上海黄金交易所黄金T+D 6月5日（周四）早盘盘初上涨0.37%报782.27元/克； 上海黄金交易所白银T+D 6月5日（周四）早盘盘初上涨0.12%报8455.0元/千克。 ...

Group 1: Report Information - Report Name: Precious Metals Data Daily [4] - Report Date: June 3, 2025 [5] - Research Institution: ITC Guomao Futures [3] - Researcher: Baishuna from the Macroeconomic and Financial Research Center [5] Group 2: Price and Performance Price Tracking - On May 30, 2025, the prices of London Gold Spot, London Silver Spot, COMEX Gold, COMEX Silver, AU2508, AG2508, AU (T+D), and AG (T+D) were $3298.75/oz, $33.13/oz, $3322.40/oz, $33.25/oz, 771.80 yuan/g, 8218 yuan/kg, 767.80 yuan/g, and 8187 yuan/kg respectively [5]. - Compared with May 29, 2025, the price changes were 0.8%, -0.1%, 0.8%, -0.2%, 1.0%, -0.1%, 0.9%, and 0.0% respectively [5]. Spread and Ratio - On May 30, 2025, the spreads and ratios such as gold TD - SHFE active price, silver TD - SHFE active price, gold and silver internal - external spreads, SHFE and COMEX gold - silver ratios, etc. are presented in the report [5]. - The changes compared with May 29, 2025 varied, with the largest increase of 30.6% in the gold internal - external (TD - London) spread and the largest decrease of 19.14% in COMEX gold non - commercial short positions [5]. Group 3: Position Data Non - commercial Positions - As of May 27, 2025 (weekly data), the non - commercial long and short positions of COMEX gold and silver, and the positions of gold ETF - SPDR and silver ETF - SLV are provided [5]. - Compared with May 29, 2025, the changes in non - commercial positions of COMEX gold and silver ranged from - 19.14% to 6.22% [5]. Inventory Data - On May 30, 2025, the SHFE gold inventory was 17,247 kg, with no change compared to May 29, 2025; the SHFE silver inventory was 1,066,885 kg, a 2.99% increase [5]. - The COMEX gold inventory was 38,789,194 troy ounces, unchanged, and the COMEX silver inventory was 496,007,980 troy ounces, a 0.43% decrease [5]. Group 4: Interest Rates, Exchange Rates, and Stock Market - On May 30, 2025, the US dollar/Chinese yuan central parity rate was 7.18, a 0.08% decrease compared to May 29, 2025 [5]. - The US dollar index was 99.44, a 0.08% increase; the 2 - year US Treasury yield was 3.89%, a 0.77% decrease; the 10 - year US Treasury yield was 4.41%, a 0.45% decrease [5]. - The VIX was 18.57, a 3.18% decrease; the S&P 500 was 5911.69, a 0.01% decrease; NYWEX crude oil was $60.79, a 0.21% decrease [5]. Group 5: Market Analysis and Strategy Short - term Logic - Trump's decision to raise steel tariffs to 50% and the EU's response, along with the escalating geopolitical tensions in Europe, have led to a significant increase in market risk - aversion sentiment, boosting precious metal prices [5]. - The slowdown of US PCE in April and consumer inflation expectations in June have increased the market's expectation of the Fed's interest rate cut, and the weak operation of the US dollar index also supports precious metal prices [5]. - However, due to the uncertainty and recurrence of tariff negotiations, the driving force for precious metal prices may weaken if the negotiations ease [5]. Medium - and Long - term Logic - Against the backdrop of the trade war, the US economy still faces the risk of "stagflation," and the Fed still has a certain probability of cutting interest rates in the second half of the year [5]. - With the intensification of great - power competition and the de - dollarization trend, global central banks' gold purchases continue, strengthening the monetary attribute of gold, and the medium - and long - term upward trend remains unchanged [5]. - The strategy suggests continuous low - buying allocation [5].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The US economic data released yesterday was weaker than expected, leading to an increased market expectation for the Fed's subsequent marginally loose monetary policy, and the silver price showed strength [1]. - The US ISM manufacturing PMI in May was 48.5, lower than the expected 49.5 and the previous value of 48.7, remaining below the boom - bust line. The ISM import index was only 39.9, significantly lower than 47.1 in April. The month - on - month value of US construction spending in April was - 0.4%, significantly lower than the expected 0.3%. Meanwhile, the Fed's monetary policy stance was dovish [2]. - Given the dovish stance of the Fed's monetary policy, the silver price was strong. The expansion of the US fiscal deficit provided medium - term support for the gold price. It is recommended to buy on dips in the precious metals strategy. The reference operating range for the main contract of Shanghai gold is 777 - 836 yuan/gram, and for the main contract of Shanghai silver is 8342 - 8733 yuan/kilogram [2]. 3. Summary According to Relevant Catalogs 3.1 Price and Yield Data - Shanghai gold rose 0.70% to 771.80 yuan/gram, and Shanghai silver rose 0.07% to 8218.00 yuan/kilogram. COMEX gold rose 0.47% to 3413.20 dollars/ounce, and COMEX silver rose 0.54% to 34.88 dollars/ounce. The US 10 - year Treasury yield was 4.46%, and the US dollar index was 98.59 [1]. - Various precious metals and related financial product data, such as the closing prices, trading volumes, and positions of Au(T + D), London gold, SPDR gold ETF holdings, etc., are presented in the report, along with their daily changes and percentage changes [3]. 3.2 Market Data Details - For gold, in COMEX, the closing price of the active contract was 3406.40 dollars/ounce (up 2.82% from the previous period), the trading volume decreased by 3.75% to 17.59 million lots, and the position decreased by 2.34% to 43.75 million lots. In SHFE, the closing price of the active contract was 771.80 yuan/gram (up 0.98%), the trading volume decreased by 8.19% to 40.73 million lots, and the position decreased by 3.89% to 40.91 million lots [7]. - For silver, in COMEX, the closing price of the active contract was 34.93 dollars/ounce (up 5.61% from the previous period), the position increased by 4.32% to 14.76 million lots, and the inventory decreased by 0.12% to 15409 tons. In SHFE, the closing price of the active contract was 8218.00 yuan/kilogram (down 0.07%), the trading volume decreased by 1.12% to 84.79 million lots, and the position decreased by 2.41% to 87.67 million lots [7]. 3.3 Price and Spread Data - The report provides data on the internal - external price spreads of gold and silver, including the spreads between SHFE and COMEX, and between SGE and LBMA for both gold and silver, as well as the calculation parameters such as exchange rates and unit conversion coefficients [53].

Group 1: Market Performance - US stock indices collectively rose, with the Dow Jones up 0.08%, Nasdaq up 0.67%, and S&P 500 up 0.41% [2] - Technology stocks saw significant gains, with AMD and Meta rising over 3%, while Tesla and Google fell over 1% [2] - International gold prices surged, with spot gold increasing by 2.8% to $3380.81 per ounce, and silver rising by 5.32% [2] Group 2: Box Office Performance - The box office for the 2025 Dragon Boat Festival reached 459 million, marking a 20% increase compared to 2024 [5] - "Mission: Impossible 8" led the box office during this period with 190 million (totaling 228 million) [5] Group 3: Company Statements - Deep Blue Automotive issued a statement refuting claims that their vehicles push ads while driving, clarifying that such notifications only appear when the vehicle is in park [11][12] - The company emphasized that it has never collected user information without consent and is committed to user privacy protection [11][12] Group 4: Individual Company News - Li Yapeng denied rumors of failure regarding the Lijiang project, stating it has been successful since its launch in 2015, with sales of 7 billion in 2020 and 2021 [16] - He mentioned ongoing legal issues but asserted that the project has been profitable and that past claims of unfinished buildings were false [16]

经济观察报 记者 陈姗 热衷于投资的陈女士在铂金上"出手"了。 "最近听说铂金市场出现了缺货、抢货现象，一些社交媒体和平台也都在讨论铂金，我想着铂金已经在底部'躺'了这么多年，买入后上涨的概率会比下跌的 概率大。"陈女士4月2日以接近120万元的资金量下定了铂金条和铂金板料，共计10斤。 5月下旬，一向走势平平无奇的铂金迅速启动上涨行情，纽约商品交易所的铂金期货主力合约价格一度冲高至1104.8美元/盎司，创出近一年以来新高，年内 累计最大涨幅达到25%。这股"白色风暴"，迅速成为投资者和买家的关注点。 在品牌首饰零售端，铂金饰品顾客寥寥。一些消费者则在以当初囤积黄金的热情，涌入铂金直播间"扫货"。 铂金上游的"老板"们更早嗅到了行情变化带来的商机。经济观察报记者获悉，深圳水贝2025年仅前四个月就新增专业铂金展厅超过10家，且单店库存均破百 公斤。在地下商业连廊空间，60余个新增铂金专柜已自然形成一条交易走廊。 一波铂金"复兴"浪潮正迅速从水贝这一"珠宝港口"蔓延开来。5月29日，在上海豫园从事贵金属销售和回收业务的许先生说，由于铂金需求激增，他们的铂 金现货库存全部告罄，投资者只能付全款预订。 消费者：从 ...

近日，世界铂金投资协会发布数据显示，2025年第一季度，全球铂金总供应量同比下降10%，为45.3 吨；需求端同比增长10%，达70.7吨。在需求方面，全球铂金首饰和投资需求显著增长，首饰需求同比 增长9%，投资需求则增至14.3吨。 《中国经营报》记者采访了解到，在全球央行宽松货币周期背景下，贵金属特别是黄金白银在类通货的 属性下成为央行和金融机构的重要投资标的。随着金银价格大幅上涨，铂金的性价比优势逐渐显现，进 而带动了消费和投资需求的提升。 铂金市场供不应求 全球铂金供应持续紧张。世界铂金投资协会中国市场研究负责人张文斌介绍，2025年全球铂金总供应量 为五年来最低，下降4%至217.7吨，预计2025年全球铂金总需求将达到247.7吨。 从用途来看，广发期货高级黄金投资分析师叶倩宁告诉记者，铂金作为一种贵金属，由于其优良的物理 和化学性质，在工业生产中有广泛用途，同时因为亮丽的外观作为首饰制品受到消费者、投资者的青 睐。铂金从过去全球的供需量来看总体保持紧平衡的状态，因此需求对价格影响更大。从需求的角度来 看，全球每年铂金的需求量中，工业、投资和首饰消费分别占66%、9%和25%，其中工业需求中又有 ...

Core Viewpoint - The Federal Reserve is adopting a cautious approach to interest rate cuts due to high uncertainty and inflation risks, indicating potential challenges ahead [1] Group 1: Federal Reserve and Interest Rates - The Federal Reserve's meeting minutes highlight a consensus on the risks of inflation, suggesting that rate cuts may be difficult [1] - The expectation for rate cuts has been pushed back to September or December due to concerns over consumer inflation driven by tariffs [1] Group 2: Global Central Bank Actions - The European Central Bank (ECB) cut rates by 25 basis points in April, with expectations for further cuts later in the year [1] - The Bank of England reduced its key rate to 4.25% in May, with market expectations for only one more cut by the end of the year [1] - The Bank of Japan is anticipated to raise rates around July, following a recent increase to 0.5% [1] Group 3: Bond Market Dynamics - The 5-year U.S. Treasury auction showed strong overseas demand, reaching a historical high [1] - The upcoming maturity of U.S. Treasury bonds, totaling $1.2 trillion and $1.46 trillion in June and July respectively, may lead to liquidity shocks [1] - Japan's 40-year bond auction saw a bidding ratio at its lowest since July 2024, although results were better than the previous week [1] Group 4: Precious Metals Investment Outlook - Due to the cautious stance of the Federal Reserve and geopolitical risks, precious metal prices may experience fluctuations, with potential for recovery after initial declines [1] - Investors are advised to consider long positions during market pullbacks, paying attention to support and resistance levels for various commodities [1]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Short - term: During the negotiation window, gold prices are expected to fluctuate repeatedly at high levels. Silver prices may face pressure from the dollar's rebound, and the upside space is relatively limited in the long - term due to economic risks and demand slowdown [4] - Medium - to - long - term: With the trade war background, potential US economic risks, possible Fed rate cuts, and continued central bank gold purchases, gold still has long - term allocation value, and the strategy is to buy on dips [4] Summary by Related Catalogs 1. Price Tracking - On May 27, 2025, compared with May 26, 2025, London gold spot price was down 0.8% to $3308.85/ounce, London silver spot price was down 1.1% to $33.11/ounce. Various gold and silver futures and spot prices in different markets also showed declines [3] 2. Spread/Ratio - On May 27, 2025, compared with May 26, 2025, the spread of gold TD - SHFE active price increased by 5.1%, while the spread of silver TD - SHFE active price decreased by 13.5%. Other spreads and ratios also had different degrees of changes [3] 3. Position Data - As of May 23, 2025, compared with May 22, 2025, the gold ETF - SPDR decreased by 0.15% to 922.46 tons, the silver ETF - SLV increased by 0.60% to 14217.50369 tons. Non - commercial positions in COMEX gold and silver also had corresponding changes [3] 4. Inventory Data - On May 27, 2025, compared with May 26, 2025, SHFE gold inventory remained unchanged, SHFE silver inventory increased by 3.23%. COMEX gold inventory decreased by 0.01%, and COMEX silver inventory decreased by 0.36% [3] 5. Related Market Data - On May 27, 2025, compared with May 26, 2025, the US dollar index increased by 0.06%, and other related market data such as US bond yields, VIX, S&P 500, etc. also had different changes [4] 6. Market News and Analysis - News includes the statement of the Fed's next - year voter about a longer pause in easing and Japan's possible adjustment of bond issuance plan. The short - term and medium - to - long - term logics for precious metals are analyzed [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Multiple factors drove a short - term rebound in the US dollar index, leading to weak performance in precious metal prices. The poor Japanese bond auction results and potential adjustments to Japan's bond - issuance structure caused the Japanese bond yield to fall, driving up the US dollar against the yen and strengthening the US dollar index by 0.58% to 99.57 [2]. - US real - estate and manufacturing indicators were affected in a high - interest - rate environment. The April durable - goods orders had a significant decline, and the March real - estate price index was lower than expected. The market anticipates two 25 - basis - point interest - rate cuts by the Fed in September and December. Attention should be paid to the potential negative impact of US economic recession risks on precious metal prices [3]. - For gold, it is recommended to hold existing long positions and wait for significant price corrections to buy at lower prices. The reference operating range for the main Shanghai gold futures contract is 756 - 836 yuan/gram. For silver, it is advisable to wait and see for now. Silver has strong upward momentum only when the Fed makes a clear dovish statement. The reference operating range for the main Shanghai silver futures contract is 7804 - 8545 yuan/kilogram [3]. Summary by Related Catalogs Market Price Data - On May 27, 2025, COMEX gold closed at $3299.70 per ounce, down 1.73% from the previous day; COMEX silver closed at $33.39 per ounce, down 0.76%. Shanghai gold futures (Au(T + D)) closed at 768.48 yuan/gram, down 0.70%, and Shanghai silver futures (Ag(T + D)) closed at 8189 yuan/kilogram, down 0.61% [4][6]. - The US 10 - year Treasury yield was 4.43%, and the US dollar index was 99.6147, up 0.64% [4]. Price and Volume Relationships - For COMEX gold, the trading volume increased by 22.61% to 29.20 million lots, and the open interest increased by 1.62% to 44.80 million lots. For COMEX silver, the open interest increased by 2.31% to 14.15 million lots [6]. Price Structure and Spread - On May 27, 2025, the SHFE - COMEX gold spread was 6.43 yuan/gram, and the SHFE - COMEX silver spread was 515.30 yuan/kilogram [55].

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report The report suggests that the medium - to long - term trend of precious metals is bullish, while the short - term shows some fluctuations. Due to the high volatility of gold and the 90 - day tariff suspension observation period of external economies entering the second half, it is expected that there will be a period of volatility reduction and consolidation from the end of May to June. Short - term corrections are regarded as medium - to long - term buying opportunities, but prices may remain in a high - level oscillation recently [5]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Tuesday, precious metal prices adjusted. The U.S. stock, bond, and foreign exchange markets rose, indicating alleviated concerns about U.S. finances and improved risk appetite. Funds flowed back to the U.S. market, and concerns about U.S. tariffs on the EU eased. The U.S. consumer confidence index exceeded expectations. The gold 2506 contract closed at $3299.7 per ounce, down 1.27%; the U.S. silver 2507 contract closed at $33.385 per ounce, down 0.77%. The SHFE gold 2508 main contract closed at 771.6 yuan per gram, down 1.27%; the SHFE silver 2506 contract closed at 8217 yuan per kilogram, down 0.64% [2]. 3.2 Interest Rate Cut Expectations and Fund Holdings - According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged in June is 97.8%, and the probability of a 25 - basis - point rate cut is 2.2%. In July, the probability of keeping rates unchanged is 76.6%, the probability of a cumulative 25 - basis - point cut is 22.9%, and the probability of a cumulative 50 - basis - point cut is 0.5%. In September, the probability of keeping rates unchanged is 38.6%, the probability of a cumulative 25 - basis - point cut is 49.5%, the probability of a cumulative 50 - basis - point cut is 11.6%, and the probability of a cumulative 75 - basis - point cut is 0.2%. The SPDR Gold ETF holdings remained at 922.46 tons, and the iShares Silver ETF holdings remained at 14217.5 tons. The SHFE silver inventory increased by 31 tons to 988.3 tons, and the SGX silver inventory decreased by 91.8 tons to 1482.5 tons as of the week ending May 16 [3]. 3.3 This Week's Focus - The Japanese Ministry of Finance conducted a rare "survey" of the bond market and considered reducing the issuance of ultra - long - term bonds, leading to a sharp rebound in Japanese bonds and improved demand for U.S. bonds. This week, key data to watch include the U.S. April PCE data and the University of Michigan consumer confidence index on Friday evening. The domestic market will be closed on Friday night due to the Dragon Boat Festival holiday. Regarding events, at 08:00 on Wednesday, FOMC permanent voter and New York Fed President Williams will participate in a panel discussion at the Bank of Japan's Institute for Monetary and Economic Studies. At 02:00 on Thursday, the Fed will release the minutes of its May monetary policy meeting [4]. 3.4 Price and Inventory Data - **Precious Metal Futures and Spot Prices**: SHFE gold main - continuous contract is at 771.6 yuan per gram, down 0.73%; SGX gold TD is at 768.48 yuan per gram, down 0.7%; CME gold main contract is at $3327.4 per ounce, down 1.29%. SHFE silver main - continuous contract is at 8217 yuan per kilogram, down 0.76%; SGX silver TD is at 8189 yuan per kilogram, down 0.61%; CME silver main contract is at $33.385 per ounce, down 0.76% [7]. - **Inventory and Holdings**: SHFE gold inventory is 17247 kilograms (unchanged); CME gold inventory is 1206.4256 tons, down 0.021 tons. SHFE gold holdings are 204795 lots (unchanged); SPDR gold holdings are 922.46 tons (unchanged). SHFE silver inventory is 988.32 tons, up 30.94 tons, or 3.23%; CME silver inventory is 15467.857 tons, up 18.9066 tons, or 0.12%; SGX silver inventory is 1482.48 tons, down 91.86 tons, or - 5.83%. SHFE silver holdings are 364419 lots (unchanged); SLV silver holdings are 14217.50369 tons (unchanged) [13][16]. 3.5 Other Market Data - **Stock, Bond, and Commodity Market Overview**: The U.S. dollar index is at 99.5748, up 0.59%; the U.S. dollar against the Chinese yuan is at 7.1931, up 0.21%. The Dow Jones Industrial Average is at 41603.07 points, down 0.61%. WTI crude oil spot is at $60.89 per barrel, down 0.96%. LmeS copper 03 is at $9614 per ton, up 0.99%. The 10 - year U.S. Treasury yield is at 4.51%, down 0.66%; the 10 - year U.S. real interest rate is at 2.11%, down 3.21%; the 10 - 2 year U.S. Treasury yield spread is at 0.51%, down 5.56% [21].