Report Overview - Report Date: June 27, 2025 [1] - Report Type: Precious Metals Daily Report - Research Team: Macro Finance Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] 1. Investment Rating - No investment rating for the industry was provided in the report. 2. Core Viewpoints - NATO summit increases geopolitical risks and weakens the US dollar, supporting the strength of London gold above $3300 per ounce, while the strong rise of the Chinese stock market makes silver with stronger industrial attributes outperform gold. Trump's new policies boost the safe - haven demand for gold, with rising volatility but a good medium - term upward trend. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions [4]. - In April, Trump's tariff measures caused a shock in the global financial market, pushing up the gold price. Although the gold price has corrected from its high, the medium - term upward trend remains good. The long - and medium - term factors driving the gold price increase will continue, but short - term volatility has increased significantly. Investors are advised to avoid full - position chasing and blind short - selling, and short - biased traders can consider the "long gold, short silver" arbitrage strategy [5]. 3. Summary by Directory 3.1 Precious Metals Market Quotes and Outlook 3.1.1 Intraday Quotes - NATO summit agreements increase geopolitical risks and weaken the US dollar index to a low of 97.3 for the year. Safe - haven demand and currency factors support London gold above $3300 per ounce, and silver outperforms gold. Gold's safe - haven demand is boosted by Trump's new policies, with rising volatility but a good medium - term upward trend. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions. This week, attention should be paid to the preliminary June PMI values in Europe and the US, the Fed Chairman's congressional testimony, the May PCE inflation in the US, and the development of the Middle East situation [4]. 3.1.2 Medium - term Quotes - In April, Trump's tariff measures triggered a shock in the global financial market, pushing the gold price to break through $3500 per ounce. Although the gold price has corrected from its high due to the fading emotional impact and the marginal improvement of global trade, the medium - term upward trend remains good. The long - and medium - term factors driving the gold price increase will continue, but short - term volatility has increased significantly. Investors are advised to avoid full - position chasing and blind short - selling, and short - biased traders can consider the "long gold, short silver" arbitrage strategy [5]. 3.1.3 Domestic Precious Metals Quotes | Contract | Previous Closing Price | Highest Price | Lowest Price | Closing Price | Daily Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 776.05 | 777.64 | 772.42 | 777.59 | 0.20% | 412,622 | - 3795 | | Shanghai Silver Index | 8,749 | 8,827 | 8,689 | 8,821 | 0.82% | 883,880 | 12,149 | | Gold T + D | 771.68 | 773.31 | 767.65 | 773.26 | 0.20% | 211,684 | 1,818 | | Silver T + D | 8,698 | 8,777 | 8,641 | 8,773 | 0.86% | 3,182,526 | 54,730 | [5] 3.2 Precious Metals Market - Related Charts - The report presents multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices to Shanghai Gold T + D, gold and silver ETF holdings, the gold - to - silver ratio, and the correlation between London gold and other assets, with data sourced from Wind and the Research and Development Department of CCB Futures [7][9][11]. 3.3 Major Macroeconomic Events/Data - Trump welcomes the quick end of the Israel - Iran war and may hold talks with Iranian officials next week, while the US has not given up on extreme pressure on Iran but may relax law enforcement. The IAEA Director - General emphasizes the need for IAEA personnel to return to Iranian nuclear facilities for assessment [17]. - Fed Chairman Powell believes that Trump's tariff plan may only cause a one - time price increase, but the risk of more persistent inflation is significant, making the Fed cautious about further interest rate cuts, highlighting the difference between Powell and Trump [17]. - Trump considers providing more Patriot missiles to Ukraine and hopes Putin will end the war. He had a 50 - minute meeting with Ukrainian President Zelensky during the NATO summit [17].

日期 2025 年 5 月 22 日 行业 贵金属日评 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 美联储官员发表美国经济悲观预期言论打压美元指数再次跌破 100 关口，媒 体报告以色列准备袭击伊朗核设施而地缘政治担忧重新升温，计价货币因素与避 险需求推动伦敦黄金回到 3300 美元/盎司上方，初步验证伦敦黄金在 3133-3200 美元/盎司的支撑力度；因中美贸易形势边际缓和引发的乐观情绪减退，近期白银 走势落后黄金而伦敦金银比值重返 100 上方。特朗普 2.0 新政推动全球政经格局 进入乱纪元模式，黄金的避险需求得到极大提振；目前看黄金 ...

行业 贵金属日评 日期 2025 年 5 月 20 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 俄乌直接谈判并没有达成任何共识且欧洲酝酿对俄罗斯新一轮制裁，美国威 胁对缺乏谈判善意国家的对等关税将回到解放日水平，避险需求推动伦敦黄金在 回到3200美元/盎司上方，观察伦敦黄金在3130-3200美元/盎司一线的支撑力度。 特朗普 2.0 新政推动全球政经格局进入乱纪元模式，黄金的避险需求得到极大提 振；目前看黄金波动性上升但中线上涨趋势保持良好，建议投资者继续持多头思 维以中低仓位参与交易，但工业需求压力下白银相对偏弱。本周关注中国 4 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Gold's mid - line upward trend remains intact, with increased volatility. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions. For those with a bearish bias, the "long gold, short silver" arbitrage trade can be considered. Silver is relatively weak due to industrial demand pressure [4][5]. 3. Summary by Directory 3.1 Precious Metals Market Quotes and Outlook - **Intraday Quotes**: Overnight, London gold rebounded by over $130/ounce from $3120/ounce due to the dim prospects of Russia - Ukraine negotiations and the Fed's revision of its monetary policy framework. However, the Iran - US nuclear deal negotiations and the outlook for Iranian crude oil exports pressured oil prices and weakened gold's safe - haven and inflation - hedging demand. As of May 16 Asian session, London gold weakened and adjusted to $3210/ounce. Currently, the gold price has adjusted to around the 38.2% Fibonacci retracement level since the rally in late 2024, where there may be some support. Gold's safe - haven demand is significantly boosted by Trump 2.0's new policies, but silver is relatively weak under industrial demand pressure [4]. - **Domestic Precious Metals Quotes**: The Shanghai Gold Index closed at 752.79, up 1.65%; the Shanghai Silver Index closed at 8,121, up 1.16%; Gold T + D closed at 747.28, up 1.62%; Silver T + D closed at 8,062, up 1.19% [5]. - **Mid - line Quotes**: In early April, Trump's tariff measures shocked the global market and pressured global financial assets including gold. However, due to Trump's actions damaging the US dollar's credit, the triple safe - haven demand drove the London gold price to break through $3500/ounce on April 22. Although the Sino - US trade situation and geopolitical tensions have eased, the mid - level upward trend of gold remains good. The long - and mid - term factors driving gold prices will continue to exist, but short - term surges and high price - to - earnings ratios also mean increased volatility [5]. 3.2 Precious Metals Market - Related Charts The report presents multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - to - silver ratio, and the correlation between London gold and other assets [7][9][11]. 3.3 Major Macroeconomic Events/Data - **Iran - US Nuclear Deal Negotiations**: Trump said the US is close to reaching a nuclear deal with Iran, but an Iranian source said there are still gaps to bridge. Negotiations ended in Oman on Sunday, and further talks are expected due to Iran's uranium - enrichment activities [17]. - **Russia - Ukraine Peace Talks**: Putin refused to meet Zelensky face - to - face in Turkey and sent a second - tier delegation. Zelensky will send a delegation led by the defense minister. Trump and US Secretary of State Rubio said they have low expectations for the talks [17]. - **US - UAE Relations**: Trump promised to strengthen US - UAE relations, announcing deals worth over $200 billion and deeper cooperation in the AI field. Etihad Airways will invest $14.5 billion in Boeing aircraft [18]. - **US Retail Sales**: US retail sales growth slowed significantly in April. After a 1.7% increase in March, it rose only 0.1% in April, with a year - on - year increase of 5.2%. Core retail sales excluding certain items decreased by 0.2% [18]. - **China's Urban Renewal**: China aims to make significant progress in urban renewal by 2030, with increased support from central budgetary investment and special ultra - long - term treasury bonds [18].

行业 贵金属日评 日期 2025 年 5 月 15 日 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 宏观金融团队 中线行情： 4 月初特朗普对等关税措施远超市场预期，引发全球市场剧震并打压包括黄 金在内的全球金融资产；但因特朗普恃强凌弱蛮横无理反复无常损害美元信用引 发跨国资金抛离美国资产行为，来自全球贸易货币体系重组、美国和全球经济衰 退前景、以及美国金融市场波动性的三重避险需求推动 4 月 22 日伦敦金价突破 3500 美元/盎司；虽然部分多头获利平仓叠加特朗普政府安抚市场言论使得金价 有所回调，但整体看中级上涨趋势仍保持良好。我们判断特朗普以美国优先原则 推动国内外改革的决心并没有根本性变化 ...

行业 贵金属日评 日期 2025 年 5 月 7 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 中美贸易紧张形势缓和前景以及美乌签署矿产协议，一度将伦敦黄金压低至 3200 美元/盎司附近；但特朗普转身又对电影行业发出新的关税威胁，且重启对 乌克兰军售，因此避险需求在短期走弱后重新强化，印度与巴基斯坦的潜在冲突 也吸引市场的注意，5 月 6 日伦敦黄金持续反弹至 3400 美元/盎司附近，人民币 兑美元汇率升值使得国内金银相对偏弱。特朗普 2.0 新政推动全球政经格局进入 乱纪元模式，黄金的避险需求得到极大提振；目前看黄金波动性上升但中线上 ...