Report Industry Investment Rating - Gold: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] - Silver: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] Core Viewpoints - Today, precious metals declined. A suspected乌龙 event last week caused the US - session gold to hit a record high briefly, with a large premium over London gold. Later, the premium declined after a White House official called relevant reports "false information" [1] - The official implementation of US reciprocal tariffs, some countries' tariff increases, concerns about the US economic outlook, and rising expectations of interest rate cuts have pushed the international gold price to test the important resistance at the upper end of the trading range in the past three months [1] - Interest rate futures are pricing in a Fed rate cut in September, with 2 - 3 rate cuts within the year. Some Fed officials believe it's time to cut rates [1] - Market sentiment may fluctuate as the US economy is continuously verified. If the scenario of significant economic weakness becomes clearer, the upside space for gold may reopen; if the economy lands relatively smoothly, be cautious at high levels [1] - Maintain the idea of buying on dips during the precious metals' oscillating trend. This week, focus on changes in China - US trade policies, the meeting between US and Russian leaders, and the release of US inflation data [1] Other Key Points - Trump and Putin will meet in Alaska on August 15. Trump mentioned "territory exchange" in the Russia - Ukraine peace agreement, but Zelensky refused territorial concessions. The White House is considering inviting Zelensky to Alaska. US Vice - President Vance said efforts are being made to determine the date of a Putin - Zelensky meeting, but a Russia - Ukraine leaders' meeting before the "Trump - Putin meeting" is not constructive [2] - Fed Governor Bowman supports starting rate cuts in September and cutting rates three times within the year [2] - Netanyahu said Israel "has no choice" but to complete the task and defeat Hamas. The next - stage military operations of the Israeli army will focus on two locations still under Hamas control. European members of the UN Security Council strongly condemned Israel's decision to further expand military operations, and Israeli hard - line Finance Minister Smotrich also criticized it as a "stupid" compromise measure [2]

Group 1: Report Investment Ratings - Gold investment rating: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] - Silver investment rating: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] Group 2: Core Views - The decline of the US non - manufacturing PMI in July, concerns about the Fed's independence, the US economic outlook, and rising expectations of interest rate cuts have weakened the US dollar, causing international gold prices to test the resistance at the high of the operating range in the past three months. Amid the repeated market sentiment due to the continuous verification of the US economy, the idea of buying on dips is maintained in the precious metals' oscillating trend [1] Group 3: Summary of Related Information US Economic Data - The US non - manufacturing PMI in July dropped from 50.8 in June to 50.1, lower than the expected 51.5. The July ISM new orders index decreased from 51.3 in June to 50.3, and export orders shrank for the fourth time in five months [1][2] - The US trade balance in June was -$60.2 billion, the smallest deficit since September 2023 [1] Tariff Information - Trump announced that drug and chip tariffs would be announced in the next week, with drug tariffs reaching up to 250%. Indian tariffs would be significantly increased within 24 hours, and a 35% tariff would be imposed if the EU fails to fulfill its investment obligations to the US [1] Political News - Trump believes that Vance is most likely to be the next presidential candidate, and Secretary of State Rubio would be helpful if he works with Vance. A new Fed chairman may be announced soon, with four candidates, and Bessent hopes to stay in the Treasury [2]

Group 1 - The market's expectation for a Federal Reserve rate cut in September has increased, leading to a decline in the US dollar, which has hit a three-year low, supporting a rise in gold prices [1][2] - Gold prices have rebounded after hitting a one-month low, with three consecutive days of increases, reaching a weekly high [2][4] - The recent pressure from President Trump on the Federal Reserve to lower interest rates to between 0.5% and 1.75% has contributed to the downward pressure on the dollar and the rise in gold prices [2] Group 2 - Technical indicators suggest that gold has further rebound potential, with support levels at $3350 and $3333, and resistance levels at $3380 and $3400 [4] - The recent ADP employment data has raised concerns about the US economic outlook, which may lead to an earlier-than-expected rate cut by the Federal Reserve, further supporting gold prices [4]