Group 1 - The Shanghai Gold Exchange's gold T+D rose by 0.87% to 767.25 CNY per gram on July 1 [1] - The Shanghai Gold Exchange's silver T+D increased by 0.37% to 8729.0 CNY per kilogram on July 1 [1]

Core Insights - The Shanghai Gold Exchange's gold T+D closed at 763.98 yuan per gram on June 30, marking an increase of 0.44% [1] - The Shanghai Gold Exchange's silver T+D closed at 8698.0 yuan per kilogram on June 30, with a marginal increase of 0.01% [1] Gold Market - The gold T+D price reflects a positive trend, indicating a growing interest or demand in the gold market [1] Silver Market - The slight increase in silver T+D price suggests stability in the silver market, although the growth is minimal compared to gold [1]

上海黄金交易所黄金T+D 6月30日（周一）晚盘盘初上涨0.01%报760.72元/克； 上海黄金交易所白银T+D 6月30日（周一）晚盘盘初下跌0.1%报8688.0元/千克。 黄金延期 白银延期 ...

Group 1 - Recent international market events include a subtle downgrade of the US credit rating, rising tensions between India and Pakistan, and ongoing conflicts in the Middle East, prompting central banks globally to increase gold reserves, with China adding to its holdings for seven consecutive months [1][3] - The Federal Reserve has decided to maintain the federal funds rate target range at 4.25% to 4.50%, marking the fourth consecutive meeting without a rate change, reflecting a cautious approach towards future rate cuts [3] - There is a significant divergence in the outlook for gold prices, with Citigroup predicting a decline below $3,000 per ounce in the coming quarters, while Goldman Sachs forecasts a rise to $4,000 by mid-next year, citing supply shortages and inflation concerns as key drivers [4] Group 2 - Upcoming economic data releases include the US ISM Manufacturing PMI, ADP employment figures, non-farm payroll report, CPI data, and retail sales, which are expected to influence market sentiment and trading strategies [6] - The company is offering a promotional bonus of $50,000 for new customers to encourage trading in gold and silver, alongside providing real-time strategy analysis and trading services to assist investors in navigating market fluctuations [6]

有迹象显示，尽管亚洲买家仍在马不停蹄地扫货黄金实物资产，但曾热衷购买金条和金币的美 国人如今却正在高位试图套现，这一分歧似乎或多或少地表明，全球各地的投资者对经济前景 和黄金市场的走向，有着截然不同的看法。 数据显示， 美国市场上的金条和金币目前正出现供过于求的状况，部分贵金属经销商已将溢价降 至六年来的最低水平以刺激销售。当散户投资者试图出售黄金时，现在需要支付给经销商额外费用 才能成功脱手。 研究咨询公司Metals Focus Ltd.董事总经理Philip Newman对此表示，"许多美国散户投资 者倾向于支持共和党。因此，无论我们如何评价关税政策，他们似乎都不抵触特朗普的行事方 式。因此，从他们的角度来看，购买黄金的理由减少了。" 花旗集团大宗商品策略师Kenny Hu对媒体表示："当存在恐惧时，他们(美国投资者)会持有更 多黄金，减少风险资产配置。现在他们可能觉得情况其实还好。 关税没那么糟糕。事情可以 通过谈判解决。地缘紧张局势最终会缓和，美国经济增长也许也不会那么差。" 而与此同时，根据世界黄金协会的最新数据， 2025年第一季度亚太地区对金条和金币的需求依 然强势增长了3% ，其中中国市场同 ...

上海黄金交易所黄金T+D 6月30日（周一）收盘下跌0.22%报764.3元/克； 上海黄金交易所白银T+D 6月30日（周一）收盘下跌0.68%报8730.0元/千克。 黄金延期 白银延期 ...

新加坡贵金属经销商GoldSilver Central董事总经理Brian Lan表示，缺乏其他投资选择的东南亚投资者已开始将黄金视为一种战略性资产。 【环球网财经综合报道】6月30日，据彭博社消息，曾热衷抢购金条和金币的美国投资者如今正在抛售这些资产，另一边，亚洲投资者却持续加码买入，这 表明全球的投资者对经济前景的看法截然不同。 对于金价涨势是否已结束，华尔街银行存在分歧。高盛重申其预测，认为明年金价将达到4000美元，摩根士丹利预计今年年底金价将达到3800美元，而花旗 集团则认为明年金价将跌破3000美元。（闻辉） 报道称，这些美国散户投资者的行为与更广泛的市场趋势背道而驰。更富有的投资者、主权财富基金和中央银行仍在积极买入黄金这一避险资产。与此同 时，亚洲黄金买家则舍弃了黄金首饰，转而购买金条和金币。 美国市场充斥着大量金条和金币，一些贵金属经销商已将溢价降至六年来最低水平，以刺激销售。而且，投资者出售黄金时，现在还需向经销商支付手续 费。贵金属经销商Money Metals Exchange目前对一盎司美国鹰金币的售价在现货价格基础上加收20美元，而四年前这一溢价为75美元。如今，投资者出售黄 金 ...

Group 1: Trading Volume and Value - In May 2025, the total trading volume of various contracts at the Shanghai Gold Exchange reached 42,087.66 billion yuan, a year-on-year increase of 62.8%, with inquiry trading accounting for 68.7% of the total [1] - The gold trading volume was 5,369,723.16 kilograms, up 21.1% year-on-year, with a trading value of 41,248.31 billion yuan, an increase of 67.7% [1] - Platinum trading volume was 16,226 kilograms, showing a significant increase of 525.5%, with a trading value of 38.79 billion yuan, up 545.8% [1] - Silver trading volume decreased by 39.0% to 9,809,654 kilograms, with a trading value of 746.64 billion yuan, down 36.1% [1] Group 2: International Market Prices - The international gold price closed at 3,289.25 USD/ounce, an increase of 16.54 USD from the previous month, with a low of 3,120.98 USD and a high of 3,435.63 USD [2] - The international silver price closed at 32.98 USD/ounce, up 0.72 USD from the previous month, with a low of 31.65 USD and a high of 33.70 USD [2] - The international platinum price closed at 1,057.84 USD/ounce, increasing by 85.73 USD from the previous month, with a low of 957.08 USD and a high of 1,103.87 USD [2] Group 3: Domestic Market Performance - The Au99.99 gold contract opened at 785 yuan/gram, peaked at 807.9 yuan/gram, and closed at 768.79 yuan/gram, down 11.4 yuan/gram from the previous month, with a monthly decline of 1.46% [3] - The average price for gold this month was 770.54 yuan, slightly higher by 1.03 yuan compared to the previous month [3] - The trading volume for Au (T+D) was 1,207,540 kilograms, accounting for 22.5% of the total gold trading volume, with a month-end position of 205,424 contracts, a decrease of 3,370 contracts from the previous month [3] Group 4: Delivery and Physical Outflow - The total gold delivery volume was 676,159.34 kilograms, with a physical outflow of 99,388.1 kilograms [4] - The total silver delivery volume was 1,868,850 kilograms, with a physical outflow of 352,860 kilograms [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, precious metal prices oscillated and declined. The cease - fire between Israel and Iran, Fed Chair Powell's statement on the lack of urgency to cut interest rates, and the Sino - US trade agreement on rare earth supply led to a significant decline in the price of gold as a safe - haven asset. Silver was more resilient but also fell on Friday [4][7]. - Trump criticized Canada's digital tax, terminated US - Canada trade negotiations, and threatened new tariffs. The US Treasury Secretary hinted at a possible extension of the "tariff deadline" from July 9 to September 1. The US and China finalized a trade understanding on rare earth exports, and the US will lift trade counter - measures if China exports rare earths to the US [4][8]. - With the easing of geopolitical risks in the Middle East, the improvement in Sino - US trade relations, and the rise in the US core PCE supporting Powell's view, market expectations of monetary easing have decreased, putting pressure on safe - haven assets. It is expected that the prices of gold and silver will continue to adjust in the short term [4][8]. Summary by Directory 1. Last Week's Trading Data - SHFE gold closed at 768.64 yuan/gram, down 9.94 yuan or 1.28%. Its total trading volume was 148,475 lots, and the total open interest was 178,255 lots [5]. - Shanghai Gold T + D closed at 763.08 yuan/gram, down 14.86 yuan or 1.91%. The total trading volume was 38,222 lots, and the total open interest was 213,128 lots [5]. - COMEX gold closed at 3286.10 dollars/ounce, down 98.30 dollars or 2.90% [5]. - SHFE silver closed at 8792 yuan/kilogram, up 128 yuan or 1.48%. The total trading volume was 522,479 lots, and the total open interest was 634,627 lots [5]. - Shanghai Silver T + D closed at 8748 yuan/kilogram, up 18 yuan or 0.21%. The total trading volume was 477,072 lots, and the total open interest was 3,111,050 lots [5]. - COMEX silver closed at 36.17 dollars/ounce, up 0.21 dollars or 0.60% [5]. 2. Market Analysis and Outlook - The decline in precious metal prices was due to the cease - fire in the Middle East, Powell's statement on interest rates, and the Sino - US trade agreement on rare earths. Silver was more resilient due to the strong performance of platinum and palladium but also fell on Friday [4][7]. - After the cease - fire declaration, there were still mutual attacks between Iran and Israel, but the conflict did not worsen further. Iran's foreign minister said there was no plan to restart nuclear negotiations [7]. - Powell maintained a wait - and - see stance on interest rates, which dissatisfied Trump. Trump considered announcing Powell's successor in advance, causing market concerns [8]. - The US - Canada trade relationship became tense again, but Sino - US trade relations improved. The rise in the US core PCE supported Powell's view, and short - term gold and silver prices are expected to continue adjusting [4][8]. - This week, focus on the US June non - farm payroll data and the global central bank forum, especially Powell's remarks [9][11]. 3. Important Data Information - In May, the US core PCE price index rose 2.7% year - on - year, slightly exceeding expectations. The core PCE price increased 0.2% month - on - month, while real personal consumption expenditure decreased 0.3% month - on - month, and personal income decreased 0.4% month - on - month. Fed's Kashkari still expects two rate cuts this year, with the first possibly in September [12]. - The final value of the US Q1 real GDP decreased 0.5% annually and quarter - on - quarter, higher than expected. Personal consumption growth was revised down to 0.5%, and the core PCE price index was revised up to 3.5% [12]. - Last week, the number of initial jobless claims in the US decreased by 10,000 to 236,000, lower than expected. The number of continuing jobless claims in the previous week rose to 1.974 million, the highest since November 2021 [12]. - The initial value of US durable goods orders in May increased 16.4% month - on - month, the largest increase since July 2014. Core capital goods orders increased 1.7% [13]. - The initial value of the US S&P Global Services PMI in June was 53.1, and the manufacturing PMI was 5.0, the highest since February. The raw material payment price index rose 5.4 points, and the price acceptance index also increased [13]. - The initial value of the Eurozone's June composite PMI was 50.2, lower than expected. Germany's composite PMI rose to 50.4, while France's fell to 48.5 [13]. - US consumer confidence in June unexpectedly declined. The consumer confidence index decreased 5.4 points to 93 [13]. - The one - year inflation expectation in the Michigan University consumer survey was adjusted from 5.1% to 5.0%, and the 5 - year inflation expectation was 4.0%, both lower than the previous values [14]. 4. Related Data Charts - As of June 27, 2025, the total gold position in ETFs was 954.82 tons, an increase of 4.58 tons from the previous week. The silver position in ishare was 14,866.19 tons, an increase of 115.91 tons from the previous week [15]. - As of June 24, 2025, the non - commercial net long position in gold futures was 195,004, a decrease of 5,644 from the previous week. The non - commercial net long position in silver futures was 62,947, a decrease of 4,227 from the previous week [17]. - The report also provides multiple charts showing the price trends, inventory changes, net long position changes, and price differences of precious metals, as well as the relationships between precious metals and other economic indicators such as the US dollar index, inflation expectations, and bond yields [19][21][26]

Core Insights - The spot gold trading market is undergoing significant transformation due to rapid advancements in financial technology, with trading software being a key tool for investors [1] Group 1: Technological Upgrades in Trading Software - Leading trading software is focusing on optimizing functions, enhancing user experience, and strengthening risk management through technological upgrades [1] - Companies are implementing advanced AI algorithms to analyze trading behaviors and preferences, providing personalized investment advice [3] - The integration of big data and AI technologies allows for precise market analysis and timely alerts for users [4] Group 2: User Experience Enhancements - Companies are prioritizing user experience by redesigning trading interfaces for clarity and ease of use, enabling quick transaction execution even under poor network conditions [6] - The introduction of 3D charts and dynamic data visualization enhances market trend understanding for investors [6] - Enhanced customer service through a combination of AI and human support ensures 24/7 professional consultation for users [6] Group 3: Security and Risk Management - Companies are focusing on improving transaction security by employing advanced encryption algorithms and multi-factor authentication [10] - Real-time risk assessment models are being introduced to monitor each transaction and provide timely alerts when risk thresholds are exceeded [7] - The development of intelligent risk control systems allows for comprehensive monitoring of various risk types, adjusting measures automatically [12] Group 4: Globalization and Market Connectivity - Firms are innovating trading tools to connect with global markets, allowing investors to monitor multiple international gold markets simultaneously [5] - The optimization of global server configurations ensures low-latency trading experiences for users worldwide [5] - The introduction of localized services and language support aims to eliminate trading barriers for global investors [5] Group 5: Diversification of Services - Companies are expanding their service offerings to include trading in other precious metals and financial derivatives, providing a broader range of investment options [8] - The integration of blockchain technology enhances transaction transparency and security, while smart contract functionalities automate trade execution based on preset conditions [8] - Personalized market insights and investment advice are being delivered through data analysis of user needs [8] Group 6: Innovative Trading Strategies - The exploration of IoT technology allows for interconnected trading devices, enabling investors to monitor trades and receive alerts from smart devices [9] - The development of deep learning-based quantitative trading strategy generators simplifies the creation of personalized trading strategies for investors [9] - Enhanced social trading features promote interaction and experience sharing among investors [9]