1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - The international trade - currency system restructuring and reserve diversification will support the long - term bull market of gold, and Trump's reforms and economic conditions will support the medium - term bull market of gold. However, high price and P/E ratio mean increased volatility. In the short - term, London gold will continue to move in a range waiting for the next upward breakthrough. Investors are advised to hold a long - term view with medium - low positions, and short - minded traders can consider "long gold, short silver" arbitrage when silver's upward momentum fades [4][6]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Market Conditions and Outlook 3.1.1 Intraday Market - More Fed officials worry about the US job market and support rate cuts, which weakens the US dollar and supports precious metal prices. But the potential cooling of the Russia - Ukraine war and the clarification of no import tariffs on gold and silver weaken the safe - haven demand for precious metals. London gold pulled back to around $3360 per ounce overnight, while silver was slightly stronger due to China's anti - involution policy expectations. Gold's safe - haven demand is boosted by Trump 2.0's new policies. London gold may fluctuate between $3120 - $3500 per ounce and then rise again. Investors are advised to hold a long - term view with medium - low positions. This week, pay attention to the US - Russia summit, US inflation data, Fed officials' statements, and China's economic data [4]. 3.1.2 Medium - term Market - Since late April, London gold has been fluctuating between $3100 - $3500 per ounce. International trade cooling and US fiscal expansion reduce gold's safe - haven and allocation demand, but Trump's new policies and geopolitical risks support the price. Speculative funds flowed into silver and platinum in June, and silver prices fluctuated greatly in July. The gold - silver ratio rebounded slightly after falling to 86. The long - term bull market of gold is supported by international trade and currency system restructuring, and the medium - term bull market is supported by Trump's policies and economic conditions. Gold's volatility has increased, and in the third quarter, pay attention to the impact of US economic and inflation conditions on Fed policies. It is expected that London gold will continue to move in a range in the short - term. Long - minded investors can participate with medium - low positions, and short - minded traders can consider "long gold, short silver" arbitrage [6]. 3.2 Precious Metals Market - related Charts - The content provides multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, Shanghai futures index basis against Shanghai gold T+D, and gold and silver ETF holdings, with data sources from Wind and the research and development department of Jianxin Futures [8][10][12]. 3.3 Major Macroeconomic Events/Data - The US Commerce Department allows Nvidia to export H20 chips to China, and Nvidia and AMD will pay 15% of their Chinese chip sales revenue to the US government [18]. - Trump will meet Putin on August 15 to discuss ending the Ukraine war, and the White House is considering inviting Zelensky. European leaders welcome the meeting but emphasize the need to pressure Moscow [18]. - Many Fed officials are worried about the labor market and suggest rate cuts in September. However, some officials think it's too early to commit to rate cuts due to upcoming key data and expected inflation rise [19]. - The Bank of England cut interest rates by 25 basis points, but four of the nine policymakers opposed it, indicating that consecutive rate cuts may be near the end [19].

Group 1: Report Information - Report Title: Precious Metals Daily Review [1] - Date: July 30, 2025 [1] - Research Team: Macro Finance Team [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core Viewpoints - The international trade and monetary system restructuring will support the long - term bull market of gold, and Trump's reforms will support the medium - term bull market. However, high price and PE levels increase volatility, and in Q3, the impact of the US fiscal expansion bill and inflation on the Fed's rate - cut timing should be noted. [5] - It is recommended that investors maintain a long - term view and participate in trading with medium - low positions. For those with a short - term view, they can consider the "long gold, short silver" arbitrage opportunity after the silver's upward momentum fades. [4][5] Group 4: Summary by Directory 1. Precious Metals Market Conditions and Outlook Intraday Market - The potential harm of the US - EU trade agreement to the European economy led to a more than 1% drop in the euro against the US dollar, pushing the US dollar index to around 99. The easing of international trade and the cease - fire on the Thai - Cambodian border reduced the safe - haven demand for precious metals. London gold fell to around $3300 per ounce, while silver with strong industrial attributes was strong due to Sino - US trade negotiation expectations. [4] - Trump's new policies boost the safe - haven demand for gold. London gold is expected to oscillate between $3120 - $3500 per ounce and then rise. [4] - This week, attention should be paid to Sino - US - Swedish economic and trade talks, central bank meetings, and important economic data. [4] Medium - term Market - Since late April, London gold has been oscillating between $3100 - $3500 per ounce. International trade cooling and the US fiscal expansion bill reduced the safe - haven and allocation demand for gold, but Trump's policies and geopolitical risks supported the price. [5] - In June, speculative funds flowed into the silver and platinum markets, and the gold - silver ratio has basically returned to the level before April. [5] - It is expected that London gold will continue to oscillate between $3120 - $3500 per ounce in the short term, waiting for the next upward breakthrough. [5] 2. Precious Metals Market - related Charts - The report provides multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, Shanghai futures index basis against Shanghai Gold T + D, gold and silver ETF holdings, gold - silver ratio, and the correlation between London gold and other assets. [7][9][11] 3. Main Macroeconomic Events/Data - Sino - US senior economic officials held over five - hour talks in Stockholm to extend the trade truce by three months. [17] - A cease - fire agreement between Thailand and Cambodia took effect at midnight on Monday, ending a deadly conflict. [17] - Trump set a new deadline for Russia to make progress in ending the Ukraine war. [17] - Trump expects to impose 15% - 20% tariffs on countries without trade agreements with the US and will send notice letters to about 200 countries. The US is considering changing its Myanmar policy regarding rare - earth resources. The EU and the US will establish a metal alliance as part of the trade agreement. [18]

Report Overview - Report Date: July 10, 2025 [1] - Report Type: Precious Metals Daily Review - Research Team: Macro Financial Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - Trump's new policies have increased geopolitical risks and economic uncertainty, boosting the safe - haven demand for gold. Although the dollar exchange rate and U.S. Treasury yields have risen, which is negative for precious metals in the short - term, the long - term and medium - term upward trend of gold remains intact. It is recommended that investors maintain a long - position mindset and participate in trading with medium - to - low positions [4][5]. Summary by Section 1. Precious Metals Market Conditions and Outlook Intraday Market - Trump signed the "Big Beautiful Act" into law, and the U.S. Treasury accelerated debt issuance, causing the dollar exchange rate and U.S. Treasury yields to rise, which was negative for precious metals. On the 9th Asian session, London gold fell to around $3285 per ounce. However, Trump's threat to impose tariffs on copper, drugs, and semiconductors and sell weapons to Ukraine to resist Russia also boosted the safe - haven demand for precious metals. London gold is expected to oscillate between $3120 - $3500 per ounce and then rise again [4]. Domestic Precious Metals Market Data | Contract | Previous Closing Price | Highest Price | Lowest Price | Closing Price | Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 776.87 | 775.87 | 765.83 | 767.30 | - 1.23% | 396,422 | - 2282 | | Shanghai Silver Index | 8,957 | 8,944 | 8,853 | 8,906 | - 0.57% | 881,108 | - 38229 | | Gold T + D | 771.51 | 771.00 | 761.46 | 763.50 | - 1.04% | 236,664 | 11684 | | Silver T + D | 8,923 | 8,907 | 8,815 | 8,856 | - 0.75% | 3,398,076 | 59188 | [5] Medium - term Market - Since late April, London gold has been in a wide - range oscillation between $3100 - $3500 per ounce. Although the cooling of international trade and the strong rebound of global stock markets have weakened the safe - haven and allocation demand for gold, the uncertainty of Trump's new policies, weak global economic growth, and high geopolitical risks continue to support the gold price. The geopolitical risks in South Asia and the Middle East have provided short - term upward momentum for gold. In early June, speculative funds flowed into the silver and platinum markets, and London silver soared from $33 to $36.9 per ounce in six working days. It is expected that the long - term bull market of gold will be supported by the safe - haven and reserve diversification demand brought by the restructuring of the international trade and currency system, and the medium - term bull market will be supported by economic weakness and central bank interest - rate cut expectations. However, the high price and price - to - earnings ratio of gold also mean increased volatility, and attention should be paid to the impact of rising U.S. inflation pressure on the Fed's interest - rate cut timing in the third quarter [5]. 2. Precious Metals Market - Related Charts - The report provides multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets [7][9][11]. 3. Major Macroeconomic Events/Data - Trump announced a 50% tariff on imported copper and plans to impose tariffs on semiconductors and drugs (up to 200% for drugs), with copper tariffs possibly implemented by the end of July or August 1 [17]. - Trump said the U.S. will impose a 10% tariff on imports from BRICS countries, which has drawn complaints from Brazilian President Lula. No specific implementation date was given [17]. - Trump approved the delivery of defensive weapons to Ukraine and is considering additional sanctions against Moscow [17]. - The U.S. Treasury will increase the debt ceiling by $5 trillion and plans to increase the issuance of Treasury bills, focusing on short - term bonds. The U.S. Treasury Secretary said that the U.S. has received about $100 billion in tariff revenue so far this year, which may increase to $300 billion by the end of 2025 [18].