Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - Gold maintains an intraday oscillatory pattern, while silver oscillates in the range of 8,900 - 8,930 yuan/kg after opening lower. The gold market absorbs the decline in inflation expectations and the anticipation of China - US negotiations. A positive outcome from the negotiations may trigger a new round of gold price corrections [2]. - Institutional demand supports the bullish market structure. Central banks, including China, are diversifying away from the US dollar, providing long - term fundamental support for gold prices. Geopolitical tensions can rapidly drive up gold prices [2]. - The next market catalyst is the US May CPI data on June 11. Lower - than - expected CPI data may reignite expectations of interest rate cuts and push gold prices back to recent highs [2]. - In the long run, the repeated expectations of Trump's tariff policies, the persistent US debt problem, and the weakening economic data leading to interest rate cut expectations form triple pressures. The damage to the US dollar's credit may accelerate the global de - dollarization process, which is structurally beneficial to the precious metals market [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the Shanghai gold main contract is 775.06 yuan/gram, up 0.34 yuan; the closing price of the Shanghai silver main contract is 8,887 yuan/kg, down 22 yuan [2]. - The main contract positions of Shanghai gold are 170,163 lots, down 3,021 lots; the main contract positions of Shanghai silver are 465,984 lots, down 25,402 lots [2]. - The net positions of the top 20 in the Shanghai gold main contract are 130,510 lots, up 1,723 lots; the net positions of the top 20 in the Shanghai silver main contract are 128,510 lots, down 5,009 lots [2]. - The gold warehouse receipt quantity is 17,817 kg, down 30 kg; the silver warehouse receipt quantity is 1,193,716 kg, up 35,390 kg [2]. 3.2 Spot Market - The Shanghai Non - ferrous Metals Network's gold spot price is 768.19 yuan/gram, up 0.79 yuan; the silver spot price is 8,863 yuan/kg, up 83 yuan [2]. - The basis of the Shanghai gold main contract is - 6.87 yuan/gram, up 0.45 yuan; the basis of the Shanghai silver main contract is - 24 yuan/kg, up 105 yuan [2]. 3.3 Supply - Demand Situation - Gold ETF holdings are 936.22 tons, up 2.01 tons; silver ETF holdings are 14,656.98 tons, down 52.31 tons [2]. - The non - commercial net positions of gold in CFTC are 187,905 contracts, up 13,721 contracts; the non - commercial net positions of silver in CTFC are 60,770 contracts, up 7,758 contracts [2]. - The total quarterly supply of gold is 1,313.01 tons, up 54.84 tons; the total annual supply of silver is 987.8 million troy ounces, down 21.4 million troy ounces [2]. - The total quarterly demand for gold is 1,313.01 tons, up 54.83 tons; the total annual global demand for silver is 1,195 million ounces, down 47.4 million ounces [2]. 3.4 Option Market - The 20 - day historical volatility of gold is 19.47%, down 1.36%; the 40 - day historical volatility of gold is 25.96%, down 0.13% [2]. - The implied volatility of at - the - money call options for gold is 22.54%, down 0.27%; the implied volatility of at - the - money put options for gold is 22.54%, down 0.27% [2]. 3.5 Industry News - The first meeting of the China - US economic and trade consultation mechanism was held in London on June 9 and will continue on June 10 [2]. - Senate Republicans plan to propose revised tax and healthcare provisions this week for Trump's $3 - trillion economic plan, ignoring Elon Musk's accusations and aiming to enact the bill before July 4 [2]. - The US Congressional Budget Office expects the US to hit the debt ceiling between mid - August and the end of September [2]. - In May, US consumers' future inflation expectations declined across the board for the first time since 2024, with the one - year inflation expectation dropping from 3.6% in April to 3.2% [2]. - Citigroup postponed its forecast of US interest rate cuts from July to September and expects three rate cuts this year instead of four [2]. 3.6 Viewpoint Summary - The SPDR gold ETF holdings increased by 2.01 tons to 936.22 tons, while the SLV silver ETF holdings decreased by 52.31 tons to 14,656.98 tons [2]. - China increased its gold reserves for the seventh consecutive month in May, and central banks' actions provide long - term support for gold prices [2]. - The next catalyst is the US May CPI data on June 11. Lower - than - expected data may push gold prices up [2]. - Long - term factors such as Trump's tariff policies, the US debt problem, and interest rate cut expectations are beneficial to the precious metals market [2]. - The Shanghai gold 2508 contract is recommended to focus on the range of 760 - 790 yuan/gram; the Shanghai silver 2508 contract is recommended to focus on the range of 8,500 - 9,000 yuan/kg [2].