Report Summary Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The price of gold in New York has reached a record high due to the impact of US tariffs and rising expectations of interest rate cuts. The gold and silver futures contracts in both New York and the domestic market have shown an upward trend [5]. - The new US tariff policy on gold will generate an additional cost of about $24 billion, directly increasing the physical delivery cost and affecting the liquidity of the futures market [5]. - The spread between international gold futures and spot prices has reached a record high, and the gold inventory of the Shanghai Futures Exchange has also hit a new high, so investors should pay attention to the futures premium risk [5]. Summary by Relevant Content - **Market Performance**: As of 10:00 today, the main contract of New York gold rose 1.09% to $3491.8 per ounce, and the main contract of New York silver rose 0.47% to $38.475 per ounce. The domestic market also strengthened, with the main contract of Shanghai gold rising 0.38% to 786.40 yuan per gram, and Shanghai silver rising 0.73% to 9268 yuan per kilogram [5]. - **Tariff Policy**: The US Customs and Border Protection Bureau (CBP) ruled on July 31 that 1 - kilogram and 100 - ounce gold bars would be included in the taxable code, and the relevant tariffs took effect on August 7. This will hit Switzerland, the world's largest gold refining center, and may generate about $24 billion in additional tariff costs [5].