Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Short - term: The uncertainty and repetitiveness of tariff policies support precious metal prices. The Republican tax legislation draft and Trump's call to cancel the debt ceiling will increase the US deficit, weaken the US dollar's credit, and support precious metal prices. However, there is a possibility of tariff negotiation and easing, and the low probability of a Fed rate cut in June will limit the short - term upside of precious metals. Gold prices are expected to fluctuate within a range, and silver needs to watch the previous high resistance after a significant recent rally [4]. - Medium - to - long - term: Amid the trade war, the US economy faces risks, the Fed may cut rates this year, and with intensifying great - power competition and the de - dollarization trend, central bank gold purchases continue, strengthening gold's monetary attribute. The medium - to - long - term upward trend of precious metals remains unchanged, and the strategy is to buy on dips [4]. 3. Summary by Relevant Catalogs 3.1 Price Tracking - **Internal and External Gold and Silver Prices (15:00 prices)**: On June 5, 2025, compared with June 4, London gold spot rose 0.3%, London silver spot rose 0.2%, COMEX gold rose 0.3%, COMEX silver rose 0.2%, AU2508 rose 0.2%, AG2508 rose 0.1%, AU (T + D) rose 0.1%, and AG (T + D) rose 0.2% [3]. - **Price Spreads/Ratios**: From June 4 to June 5, the change in gold TD - SHFE active spread was 18.2%, silver TD - SHFE active spread was - 21.4%, gold internal - external spread (TD - London) was - 36.8%, silver internal - external spread (TD - London) was - 0.7%, SHFE gold - silver ratio was 0.0%, COMEX gold - silver ratio was 0.1%, AU2512 - 2508 was - 1.5%, and AG2512 - 2508 was - 2.3% [3]. 3.2 Position Data - **ETF and COMEX Positions**: From June 3 to June 4, gold ETF - SPDR remained unchanged at 0.00%, silver ETF - SLV rose 0.94%. For COMEX gold non - commercial positions, long positions decreased 1.67%, short positions decreased 19.14%, and net long positions increased 6.22%. For COMEX silver non - commercial positions, long positions increased 3.31%, short positions decreased 2.98%, and net long positions increased 5.94% [3]. 3.3 Inventory Data - **SHFE and COMEX Inventories**: From June 4 to June 5, SHFE gold inventory rose 3.48%, SHFE silver inventory rose 1.85%. From June 3 to June 4, COMEX gold inventory rose 0.07%, and COMEX silver inventory rose 0.18% [3]. 3.4 Related Macro Data - **Exchange Rates, Indexes, and Yields**: From June 4 to June 5, the US dollar/CNY central parity rate remained unchanged at - 0.03%, the US dollar index fell 0.47%, the 2 - year US Treasury yield fell 2.27%, the 10 - year US Treasury yield fell 2.02%, VIX fell 0.45%, the S&P 500 rose 0.01%, and NYMEX crude oil fell 0.95% [4]. 3.5 Market Analysis - **Market News**: The Fed's Beige Book shows a slight decline in US economic activity, weakened labor demand, and stronger inflation expectations. Trump suspended the entry of citizens from 12 countries. The House Republican tax legislation draft will increase the deficit by $2.4 trillion by 2034, and Trump called to cancel the debt ceiling [4]. - **Market Performance**: On June 5, the main contract of Shanghai gold futures rose 0.23% to 783.72 yuan/gram, and the main contract of Shanghai silver futures fell 0.01% to 8473 yuan/kilogram [4].