Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Gold and silver are strengthening. The market's risk aversion demand has increased before the new tariff deadline on August 1st. The weakening of the US dollar and US Treasury yields has provided upward momentum for gold. Although the impact of the US tariff policy on economic data is smaller than expected, the subsequent impact may gradually increase. The long - term drivers of gold still provide support, but the upward movement is hesitant at high prices. Silver is showing strength due to the boost from industrial products. In the near term, there is a need to be vigilant against the risk of Trump's threats being realized, and gold and silver may continue to show a relatively strong performance [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices and Changes**: The current prices of沪金2508,沪金2512,沪银2508, and沪银2512 are 790.16, 795.02, 9431.00, and 9462.00 respectively. The price increases are 7.66, 8.30, 65.00, and 50.00, with corresponding increases of 0.98%, 1.06%, 0.69%, and 0.53%. The trading volumes are 25775, 31505, 85020, and 101074 respectively, and the open interests are 42972, 104970, 117554, and 220226 respectively [2]. 3.2 Spot Market - **Prices and Changes**: The previous closing prices of Shanghai Gold T + D, London Gold, and Shanghai Silver T + D are 780, 790.91, and 9368.00 respectively. The price increases are 3, 7.83, and 142.00, with corresponding increases of 0.39%, 1.00%, and 1.54%. The price of London Silver is 39.27 with an increase of 0.37 and an increase rate of 0.95% [2]. 3.3 Inventory - **Changes**: The inventories of Shanghai Futures Exchange gold and silver are 28,857 kg and 1,199,046 kg respectively, with a decrease of 5,420.00 kg in silver inventory. The COMEX gold and silver inventories are 37,488,075 and 497,984,759 respectively, with increases of 295,931.68 and 339196 respectively [2]. 3.4 Related Markets - **Indices and Yields**: The current values of the US dollar index, S&P index, US Treasury yield, Brent crude oil, and US dollar - RMB exchange rate are 97.3550, 6309.62, 4.35, 68.67, and 7.1705 respectively. The changes are - 0.49%, 0.06%, - 0.68%, 0.01%, and - 0.01% respectively [2]. 3.5 Derivatives - **ETF and CFTC Positions**: The current positions of spdr gold ETF and SLV silver ETF are 44315 tons, with an increase of 1.00 ton. The CFTC speculative net positions in silver and gold are 33486 and 32895 respectively, with changes of 481 and - 1451 respectively [2]. 3.6 Macroeconomic News - **Trade Agreements**: US President Trump announced trade agreements with the Philippines and Indonesia. The US will lower the tariff on Philippine goods from 20% to 19%, and the Philippines will open its market to the US with zero - tariff. Indonesia will remove 99% of its tariff barriers against the US, and all Indonesian products exported to the US will be subject to a 19% tariff. Indonesia will also supply key minerals to the US and sign major agreements worth hundreds of billions of dollars to purchase Boeing aircraft, US agricultural products, and US energy [3]. - **Fed - related News**: Trump said that Fed Chairman Powell is about to leave office, and he believes that the interest rate is too high and should be lowered by 3 percentage points or more. The Trump administration has pressured the Fed to cut interest rates. US Treasury Secretary Besent said that tariff revenues are "huge" and may account for 1% of the US GDP, and are expected to reach $2.8 trillion in the next decade. He also supports Powell to complete his term and calls for an internal review of his non - monetary policy functions. A US congressman has accused Powell of perjury regarding the Fed building renovation and called for criminal charges [3].