Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - Gold prices continued to decline on Wednesday, affected by the rebound of the US dollar and the rise of US Treasury yields, and then rebounded slightly after the release of weak US new home sales data. The improvement of market risk appetite weakened the safe - haven demand for gold, but the uncertainty of the Fed's interest - rate cut and the weak dollar limited the further decline of gold prices [3]. - The US economic fundamentals are mixed. The manufacturing and service industries in the US are developing differently in July, with manufacturing PMI falling short of expectations and service PMI exceeding expectations. The number of initial jobless claims in the week of July 19 was better than expected, while new home sales in June were lower than market expectations. The European Central Bank maintained the main interest rate at 2% as expected [6]. - In the long - term, gold is still bullish due to the risks in the tariff, geopolitical and monetary systems in 2025. However, the short - term market risk - on sentiment suppresses its upward momentum. For silver, it is expected to remain strong in the medium - to - long - term based on the bullish outlook for gold, and the current domestic anti - involution and infrastructure projects may boost its elasticity [6]. 3) Summary by Related Content Key Information - China - EU relations are at a critical historical juncture, with more cooperation than competition. The EU is close to reaching a trade solution with the US, and has approved counter - tariff measures on $109 billion of US goods in case of negotiation breakdown [2]. - The European Central Bank maintained the interest rate unchanged after eight consecutive interest rate cuts in a year, waiting for more clear signals on the EU - US trade relationship [2]. - The US economic data shows that in July, the manufacturing PMI was 49.5 (expected 52.7, previous 52.9), the service PMI was 55.2 (expected 53, previous 52.9), the number of initial jobless claims in the week of July 19 was 217,000 (expected 226,000, previous 221,000), and new home sales in June were 627,000 (expected 650,000, previous 623,000) [2]. Price Logic - Gold prices fell to around $3,360 per ounce, mainly due to the rebound of the US dollar and the rise of US Treasury yields. The improvement of market risk appetite weakened the safe - haven demand for gold, but the uncertainty of the Fed's interest - rate cut and the weak dollar limited the decline [3]. Outlook - Pay attention to US real - estate data, the Fed's interest - rate expectations and changes in trade frictions. The weekly COMEX gold price range is expected to be between $3,250 and $3,450 [7].

Group 1: Report's Industry Investment Rating - No relevant information provided Group 2: Report's Core View - Global economic and trade prospects have improved due to the new round of China-US economic and trade talks and the US-Japan trade agreement, putting pressure on gold prices. However, gold still has long - term positive factors, and silver is expected to continue to be strong based on the bullish outlook for gold [1][3][6] Group 3: Summary by Relevant Catalogs Key Information - The temporary "cease - fire" agreement on China - US tariffs is approaching the deadline, and China's Vice Premier He Lifeng will go to Sweden for economic and trade talks with the US from July 27th to 30th. US President Trump reached a trade agreement with Japan, reducing Japan's auto import tariffs and avoiding new punitive tariffs on other Japanese goods. In exchange, Japan promised to provide $550 billion in investment and loans to the US [2] Price Logic - On Wednesday evening, gold prices fell from $3437 per ounce and traded below the monthly high. The optimism of the US - Japan trade agreement weakened the market's demand for safe - haven assets. The US dollar rebounded slightly from a two - week low, causing some funds to flow out of the gold market. However, the decline of gold prices was limited due to the weak US dollar index. In the long run, gold has positive factors, and the domestic anti - involution and infrastructure projects are expected to boost the elasticity of silver [3] Outlook - Pay attention to US real estate data, the Fed's interest rate expectations, and changes in trade frictions. The weekly COMEX gold is expected to be in the range of [3250, 3450], and the weekly COMEX silver is expected to be in the range of [36, 45] [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The resonance of concerns about the Fed's independence and tariffs has driven the upward movement of precious metals. The last deadline of August 1st for the US to impose a 30% tariff on the EU and the uncertainty of US - EU trade negotiations, along with the potential damage to the Fed's independence, have led to a surge in precious metal prices. Gold broke through $3400 per ounce on Tuesday night, and silver exceeded its previous high of $39.06 per ounce [2][4]. - In the short - term, investors are focusing on the next Fed resolution. If economic risks intensify, the expectation of an early interest rate cut may support gold. In the long - term, due to the third international public goods crisis since the Pax Britannica, with risks in tariffs, geopolitics, and the monetary system in 2025 echoing those of the last century, and the Fed's independence being damaged, gold is favored. For silver, domestic anti - involution and infrastructure projects may boost its elasticity, and investment demand is expected to drive the further repair of its valuation [9]. 3. Summary by Related Catalogs Key Information - The US Treasury Secretary Scott Bessent stated on Monday that the Trump administration is more concerned about the quality of trade agreements than their timing. August 1st is the last deadline for countries to reach a trade agreement with the US, or they will face high tariffs [3]. - China's bank settlement and sales of foreign exchange recorded a surplus for two consecutive months in June, with the surplus expanding to $25.4 billion, the highest in nine months, supported by surpluses in goods trade and securities investment settlement and sales of foreign exchange. The current truce in the Sino - US trade war and China's good foreign trade performance are conducive to maintaining the balance of settlement and sales of foreign exchange [3]. - EU diplomats said that as the prospect of reaching an acceptable trade agreement with Washington fades, the EU is exploring broader counter - measures against the US [3]. - US President Trump and China discussed the possibility of a summit between the two heads of state during Trump's visit to Asia later this year [3]. - US Treasury Secretary Bessent said there is no sign that Powell should resign now, but if he wants to leave early, he can do so [3][4]. Price Logic - The breakthrough of precious metal prices is mainly due to the August 1st deadline for the US to impose a 30% tariff on the EU and the uncertainty of US - EU trade negotiations. The statement of Treasury Secretary Bessent about Powell's possible early departure and the call for a review of the Fed's non - monetary policy activities, along with internal differences within the Fed and accusations against Powell, have damaged the Fed's independence and intensified the risk - aversion sentiment [4][8]. Outlook - Pay attention to US real estate data, the Fed's interest rate expectations, and changes in trade frictions. The weekly COMEX gold price is expected to be in the range of [3250, 3450], and the weekly COMEX silver price is expected to be in the range of [36, 45] [9].