贵金属周报 2025 年 7 月 21 日 避险情绪升温，金银预计偏强 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 贵金属周报 一、上周交易数据 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 敬请参阅最后一页免责声明 1 / 10 ⚫ 上周国际金价呈震荡走势，而银价则在创历史新高之后出 现回落。美国与其他贸易国的谈判仍存在风险，且美联储 主席易主的传闻愈演愈烈，市场担忧美联储货币政策突然 转向的风险，但美国经济数据保持韧性，美元指数持续反 弹对贵金属价格形成压制。银价在创出39.57美 ...

Group 1 - COMEX silver inventory recorded at 15,464.10 tons on July 16, an increase of 16.99 tons from the previous day [1][2] - COMEX silver price closed at $38.13 per ounce on July 16, up 0.37%, with a daily high of $38.38 and a low of $37.75 [1] Group 2 - Speculation regarding President Trump's potential dismissal of Federal Reserve Chairman Powell caused fluctuations in gold and silver prices, although Trump later denied immediate plans to fire Powell [3] - The U.S. Producer Price Index (PPI) remained flat in June, with a year-on-year increase of 2.3%, indicating the mildest annual growth since September of the previous year [3] - Market expectations suggest that precious metal prices may continue to show a strong oscillating trend due to ongoing geopolitical tensions and tariff risks [3]

来源：许安鸿 周三（7月16日）有关特朗普将解雇鲍威尔的传闻引发市场震荡，美元指数盘中跳水，最终收跌0.36%，报98.244。美债收益率美盘初短线拉升，随后有所回 落，基准的10年期美债收益率收报4.463%，2年期美债收益率收报3.959%。现货黄金坐上过山车，一度升破3370美元关口，但在特朗普否认已起草解雇信函 后收窄涨幅，最终收涨0.67%，收报3347.54美元/盎司。 周三媒体报道称特朗普正在考虑解除美联储主席鲍威尔职务，理由是美联储大楼翻新项目出现25亿美元的成本超支。尽管特朗普否认将会立即解雇鲍威尔， 但是未明确排除这一可能性，这一模糊态度引发市场猜测与担忧。而此前发布的CPI月增0.3%，令市场预期美联储或将继续延后降息决定。美联储易主传闻 愈演愈烈引发市场对货币政策稳定性的担忧，以及中东紧张局势持续与关税战风险，预计贵金属价格将呈震荡偏强格局，继续看好后续金银的表现。 金价上周下探3280一线的支撑后持续反弹，连续三个交易日收阳，周一受阻于3375一线随后回落，周二继续收阴，周三强势反弹一度突破3375的阻力，目前 来看油价继续上行概率较大，上方有望测试3400关口的阻力。四小时线，昨日 ...

Group 1 - Trump's recent statements regarding Federal Reserve Chairman Powell have sparked significant debate, highlighting the complex political and economic dynamics at play [1][3] - The ongoing tension between Trump and Powell is exacerbated by Trump's criticism of Powell's cautious monetary policy, which contrasts with Trump's desire for interest rate cuts to stimulate the economy [3] - Trump's remarks have led to market anxiety, with concerns about the independence of the Federal Reserve and the potential for political interference in monetary policy [3] Group 2 - Trump defended several controversial policies during the interview, including the mass deportation of undocumented immigrants, while expressing frustration with judicial rulings that require due process [4] - Trump's belief in the effectiveness of his tariff policies is evident, as he claims that companies are gradually relocating production facilities back to the U.S., despite the negative impact on domestic businesses and consumers [4] - The discussion around Trump's potential third term candidacy has evolved, with him indicating a preference to pass the presidency to capable Republican successors after his current term [4]

美国财政部发行700亿美元5年期国债的中标收益率报3.995%，美债10年收益率目前为4.393%。 在周三的交易中，美股强势反弹，主要指数连续第二个交易日上涨，市场对贸易紧张局势缓和的预期推升了投资者情绪。 道琼斯工业平均指数上涨419.59点，涨幅1.07%，收于39,606.57点；标普500指数上涨1.67%，至5,375.86点；纳斯达克综合指数大涨2.50%，收盘报 16,708.05点。尽管如此，三大指数均未能维持盘中高点，盘中一度涨幅更为显著，其中道指最多上涨逾1100点，标普一度上涨3.44%。 | 美股指数 它 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 39606.57 | 16708.05 | 5375.86 | | +419.59 +1.07% | +407.63 +2.50% | +88.10 +1.67% | | 期货主力 | | | | 10年美债期货 | 纳指100小型 | 标普500小型 | | 110.64 | 18850.00 | 5413.00 | | -0.16 -0.14% | +465.00 +2.53% ...