Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The medium - to long - term trend of precious metals may be bullish. Driven by recent events, the short - term price of precious metals is expected to remain strong. However, close attention should be paid to the US precious metal import tariff policy, as the failure of the tariff policy may lead to a correction in precious metal prices and cross - market spreads. For short - term trading, the support levels for gold are 3300 - 3320 and then 3200, with resistance at 3365 and then 3400. London silver has broken through the resistance in the 37 - 37.3 area, and the upside may extend to the 40 area. The strategy of buying on dips is still recommended [5]. 3) Summary by Relevant Catalogs 3.1 Market Review - Last week, precious metal prices generally showed a strong performance, with significant increases in silver and palladium. The premium of precious metal prices in the US market over London spot prices widened significantly, possibly due to concerns about additional tariffs on other key imported minerals after Trump unexpectedly imposed a 50% tariff on copper imports. The prices of palladium, platinum, and silver in the US market have reached new highs. Attention should be paid to the future direction of Trump's import tariff policy on precious metals [1]. - Regarding trade tariffs, the implementation of reciprocal tariffs was postponed from July 9 to August 1. Starting from August 1, the US will impose different tariff rates on various countries, such as 25% on Japan, South Korea, etc., 30% on South Africa, Bosnia and Herzegovina, etc., and 50% on Brazil [1]. - In terms of the Fed's monetary policy, Fed Governor Waller said that a rate cut in July could be considered, and he supported continuing the balance - sheet reduction and increasing the proportion of short - term assets [1]. 3.2 Fund and Inventory - Long - term fund holdings: Last week, the SPDR Gold ETF holdings decreased by 0.02 tons to 947.64 tons, and the iShares Silver ETF holdings decreased by 110.22 tons to 14758.5 tons [2]. - Short - term fund holdings: According to the CFTC持仓 report as of July 8, the non - commercial net long positions in gold increased by 988 contracts to 202968 contracts, with long positions increasing by 3054 contracts and short positions increasing by 2066 contracts. The non - commercial net long positions in silver decreased by 4879 contracts to 58521 contracts, with long positions decreasing by 1968 contracts and short positions increasing by 2911 contracts [2]. - Inventory: COMEX gold inventory decreased by 1.2 tons to 1143 tons, and COMEX silver inventory decreased by 135.7 tons to 15393.7 tons. SHFE gold inventory increased by 3.13 tons to 24.59 tons, and SHFE silver inventory decreased by 36.15 tons to 1303.6 tons. The Shanghai Gold Exchange silver inventory (as of the week of July 4) decreased by 3.33 tons to 1319.9 tons [2]. 3.3 This Week's Focus - Data: Focus on the US CPI data on Tuesday evening [3]. - Events: - Domestic: On Monday at 10:00, the State Council Information Office will hold a press conference to introduce the import and export situation in the first half of 2025; at 15:00, it will hold a press conference on the financial statistics in the first half of 2025. On Tuesday at 10:00, it will hold a press conference on the national economic operation in the first half of 2025 [3]. - Overseas: There are multiple speeches by Fed officials and the Bank of England governor throughout the week, and the Fed will release the Beige Book of Economic Conditions on Thursday. In addition, US President Trump plans to make a "major statement" on the Russian issue this week [3][4]. 3.4 Price and Related Ratios - The table shows the latest prices, daily changes, and daily change rates of various precious metal futures and spot contracts, as well as the gold - silver ratio [6]. - The table also presents the latest values, daily changes, and daily change rates of stock, bond, and commodity market indicators, including the US dollar index, Dow Jones Industrial Average, WTI crude oil, etc. [18].