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].

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 ...