Report Summary Investment Rating No specific investment rating for the industry is provided in the report. Core Viewpoints - Gold is expected to oscillate and decline, while silver is expected to follow and rise [1] - The trend strength of gold is 1, indicating a relatively positive outlook, while the trend strength of silver is -1, indicating a relatively negative outlook [5] Summary by Directory 1. Fundamental Tracking - **Precious Metal Prices**: The closing prices and price changes of various gold and silver futures and spot contracts are presented, including沪金2506, 黄金T+D, Comex黄金2506, 伦敦金现货, 沪银2506, 白银T+D, Comex白银2506, and 伦敦银现货 [2] - **Trading Volume and Open Interest**: The trading volume and open interest of gold and silver futures contracts, as well as their changes compared to the previous day, are provided [2] - **ETF and Inventory**: The holdings of SPDR黄金ETF and SLV白银ETF, as well as the inventory of沪金, Comex黄金, 沪银, and Comex白银, and their changes compared to the previous day, are presented [2] - **Price Spreads**: Various price spreads, such as the spread between 黄金T+D and AU2506, the spread between 沪金2506 and 2512 contracts, and the cross - period arbitrage costs, are provided [2] - **Exchange Rates**: The exchange rates of the US dollar index, the US dollar against the Chinese yuan (CNY and CNH), the euro against the US dollar, the US dollar against the Japanese yen, and the British pound against the US dollar, as well as their changes compared to the previous day, are presented [2] 2. Macro and Industry News - The Trump tax cut bill narrowly passed in the House of Representatives, and the Fed's influential governor Waller believes that the tax cut bill will trigger the selling of US Treasury bonds. If tariffs stabilize, the Fed may cut interest rates in the second half of the year [2][4] - The US has suspended Harvard University's qualification to recruit international students [6] - The US May Markit manufacturing and services PMI both exceeded expectations and expanded, while the eurozone May PMI unexpectedly contracted, and the service industry had its worst performance in 16 months [6] - After the meeting between the US and Japanese finance ministers, the US stated that they did not discuss exchange rates, and the current exchange rate reflects the fundamentals, while Japan stated that they did not discuss US Treasury bonds [6] - OPEC+ is discussing a significant production increase in July, and Saudi Arabia is punishing "quota traitors" [6] 3. Trend Strength - The trend strength of gold is 1, and the trend strength of silver is -1. The trend strength ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [5]