,136 tons of gold in 2024, reflecting a cautious attitude towards the USD credit system, with 95% of surveyed central banks planning to continue increasing their gold reserves in the next 12 months [3] Group 2: Visible Investment Pain Points - Ordinary investors face three main obstacles: compliance risks from platforms with unclear qualifications, delayed technical responses during market volatility, and high cost barriers due to traditional platforms' high spreads and minimum trading limits [4] - The average spread for traditional platforms exceeds $0.5 per ounce, with minimum trading limits around $100,000, which excludes small and medium investors [4] Group 3: Platform Value Analysis - Gold Rong China, holding AA class 084 member qualification from the Hong Kong Gold Exchange, offers systematic solutions to address industry pain points [5] - The strict regulatory framework of the Hong Kong financial system ensures client funds are independently held by third-party banks, eliminating misuse risks, and each transaction is traceable [6] - The platform achieves millisecond-level order execution and optimized fund flow, with order delays controlled within 0.1 seconds and instant fund deposits [7] Group 4: Inclusive Services Lowering Participation Barriers - The platform offers lower spreads starting at $0.34 per ounce, saving over 30% compared to market averages [8] - It supports micro contracts of 0.01 lots, allowing small capital entry for investors [8] - Risk management tools such as "negative balance protection" and customizable stop-loss and take-profit features help secure profits [8] Group 5: Summary - The gold market is transitioning from "hedge-driven" to "value reassessment," influenced by central bank gold purchases and geopolitical risks [9] - Investors should focus on the implications of Fed policy shifts and tariff policies while prioritizing platform selection based on compliance, technical performance, and cost structure [9]

上海黄金交易所黄金T+D 7月3日（周四）早盘盘初上涨0.12%报773.5元/克； 上海黄金交易所白银T+D 7月3日（周四）早盘盘初上涨0.61%报8805.0元/千克。 黄金延期 白银延期 ...

若就业数据呈现超预期韧性，金价或维持震荡偏弱走势。中长期而言，美国大型减税法案导致的财政赤字 抬高以及美元信用受损仍利多金价，联储官员发言基调转鸽，提振白银工业属性，银价或具备更强的韧性 免责声明 。短期注意回调风险，沪金2508合约关注区间：760-790元/克；沪银2508合约关注区间：8700-9000元/千 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 贵金属产业日报 2025-07-01 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 776.1 | 8.52 沪银主力合约收盘价(日,元/千克) | 8810 | 48 | | | 主力合约持仓量:沪金(日,手) | 167465 | 11644 主力合约持仓量:沪银(日,手) | 264724 | -12978 | | | 沪金主力前20名净持仓(日,手) | 140014 | 4967 沪银主力前20名净持仓(日,手) | ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The medium to long - term trend of precious metals may be bullish. Since late April, London gold has been in a range - bound oscillation. Short - term technical patterns show weakness and pressure, but the daily line has regained the $3300 level. Attention should be paid to the effectiveness of this support. The next support is at $3250, and if it breaks, it may further decline to the previous low of $3120. The resistance is in the $3330 - 3350 area. London silver should focus on the support around $35.3, with strong support in the $34.5 - 35 area, and resistances at $36.2 and $36.8. The operation strategy is to buy on dips [6]. Summary by Directory Market Review - On Monday, the precious metals market rebounded after a decline. Among surrounding assets, the US stock market rose, the US Treasury yield declined, the US dollar index dropped, and Bitcoin fluctuated. COMEX gold 2508 contract closed at $3315 per ounce, up 0.83%; COMEX silver 2509 contract closed at $36.33 per ounce, down 0.11%. SHFE gold 2508 main contract closed at 767.58 yuan per gram, down 0.62%; SHFE silver 2508 contract closed at 8762 yuan per kilogram, down 0.54% [2]. - In terms of trade tariffs, Trump said there was no need to extend the July 9 deadline and would set tariffs for each country, threatening to impose a 25% tariff on Japanese cars. The EU was willing to accept the US "benchmark tariff" but sought exemptions for key industries. Canada made concessions and cancelled the digital service tax, and the US and Canada would resume trade negotiations to reach an agreement by July 21. South Korea's top priority was to obtain a tariff extension [2]. Interest Rate Cut Expectations and Fund Holdings - According to CME "FedWatch" data, the probability of the Fed keeping interest rates unchanged in July is 79.8%, and the probability of a 25 - basis - point rate cut is 20.2%. In September, the probability of unchanged rates is 5.3%, the probability of a cumulative 25 - basis - point cut is 75.9%, and the probability of a cumulative 50 - basis - point cut is 18.8%. In October, the probability of unchanged rates is 1.5%, the probability of a cumulative 25 - basis - point cut is 24.6%, the probability of a cumulative 50 - basis - point cut is 60.3%, and the probability of a cumulative 75 - basis - point cut is 13.7% [3]. - In terms of long - term funds, SPDR Gold ETF holdings decreased by 2.29 tons to 952.53 tons, and iShares Silver ETF holdings decreased by 39.58 tons to 14826.61 tons. SHFE silver inventory increased by 4.1 tons to 1299.8 tons, and SGX silver inventory decreased by 21 tons to 1357.8 tons as of the week ending June 20 [3]. This Week's Focus - This week, focus on the US non - farm payrolls report on Thursday night. The US Senate is preparing to vote on the Trump administration's "Great Beauty" bill, aiming to pass it before July 4. On Tuesday at 21:30, central bank governors from major economies will have a panel discussion. On Friday, due to the US Independence Day holiday, COMEX precious metals trading will end at 01:00 Beijing time on the 5th [4]. Precious Metals Spot and Futures Price Table - SHFE gold main - continuous contract is at 767.58 yuan per gram, up 1.18 yuan or 0.15%; SGX gold TD is at 764.15 yuan per gram, up 1.07 yuan or 0.14%; CME gold main contract is at $3315 per ounce, up $28.9 or 0.88%. SHFE silver main - continuous contract is at 8762 yuan per kilogram, down 30 yuan or 0.34%; SGX silver TD is at 8728 yuan per kilogram, down 20 yuan or 0.23%; CME silver main contract is at $36.33 per ounce, up $0.165 or 0.46%. SHFE - TD gold is at 3.43 yuan per gram, up 0.11 yuan or 3.31%; SHFE - TD silver is at 34 yuan per kilogram, down 10 yuan or 91.3%. The CME gold - silver ratio is 91.2469, up 0.3828 or 0.42% [7]. Inventory and Position Table - SHFE gold inventory is 18237 kilograms, unchanged; CME gold inventory is 1152.3287 tons, down 0.0042 tons. SHFE gold position is 155821 lots, up 25999 lots or 20.03%; SPDR gold position is 952.53 tons, down 2.29 tons or - 0.24%. SHFE silver inventory is 1299.756 tons, up 4.093 tons or 0.32%; CME silver inventory is 15542.2557 tons, up 18.7987 tons or 0.12%; SGX silver inventory is 1357.845 tons, down 21.03 tons or - 1.53%. SHFE silver position is 277702 lots, down 37746 lots or - 11.97%; SLV silver position is 14826.612625 tons, down 39.5722 tons or - 0.27% [16]. Stock, Bond, and Commodity Summary - The US dollar index is at 96.8103, down 0.4513 or - 0.46%; the US dollar against the Chinese yuan is at 7.16, down 0.0043 or - 0.06%. The Dow Jones Industrial Average is at 44094.77 points, up 275.5 points or 0.63%. WTI crude oil spot is at $65.11 per barrel, down $0.41 or - 0.63%. LmeS copper 03 is at $9878 per ton, down $1 or - 0.01%. The 10 - year US Treasury yield is at 4.24%, down 0.05 or - 1.17%. The 10 - year US real interest rate is at 1.95, down 0.05 or - 2.5%. The 10 - 2 - year US Treasury yield spread is at 0.52, down 0.04 or - 7.14% [21][23].

贵金属日报 2025-07-01 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 贵金属 沪金涨 0.54 %，报 768.98 元/克，沪银涨 0.10 %，报 8722.00 元/千克；COMEX 金涨 0.40 %， 报 3321.00 美元/盎司，COMEX 银涨 0.45 %，报 36.34 美元/盎司； 美国 10 年期国债收益率 报 4.24%，美元指数报 96.78 ； 市场展望： 昨日公布的美国经济数据表现弱势，美国 6 月芝加哥 PMI 为 40.4，低于预期的 43 以及前值的 40.5。美国 6 月达拉斯联储商业活动指数为-12.7，低于预期的-10。市场已加大对于联储后续 货币政策边际宽松的预期，当前市场预期联储下半年将分别在九月、十月以及十二月议息会议 中进行 25 个基点的降息操作，高于前期两次 25 个基点的降息预期。 当前美联储的货币政策已不完全具备"独立性"，就业和通胀数据并非其维持高息环境的主要 原因：美联储以通胀和就业为双重政策目标，而关税政策所带来的 ...