1. Report Industry Investment Rating - Not provided in the document. 2. Core View of the Report - The expectation of the Fed's rate cuts in July and December has decreased, but due to the slower - than - expected bond - issuing pace of the US Treasury, continuous gold purchases by central banks worldwide, and persistent geopolitical risks, precious metal prices are likely to rise and difficult to fall. It is recommended that investors mainly build long positions on price pullbacks. [1] 3. Summary According to Relevant Data 3.1 Shanghai Gold - **Prices**: The closing price of Shanghai gold futures active contract was 772.20 yuan/g, down 3.93 yuan from the previous day; the closing price of spot Shanghai gold T + D was 769.22 yuan/g [1]. - **Volume and Open Interest**: The trading volume of Shanghai gold futures active contract was 259,450.00, and the open interest was 198,270.00; the trading volume of spot Shanghai gold T + D was 27,070.00, and the open interest was 221,178.00 [1]. - **Inventory**: The inventory was 28,872.00 (in ten - gram units) [1]. 3.2 Shanghai Silver - **Prices**: The closing price of Shanghai silver futures active contract was 9,152.00 yuan/ten - gram, down 73.00 yuan from the previous day; the closing price of spot Shanghai silver T + D was 9,109.00 yuan/ten - gram [1]. - **Volume and Open Interest**: The trading volume of Shanghai silver futures active contract was 764,716.00, and the open interest was 333,179.00; the trading volume of spot Shanghai silver T + D was 158,680.00, and the open interest was 3,334,284.00 [1]. - **Inventory**: The inventory was 1,212,789.00 kg [1]. 3.3 International Gold - **Prices**: The closing price of COMEX gold futures active contract was 3,354.20 (in US dollars/ounce), and the price of London gold spot was 3,323.80 US dollars/ounce [1]. - **Volume and Open Interest**: The trading volume of COMEX gold futures active contract was 55,177.00, and the open interest was - 79,249.00 [1]. - **Inventory and Fund Holdings**: The inventory was 36,797,531.57 (in troy ounces), SPDR Gold ETF holdings were 3.15, and iShare Gold ETF holdings were 445.17 [1]. 3.4 International Silver - **Prices**: The closing price of COMEX silver futures active contract was 38.13 US dollars/ounce, and the price of London silver spot was 37.88 US dollars/ounce [1]. - **Volume and Open Interest**: The trading volume of COMEX silver futures active contract was 55,710.00, and the open interest was 129,518.00 [1]. - **Inventory and Fund Holdings**: The inventory was 497,181,967.23 (in troy ounces), and the US iShare Silver ETF holdings were 14,819.29 [1]. 3.5 Other Commodities and Financial Indicators - **Crude Oil**: INE crude oil was 518.20 yuan/barrel, ICE Brent crude oil was 68.71 US dollars/barrel, and NYMEX crude oil was 66.64 US dollars/barrel [1]. - **Base Metals**: Shanghai copper futures were 77,980.00 yuan/ton, LME copper spot was 9,637.00 US dollars/ton, Shanghai rebar was 3,114.00 yuan/ton, and Dalian iron ore was 773.00 yuan/ton [1]. - **Interest Rates**: Shanghai Interbank Offered Rate (SHIBOR) overnight was 1.32%, SHIBOR one - year was 1.62%, US 10 - year Treasury nominal yield was 4.4600%, and US 10 - year Treasury TIPS yield was 2.0500% [1]. - **Exchange Rates**: The US dollar index was 98.2859, the US dollar - to - RMB central parity rate was 7.1526, and the euro - to - RMB central parity rate was 8.3157 [1]. - **Stock Indices**: The Shanghai Composite Index was 3,503.7769, the S&P 500 was 6,263.7000, the UK FTSE 100 was 72.37, the French CAC40 was 7,722.0900, the German DAX was 24,009.3800, the Nikkei 225 was 39,688.8100, and the South Korean Composite Index was 3,186.3800 [1]. 3.6 Macroeconomic Information - **US**: The US Treasury plans to increase cash reserves to 60 billion and 85 billion US dollars by the end of July and September. The number of new non - farm jobs in June was 147,000, the CPI annual rate in June was 2.7%, and the PPI annual rate in June was 2.3%, which reduced the probability of the Fed's rate cuts in September and December [1]. - **Europe**: The European Central Bank cut interest rates by 25 basis points in June, and the market expects 1 - 2 more rate cuts by the end of 2025. The Bank of England cut the key interest rate by 25 basis points in May, and there is an expectation of 2 - 3 rate cuts by the end of 2025 [1]. - **Japan**: The Bank of Japan raised interest rates by 25 basis points in January, and there is an expectation of an interest - rate hike by the end of 2025 [1].