1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - In the short - term, the high - volatility market of precious metals may continue. The platinum and palladium markets may show a wide - range fluctuation pattern affected by the gold price. The support level range for London platinum is $1900 - 2000 per ounce, and for London palladium, it is $1500 - 1600 per ounce. [2] - The cooling trend in the US labor market continues, strengthening the medium - term interest rate cut expectation. Against the background of Trump's mid - term election pressure and Wash's past policy flexibility, the Fed's easing path is likely to continue. [2] - The EU's formal postponement of the 2035 internal combustion engine ban and strengthening of vehicle exhaust emission standards at the end of last year bring higher platinum loading intensity. Although the global passenger car sales are moderately adjusted due to recession concerns, the increasing penetration rate of hybrid and hydrogen - fuel - cell commercial vehicles may improve the medium - to - long - term demand curve for platinum. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the platinum main contract is 540.30 yuan/gram, down 46.75 yuan; the closing price of the palladium main contract is 442.70 yuan/gram, down 8.90 yuan. [2] - The holding volume of the platinum main contract is 10387.00 lots, down 277.00 lots; the holding volume of the palladium main contract is 3179.00 lots, up 90.00 lots. [2] 3.2 Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange is 546.47 yuan/gram, down 41.63 yuan; the average spot price of Yangtze River palladium is 433.00 yuan/gram, up 16.00 yuan. [2] - The basis of the platinum main contract is 6.17 yuan/gram, up 5.12 yuan; the basis of the palladium main contract is - 9.70 yuan/gram, up 24.90 yuan. [2] 3.3 Supply - Demand Situation - The non - commercial long positions of platinum in CFTC (weekly) are 9966.00 contracts, down 243.00 contracts; the non - commercial long positions of palladium in CFTC (weekly) are 3003.00 contracts, down 342.00 contracts. [2] - The total supply of platinum in 2025 is expected to be 220.40 tons, down 0.80 tons; the total supply of palladium in 2025 is expected to be 293.00 tons, down 5.00 tons. [2] - The total demand for platinum in 2025 is expected to be 261.60 tons, up 25.60 tons; the total demand for palladium in 2025 is expected to be 287.00 tons, down 27.00 tons. [2] 3.4 Macro Data - The US dollar index is 97.63, up 0.26; the 10 - year US Treasury real yield is 1.94%, up 0.02%. [2] - The VIX volatility index is 18.64, up 0.64. [2] 3.5 Industry News - The US ISM Services PMI in January slightly declined to 53.8, better than market expectations. Business activity rebounded, but new order growth slowed, and export orders shrank at the fastest pace since March 2023. Employment hardly expanded, and the price index reached a three - month high. [2] - The US ADP added 22,000 new jobs in January, far lower than the market expectation of 48,000. The previous value was revised down from 41,000 to 37,000. The US Bureau of Labor Statistics will release the January non - farm employment report on February 11, job vacancy data on February 5, and reschedule the release of January CPI on February 13. [2] - Iranian Foreign Minister Araqchi clarified the official stance on Iran's talks with the US in Oman, saying the negotiation will be held in Muscat, Oman's capital, around 10 a.m. on February 6. [2] - The Fed announced that it will not adjust the capital level of large - scale banks in the 2026 stress - test cycle and is currently considering multiple reforms to improve transparency. [2] - The Eurozone's CPI in January increased by only 1.7% year - on - year, the lowest level since September 2024. The core CPI dropped to 2.2%, the lowest since October 2021. Service inflation slowed to 3.2%. The market expects the European Central Bank to keep rates unchanged this week. [2] 3.6 Key Events to Watch - The European Central Bank's interest rate decision will be announced on February 5 at 21:15. [2] - The release time of the US January non - farm employment report is to be determined. [2]

Core Viewpoint - The report by Deutsche Bank analyst Volkmar Baur indicates that the euro to dollar exchange rate is likely to rise due to the European Central Bank's (ECB) current stance on interest rates, which suggests no further cuts in the near future [1] Group 1 - The ECB slightly raised its growth and inflation forecasts in the recent interest rate decision, alleviating market speculation about potential rate cuts [1] - The expectation that the Federal Reserve will lower key interest rates multiple times over the next year supports the view that the ECB's cautious approach will be sufficient to boost the euro [1]

Core Viewpoint - The European Central Bank (ECB) has decided to maintain the three key interest rates in the Eurozone unchanged for the second consecutive time [1] Group 1 - The ECB's decision reflects a cautious approach to monetary policy amid ongoing economic conditions [1] - This decision may impact borrowing costs and economic activity within the Eurozone [1] - The stability of interest rates suggests the ECB is monitoring inflation and growth trends closely [1]

Group 1 - The core viewpoint of the articles indicates that the slight rebound of the US dollar is limiting the upward potential of gold prices, with spot gold trading around $3372.39 [1] - Investors are closely watching the upcoming US non-farm payroll report on June 6 for clues regarding the Federal Reserve's next actions, as this data is a key indicator of labor market health and will directly impact market expectations for Fed monetary policy [1] - A weaker employment report could increase expectations for interest rate cuts, providing stronger support for gold prices, while a surprisingly strong report may exert short-term pressure on gold prices, although overall safe-haven demand is expected to remain high [1] Group 2 - The technical analysis suggests that spot gold is expected to break through the resistance level of $3388 per ounce and rise towards $3408, indicating a fifth wave in a larger upward trend that began at $3245 [1] - Support is identified at $3355, with a potential drop below this level leading to prices falling within the range of $3322 to $3344, which would indicate a reversal of the upward trend since $3245 [2] - If gold prices break through $3408 per ounce, they could potentially rise to $3440 per ounce, with the daily chart showing a breakthrough of the resistance level at $3361 per ounce [2]

Group 1 - Goldman Sachs expects a 25 basis point rate cut, maintaining GDP forecasts for this year while lowering next year's GDP forecast and significantly reducing inflation predictions [1] - UBS anticipates a 25 basis point rate cut, with the last cut expected in July, bringing rates down to 1.75%, and a potential rate hike by the end of 2026 to address inflation risks [1] - Bank of America predicts a 25 basis point rate cut, noting that the market has already priced in the recent ECB rate cut, which is unlikely to have a significant impact on the euro [1] Group 2 - Nomura Securities forecasts a 25 basis point rate cut, with further cuts expected in July and September until rates reach 1.50%, while adjusting GDP and inflation predictions [1][2] - Deutsche Bank expects a 25 basis point rate cut, suggesting that the terminal rate for the easing cycle should remain at 1.50%, with a potential rate hike to 1.75% by the end of 2026 [2] - Pacific Investment Management Company anticipates a 25 basis point rate cut, indicating that the ECB is entering the final phase of its easing cycle, with current market pricing around 1.7% appearing reasonable [3]

Core Viewpoint - The recent fluctuations in gold prices are driven by economic instability in the U.S., particularly due to unexpected contraction in the services sector and disappointing employment data, alongside geopolitical tensions and expectations of interest rate cuts by the Federal Reserve [1][3]. Group 1: Economic Indicators - The ISM non-manufacturing PMI fell to 49.9, marking the first drop below the 50 threshold since June 2024, indicating contraction in the services sector, which constitutes two-thirds of the U.S. economy [3]. - The ADP national employment report showed only 37,000 jobs added in May, significantly below the expected 110,000, representing the smallest increase in over two years [3]. Group 2: Gold Market Dynamics - The combination of shrinking services and weak ADP employment data has led to increased demand for gold as a safe-haven asset, with prices reaching as high as $1,384 per ounce following the data release [3]. - Market sentiment is leaning towards a potential rise in gold prices, with expectations that the upcoming non-farm payroll report could further influence Federal Reserve monetary policy and support gold prices [4]. Group 3: Future Outlook - Investors are closely monitoring the upcoming non-farm payroll report on June 6 for insights into the labor market and potential implications for Federal Reserve actions, which could either bolster or pressure gold prices depending on the report's strength [4]. - The European Central Bank's anticipated interest rate cut and ongoing international trade tensions are also expected to provide support for gold prices in the medium to long term [4].

Group 1 - The core viewpoint of the articles highlights the impact of Trump's announcement to raise tariffs on imported steel and aluminum from 25% to 50%, which led to a significant increase in the gold market by nearly $28 on the same day [1] - Key economic data and policy events to watch this week include ADP employment data, non-farm payroll reports, public statements from Federal Reserve officials, and a crucial speech by Fed Chair Powell [1] - Technical analysis indicates that gold prices are currently under pressure below the key resistance level of $3325, with a bullish trend forming in the one-hour moving average system [3] Group 2 - The suggested trading strategy involves taking short positions on gold if it rebounds to the $3325 resistance level, with a stop loss set at $3333 and a target range of $3310 to $3290 [3] - The analysis emphasizes the importance of monitoring the $3325 resistance level closely for potential trading opportunities [3]