Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core View of the Report - Gold and silver prices have declined. The Middle - East situation has cooled down with Israel and Iran agreeing to a full - scale cease - fire. Fed Chairman Powell stated that the Fed is in a favorable position and can wait patiently. The June Fed rate meeting kept rates unchanged, and the Fed remains on the sidelines. The "big and beautiful" bill raises deficit concerns, and the impact of US tariff policies shown by recent data is smaller than expected. The market is at a stage of expecting a cooling of tariff conflicts, and although gold has long - term drivers, its upward movement is hesitant at high prices. With the approaching July tariff suspension deadline, be vigilant about hype related to a resurgence of tariffs [4]. Group 3: Summary by Relevant Contents Futures Market - The current prices of Shanghai Gold 2508 and 2512 are 763.58 and 767.78 respectively, with price drops of - 2.82 and - 2.64, and declines of - 0.37% and - 0.34%. The current prices of Shanghai Silver 2508 and 2512 are 8718.00 and 8757.00 respectively, with price drops of - 74.00 and - 75.00, and declines of - 0.84% and - 0.85% [2]. - The trading volumes of Shanghai Gold 2508 and 2512 are 169217 and 25321 respectively, and the trading volumes of Shanghai Silver 2508 and 2512 are 469549 and 42675 respectively [2]. Spot Market - The previous closing prices of Shanghai Gold T + D, London Gold, and Shanghai Silver T + D are 763.08, 754.99, and 8748.00 respectively. The price drops are - 10.18, - 11.80, and - 25.00 respectively, and the declines are - 1.32%, - 1.54%, and - 0.28% respectively [2]. - The current values of the spread between Shanghai Gold 2512 and Shanghai Gold 2506, and Shanghai Silver 2512 and Shanghai Silver 2506 are 4.20 and 39 respectively [2]. Inventory - The current values of the Shanghai Futures Exchange's gold and silver inventories are 18,237 kg and 1,295,663 kg respectively. The current values of COMEX gold and silver inventories are 37,048,335 and 499,090,358 respectively. The increase in the Shanghai Futures Exchange's silver inventory is 24,833.00 kg, and the decrease in COMEX silver inventory is 930224 [2]. Related Derivatives and Other Data - The current values of the US dollar index, S&P index, US Treasury yield, Brent crude oil, and US dollar - RMB exchange rate are 97.2612, 6173.07, 4.29, 66.34, and 7.1729 respectively [2]. - The current positions of the SPDR Gold ETF and SLV Silver ETF are 44315 tons each. The net positions of CFTC speculators in silver and gold are 33486 and 32895 respectively [2]. Macroeconomic News - Trump believes he doesn't need to extend the July 9 deadline for countries to reach agreements to avoid higher tariffs. He also criticizes Fed Chairman Powell for keeping interest rates high [3]. - The US Senate passed a procedural motion to advance the "big and beautiful" tax and spending bill, increasing the likelihood of its passage in the next few days [3]. - Musk criticizes the "big and beautiful" tax and spending bill, saying it will destroy millions of US jobs and cause great strategic harm [3]. - The G7 agreed to support a proposal to exempt US companies from some provisions of the 2021 "global minimum tax system" [3].

Core Viewpoint - The G7 has reached an agreement that allows U.S. companies to be exempt from certain provisions of the 2021 "global minimum tax" framework, in exchange for the U.S. government repealing a retaliatory tax provision from the "Big and Beautiful" Act [1] Group 1 - The G7 has established a "parallel system" in response to the U.S. government's agreement to eliminate the retaliatory tax proposal under Section 899 of the Trump tax and spending law [1] - U.S. Treasury Secretary Janet Yellen announced the agreement with the G7, indicating a significant shift in tax policy for American corporations [1] - The agreement reflects a collaborative effort among G7 nations to address global tax standards while accommodating U.S. corporate interests [1]