Group 1 - International silver is currently trading above $32.94, with an opening price of $32.47 per ounce and a current price of $32.76, reflecting a 0.97% increase [1] - The highest price reached was $32.94 per ounce, while the lowest was $32.36 per ounce, indicating a bullish short-term trend in the silver market [1] - The silver price faced resistance and retreated yesterday, but it remains above the midline and short-term moving averages, suggesting potential for further strength in the future [3] Group 2 - The U.S. President has reaffirmed the maintenance of a 145% tariff policy on China, significantly lowering expectations for a resolution in U.S.-China trade disputes [2] - The announcement has overshadowed optimism from recent U.S.-China trade negotiations and has provided some support for safe-haven gold prices [2] - A unilateral ceasefire agreement was announced by Russian leaders amid ongoing military confrontations with Ukraine, which may impact geopolitical stability in the region [2]

Group 1 - Spot gold prices fell by 1.91% to $3366.16 per ounce, with a day high of $3435.62 and a low of $3360.32 [1] - COMEX gold futures decreased by 1.35% to $3376.50 per ounce, reaching a high of $3433.50 before dropping to a low of $3367.00 [1] - The Philadelphia Gold and Silver Index declined by 1.27% to 189.30 points [2] Group 2 - Spot silver prices dropped by 2.31% to $32.4550 per ounce, hitting a day low of $32.2490 shortly after a press conference by Federal Reserve Chairman Powell [2] - COMEX silver futures fell by 2.32% to $32.605 per ounce [3] - COMEX copper futures decreased by 3.33%, reaching a day low of $4.6125 per pound [4]

Core Viewpoint - The potential imposition of tariffs on imported drugs by the U.S. has led to a significant increase in gold prices, with spot gold rising nearly $100 on May 6, closing at $3431.11 per ounce, before experiencing a slight decline the following day [1][2]. Market Overview - On May 6, spot gold surged by 2.85%, while spot silver increased by 2.33%, closing at $33.22 per ounce [1][2]. - The initial trading on May 7 saw gold prices drop nearly 1%, falling close to $3400 per ounce [1][2]. Economic Indicators - The U.S. supply chain pressure has eased, with the New York Fed reporting a global supply chain pressure index of -0.29 for April, indicating no significant supply chain stress [3]. - Analysts suggest that if the Federal Reserve downplays market expectations for interest rate cuts in its upcoming meeting, the U.S. dollar may strengthen [3]. - Despite high inflation and a stable labor market, the Fed has limited options for action, primarily focusing on delaying market easing expectations [3]. Trading Strategy - For international gold, support levels are noted at $3382 or $3366, with resistance levels at $3450 or $3500 [4]. - For spot silver, support is identified at $32.95 or $32.75, with resistance at $33.40 or $33.65 [4].

Group 1: Gold Market Dynamics - The price of gold has surged significantly, with Au9999 reaching a historical high of 834.60 yuan per gram on April 22, 2025, up over 25% year-to-date, outperforming major global assets like US stocks, bonds, Bitcoin, and the Hang Seng Index [2] - Factors driving the gold price increase include rising inflation expectations, heightened risk aversion, and declining real interest rates, influenced by global trade tensions and central banks' easing policies [2] - Central banks have increased their gold purchases since 2022, contributing to the upward pressure on gold prices as confidence in the US dollar diminishes [2] Group 2: Investment Opportunities in Silver and Emerging Technologies - Silver, often seen as a "twin brother" to gold, possesses similar investment characteristics but has lagged in price growth due to its strong industrial demand, which accounted for 58% of its usage last year [3] - The potential for silver prices to surge exists if industrial demand, particularly in renewable energy sectors, rebounds [3] - The artificial intelligence sector is projected to experience rapid growth, with companies focusing on core technology development and unique algorithms likely to become the next "gold stocks" [3] Group 3: Green Energy Sector Potential - The green energy sector, including solar, wind, and hydro energy, is poised for unprecedented growth due to increasing global focus on climate change and supportive government policies [4] - Investment opportunities exist across the entire green energy value chain, from equipment manufacturing to energy production and supply services [4] - As with gold's historical value retention during economic turmoil, emerging sectors like green energy are expected to become significant wealth growth points in the future [4]

民生证券近日发布有色金属周报：本周（04/28-04/30）上证综指下跌0.49%，沪深300指 数下跌0.43%，SW有色指数下跌0.81%，贵金属COMEX黄金下跌-1.00%，COMEX白银下 跌-1.01%。工业金属LME铝、铜、锌、铅、镍、锡价格分别变动+1.11%、+0.83%、 +0.57%、+1.28%、+0.35%、+1.79%，工业金属库存LME铝、铜、锌、铅、镍、锡分别变 动-2.36%、-2.48%、-5.27%、-4.14%、-1.44%、-2.65%。 以下为研究报告摘要： 贵金属：市场对中美达成贸易协议的乐观态度，削弱了避险资产，金价短期回落，美元 走弱大趋势下继续看好贵金属价格后续表现。目前市场对中美达成贸易协议的乐观态度，削 弱了避险资产，对金价反弹造成限制。中长期来看，去美元中心化+美元信用弱化为主线， 全球贸易担忧情绪仍存，叠加俄乌冲突不断升级，看好金价中枢上移。白银价格受金价回落 影响也有所回落，但工业属性利好使得其回落幅度小于黄金，后续若看到金价反弹，银价弹 性相对更高，价格有望创历史新高。重点推荐：万国黄金集团、赤峰黄金、山金国际、招金 矿业、山东黄金、中金黄金、湖 ...

Group 1 - The core viewpoint indicates that gold is expected to test short-term support levels around 3200, with potential rebounds aimed at the 3260-3270 range [1][3] - The analysis suggests that the recent price movements of gold have been characterized by a downward correction, with key support levels identified at 3228, 3200, and 3175 [1][3] - The article emphasizes the importance of patience and risk management when attempting to identify potential bottom formations in gold prices, highlighting the difference in speed between bottom formations and top formations [1] Group 2 - The article notes that the US dollar is nearing a critical mid-range level, which may lead to a continuation of its downward trend, potentially impacting gold prices in the short term [3] - It is mentioned that if gold fails to hold above the 3200 level, further testing of the 3175 support may occur before establishing a short-term bottom [3] - The silver market is also discussed, indicating a potential recovery if it can stabilize above the 32 level, with a defensive position set at 31.6 [3]

Report Investment Ratings - Gold: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Silver: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] Core Viewpoints - The dollar credit crisis and the uncertainty of the global political and economic situation support the long - term upward trend of the center of gold prices. This week, with the release of important economic data such as non - farm payrolls in the US, precious metals may maintain sharp fluctuations, and position control and light - participation are needed before the holiday. Tonight, attention should be paid to US ADP employment, PCE, and first - quarter GDP data [1] Other Key Points Tariff - related - Trump relaxed the auto tariff policy to relieve the impact on local automakers. The US Commerce Secretary reached a trade agreement with an anonymous country. Trump plans to use AI chips as a new bargaining chip in trade negotiations. The US said Europe did not participate well in tariff issues. Walmart notified Chinese suppliers to resume shipments. The White House criticized Amazon for showing tariff prices, calling it a "hostile political act" [2] Ukraine - related - The US Secretary of State requires Ukraine to provide specific proposals and will withdraw from mediation if there is no progress. Putin is reported to have requested control of 4 regions in Ukraine during talks with the US [2] US Economic Data - The number of job openings in the US in March dropped to the lowest level since September last year. The US Conference Board consumer confidence in April plunged to a nearly five - year low. The US merchandise trade deficit in March widened to a record $162 billion [2]

来源：银河期货 作者：银河期货 研报正文 第一部分 前言概要 【行情回顾】 4月，贵金属表现依旧受到市场瞩目。伦敦金上触历史新高3500.12美元/盎司，月涨幅7%；伦敦银受到黄金的托举 回到近期高位、但未能突破34.5附近的阻力，月跌幅2%。沪金触及836.3元/克的历史高点，月涨幅9%。沪银相对疲 软，月跌幅2.4%。 【市场展望】 往后看，各经济体对于关税的博弈仍有不断反复的可能，关税政策进展和美国经济基本面间的演绎节奏具有高度的 不确定性，预期和现实间的差距将成为贵金属价格波动的放大器，而黄金作为对冲滞涨风险的优质资产、且贵金属 当前牛市的趋势并未被打破，可仍以低多思路为主。 【策略推荐】 1.单边：延续低多思路。 2.套利：观望。 3.期权：领式看涨期权。 风险提示：央行购金不及预期，关税谈判进展超预期、美国经济韧性超预期、光伏需求不及预期。 第二部分 行情复盘与前瞻 一、行情回顾 4月，贵金属表现依旧受到市场瞩目。伦敦金从3122美元启动，中间受到流动性的拖累出现回调，而后开启快速拉 涨的走势，一度上触历史新高3500.12美元/盎司，月涨幅7%；伦敦银月初的回调更深，此后受到黄金的托举回到近 期 ...

@ JIN10.COM 金十数据 | 一个交易工具 金十图示：2025年04月22日（周二）上海黄金交易所市场行情 | NYAuTN06 | | | | NYAuTN12 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 开盘价 | 813.1 | 最高价 | 821.6 | 开盘价 | 817.5 | 最高价 | 821.0 | | | રે | | 0 | | ટ | | 0 | | 最低价 | 813.1 | 收盘价 | 821.3 | 醫研究 | 817.5 | 收盘价 | 820.5 | | | 5 | | ട് | | 5 | | 0 | | 涨跌(元) | 22.8 | 涨跌幅 | 2.8 | 涨跌(元) | 17.4 | 涨跌幅 | 2.1 | | | 5 | | 6% | | ર | | 7% | | 加权平均价 | 817.5 | 成交量 | 79. | 加权平均价 | 8.618 | 成交量 | 16. | | | 5 | | র্ব | | 0 | | 2 | | 成交金额 | 6491205 | 市场持仓 | 38 ...

Core Viewpoint - The copper market is experiencing significant volatility due to potential import tariffs announced by U.S. President Trump, leading to a surge in copper prices and increased activity in the non-ferrous metal sector [9][11]. Non-Ferrous Metal Sector Activity - The non-ferrous metal sector has shown strong performance, with the sector index rising for three consecutive trading days. Notably, Northern Copper Industry Co., Ltd. (stock code: 000737) reached a limit-up price, achieving a three-day gain of two limit-ups [3][5]. - Other companies in the non-ferrous metal sector, such as Fuda Alloy Materials Co., Ltd. (stock code: 603045), Anhui Zhongyuan New Materials Co., Ltd. (stock code: 603527), and Xinjiang Alloy Investment Co., Ltd. (stock code: 000633), also experienced limit-up trading [5][7]. Copper Price Dynamics - COMEX copper prices reached a historical high of $5.3740 per pound, surpassing the previous record of $5.199 per pound set on May 20 of the previous year, with a year-to-date increase exceeding 30% [9][11]. - Market analysts suggest that while short-term copper prices are influenced by tariff expectations, the medium-term outlook will depend on supply and demand dynamics. Currently, the international copper market is characterized by an oversupply situation, with no significant increase in demand from China [11][12]. Future Outlook - Analysts from CITIC Futures anticipate that copper supply constraints will persist, with marginal demand recovery providing support for copper prices. They expect copper prices to exhibit a strong oscillating trend in the medium to long term [11][12]. - The long-term demand for copper is projected to be driven by growth in the power and electric vehicle sectors, indicating that while significant price increases may be limited, copper prices are likely to remain at elevated levels [11][12].