Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] Core View The Fed maintained the interest rate level unchanged, but there are still differences within the Fed regarding the future interest rate path. If neither interest rates nor inflation change significantly, the consolidation period of gold may be extended. Silver generally follows the trend of gold, but in the long term, there is a need to repair the gold-silver ratio. If there is a relaxation of tariff tensions and a slight increase in risk sentiment, silver may benefit and show a stronger trend than gold. However, the silver price may be dragged down by the decline in Comex copper prices, and investors can look for opportunities to buy on dips [1][8][9]. Summary by Related Catalogs Fed Interest Rate Decision - The Fed announced at the FOMC meeting early today that it would maintain the interest rate at 4.25%-4.50%, but governors Waller and Bowman voted against it and advocated for a rate cut, indicating differences within the Fed regarding the future interest rate path. Fed Chair Powell avoided giving guidance on a September rate cut at the press conference, stating that the current monetary policy stance is in a favorable position, emphasizing data dependence, and suggesting that the impact of tariffs on inflation is temporary [1]. Futures Market - On July 30, 2025, the Shanghai gold futures main contract opened at 772.70 yuan/gram and closed at 773.78 yuan/gram, a change of 0.30% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session of the Shanghai gold futures main contract opened at 771.30 yuan/gram and closed at 770.68 yuan/gram, a 0.32% decline from the afternoon close. The Shanghai silver futures main contract opened at 9,193.00 yuan/kg and closed at 9,192.00 yuan/kg, a change of -0.03% from the previous trading day's close. The trading volume was 689,866 lots, and the open interest was 392,370 lots. The night session of the Shanghai silver futures main contract opened at 9,145 yuan/kg and closed at 9,090 yuan/kg, a 0.27% decline from the afternoon close [2]. U.S. Treasury Yields and Spreads - On July 30, 2025, the yield on the 10-year U.S. Treasury note closed at 4.34%, a change of -0.08% from the previous trading day. The spread between the 10-year and 2-year Treasury notes was 0.44%, a decrease of 4 basis points from the previous trading day [3]. SHFE Gold and Silver Positions and Trading Volume Changes - On July 30, 2025, on the Au2508 contract, the long positions decreased by 3,141 lots compared to the previous day, and the short positions decreased by 607 lots. The total trading volume of Shanghai gold contracts on the previous trading day was 254,236 lots, a change of -7.59% from the previous trading day. On the Ag2508 contract, the long positions decreased by 6,144 lots, and the short positions decreased by 3,475 lots. The total trading volume of silver contracts on the previous trading day was 843,356 lots, a change of 14.14% from the previous trading day [4]. Precious Metals ETF Holdings - In the precious metals ETFs, the gold ETF holdings were 955.37 tons yesterday, a decrease of 0.86 tons from the previous trading day. The silver ETF holdings were 15,149.90 tons, a decrease of 24.02 tons from the previous trading day [5]. Precious Metals Arbitrage - On July 30, 2025, the domestic premium for gold was -9.15 yuan/gram, and the domestic premium for silver was -719.79 yuan/kg. The price ratio of the main contracts of gold and silver on the SHFE was approximately 84.18, a change of 0.34% from the previous trading day, and the price ratio of gold and silver in the overseas market was 87.25, a change of -0.34% from the previous trading day [6]. Fundamental Data - On the previous trading day (July 30, 2025), the trading volume of gold on the Shanghai Gold Exchange's T+d market was 26,258 kg, a change of -30.60% from the previous trading day. The trading volume of silver was 281,690 kg, a change of -38.98% from the previous trading day. The gold delivery volume was 10,380 kg, and the silver delivery volume was 57,960 kg [7]. Investment Strategies - Gold: It is recommended to buy on dips with a light position in the range of 750 yuan/gram - 762 yuan/gram [8]. - Silver: Although the silver price may be dragged down by the decline in Comex copper prices, investors can look for opportunities to buy on dips for hedging in the range of 8,900 yuan/kg - 8,950 yuan/kg [8][9]. - Arbitrage: Short the gold-silver ratio at high levels [9]. - Options: On hold [9].