本月黄金交割量为677,642.12千克，实物出库量为89,642.3千克；白银交割量为2,335,080千克，实物出库量为166,950千克。 作者：上海黄金交易所 2025年6月，上海黄金交易所各类合约的成交金额为42,106.71亿元，同比增加73.7%，其中，询价交易成交31,878.63亿元，占比 75.7%。会员自营和代理业务的交易金额分别为40,728.36亿元和1,378.35亿元。 本月黄金成交量为5,417,182.62千克，同比增加22.6%，成交金额42,106.71亿元，同比增加73.7%，日均成交量为270,859.13千 克；铂金成交14,318千克，同比增加113.6%，成交金额41.11亿元，同比增加166.8%，日均成交量为715千克；白银成交 12,559,696千克，同比减少3.4%，成交金额1,098.23亿元，同比增加8.1%，日均成交量为627,984.8千克。 本月国际金价高位盘整，白银与铂金大幅上扬。现货黄金（XAU）收于3,283.57美元/盎司，较上月下跌5.68美元，低点和高点分 别为3,248.71美元和3,451.31美元。国际现货白银（XAG）收于 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views - The change in the trade negotiation situation between the US and other countries is the main factor affecting the precious metal market. The prices of gold and silver fluctuate with the tension and relaxation of the negotiation situation. The agreement reached in the US - Japan tariff negotiation and the positive progress in the US - EU trade negotiation have weakened the safe - haven sentiment and put pressure on precious metals [3]. - The "reciprocal tariff" rate imposed by the US on Japan will be reduced from 25% to 15%. The agreement also includes Japan's commitment to invest $550 billion in the US and buy $8 billion worth of US goods. The US and the EU are moving towards an agreement that will set a 15% tariff rate for most products [3]. - With the US and Japan reaching a major trade agreement and progress in the US - EU negotiation, the global trade situation is stabilizing, and the risk - aversion sentiment in the market is cooling. It is expected that the short - term precious metal prices will show a weak trend. But the possibility of a change in the Fed's leadership increases market concerns about the stability of monetary policy, and the downward adjustment space for precious metals is expected to be limited [3]. Group 3: Summary by Relevant Catalogs 1. Last Week's Trading Data - SHFE gold closed at 777.32 yuan/gram, up 0.30 yuan (0.04%), with a total trading volume of 211,851 lots and a total open interest of 178,255 lots. - Shanghai Gold T + D closed at 773.61 yuan/gram, down 6.39 yuan (- 0.82%), with a total trading volume of 29,664 lots and a total open interest of 209,130 lots. - COMEX gold closed at $3338.50/ounce, down $17.00 (- 0.51%). - SHFE silver closed at 9392 yuan/kg, up 119 yuan (1.28%), with a total trading volume of 522,479 lots and a total open interest of 634,627 lots. - Shanghai Silver T + D closed at 9372 yuan/kg, up 4 yuan (0.04%), with a total trading volume of 350,054 lots and a total open interest of 3,380,200 lots [4]. 2. Market Analysis and Outlook - The US - Japan and US - EU trade negotiations have made progress. The US - Japan agreement may become a "template" for other partner countries. The EU is also moving towards an agreement, but is preparing a retaliatory tariff plan. Market sentiment has turned optimistic [6][7]. - US President Trump has criticized the Fed for lacking "courage" and called for a three - percentage - point interest rate cut. The market is worried about the uncertainty of monetary policy. It is generally expected that the Fed will keep interest rates unchanged in the July 29 - 30 meeting, and investors still bet on a possible rate cut in September [7]. - The European Central Bank has kept its three key interest rates unchanged and has not provided any forward guidance on the subsequent policy path, listing "trade disputes" as the main source of policy uncertainty [8]. - This week, focus on the preliminary value of the US Q2 real GDP annualized quarterly rate, the US July non - farm payrolls report, the US July ISM manufacturing index, the Fed's interest - rate meeting on July 29 - 30, and the progress of the US - EU trade negotiation [9]. 3. Important Data Information - The number of initial jobless claims in the US last week was 217,000, the lowest level since mid - April, lower than the market expectation of 226,000 and the previous value of 221,000. - The preliminary value of the US July S&P Global manufacturing PMI dropped to 49.5, the lowest since December 2024, while the preliminary value of the service PMI was 55.2 and the composite PMI was 54.6, both at the highest since December 2024. - The preliminary value of the eurozone July manufacturing PMI was 49.8, the highest since July 2022, and the service PMI unexpectedly rose to 51.2, driving the composite PMI to 51, all higher than market expectations. - In the first half of the year, China's gold production was 252.761 tons, a year - on - year increase of 0.44%; gold consumption was 505.205 tons, a year - on - year decrease of 3.54%; the increase in domestic gold ETF holdings was 84.771 tons, a year - on - year increase of 173.73%, and the holdings at the end of June were 199.505 tons [10]. - As of July 25, 2025, the total gold holdings of ETFs were 957.09 tons, an increase of 13.46 tons from last week, 3.70 tons from last month, and 113.92 tons from last year. The silver holdings of ishare were 15,230.43 tons, an increase of 572.22 tons from last week, 364.24 tons from last month, and 890.08 tons from last year [11]. 4. Relevant Data Charts - The data shows the changes in the non - commercial long, short, and net long positions of gold and silver futures from July 1, 2025, to July 22, 2025 [12][15]. - There are multiple charts showing the price trends, inventory changes, and relationships between different factors of SHFE and COMEX gold and silver, such as the price relationship between domestic and foreign markets, the relationship between prices and other economic indicators like the US inflation expectation, the dollar index, etc. [16][17][18][19][20][21][23][25][27][28][30][32][34][36]

行情回顾： 国际黄金周五（7月25日）再度收跌，开盘价3372.46美元/盎司，最高价3373.76美元/盎司，最低价3324.96美元/ 盎司，收盘价3327.76美元/盎司。 消息面： 贸易局势： 技术面： 国际黄金周五再度收跌，周五早间金价最高上探3373一下后短线维持震荡下行，亚盘时段金价维持较为温和震 荡下行，进入下午盘欧盘初期金价一度企稳于3355支撑位窄幅整理，欧盘时段金价短线加速下调破位走低，美 盘开盘前夕金价逐步企稳于3339一线温和整理，美盘时段金价小幅反弹3347一下后再度走低，周六凌晨金价最 低下探3325一下后震荡走高企稳收盘于3338一线。（周一早间金价跳空低开高走，维持短线震荡走势）日线连 续三个交易日录得阴线，当前金价企稳于日线60日均线支撑位一线，短线回落继续加剧日线见顶形态变化。整 体小时级别移动平均线呈较为规整向下发散排列，维持偏空指引参考，短线触底反弹逐步带来小时级别均线压 力位回踩走势，关注小时级别RSI极端值表现。四小时级别显示，短期金价持续收跌加剧四小时RSI超卖表现， 短期金价有较强调整需求。短期报价形成对四小时60日均线向下突破走势，继续加剧四小时均线向下交叉 ...

Group 1 - The Shanghai Gold Exchange's gold T+D price decreased by 0.62% to 768.4 yuan per gram on July 28 [1] - The Shanghai Gold Exchange's silver T+D price fell by 2.12% to 9152.0 yuan per kilogram on July 28 [1]

Group 1 - The Shanghai Gold Exchange's gold T+D closed at 769.95 yuan per gram on July 25, 2023, reflecting a decrease of 0.42% [1] - The Shanghai Gold Exchange's silver T+D closed at 9145.0 yuan per kilogram on July 25, 2023, showing a decline of 2.19% [1]

Group 1 - The Shanghai Gold Exchange's gold T+D price decreased by 0.33% to 770.6 yuan per gram on July 25 [1] - The Shanghai Gold Exchange's silver T+D price fell by 0.46% to 9307.0 yuan per kilogram on July 25 [1]

Core Viewpoint - The ongoing pressure from President Trump on Federal Reserve Chairman Powell to lower interest rates has significant implications for the U.S. economy and international gold prices, drawing attention from global markets [1]. Impact on International Gold Prices - The uncertainty surrounding Federal Reserve policies typically increases the appeal of gold as a safe-haven asset, especially amid inflation, currency devaluation, and political instability [2]. - The potential removal of Powell due to political pressure or significant adjustments in monetary policy could lead to drastic fluctuations in gold prices, particularly in a complex global economic landscape [2]. - If Trump successfully influences the Fed to lower interest rates, gold prices may rise due to heightened economic growth concerns; conversely, if Powell maintains current policies, the gold market may enter a period of adjustment with reduced short-term volatility [2]. Market Volatility and Investor Strategies - Regardless of future developments, the volatility in the gold market remains a critical factor that investors must monitor closely, adjusting their strategies as necessary [3]. - Investors are advised to pay close attention to changes in Federal Reserve policies, as any major adjustments could directly impact the gold market [5]. - Flexibility in responding to gold market fluctuations is essential, particularly during periods of policy changes and increased global economic uncertainty [6]. - Selecting a reliable trading platform is crucial in a turbulent market environment, with companies like Lingfeng Global providing robust technical support and real-time market analysis [7].

Core Insights - Precious metals trading attracts investors due to its unique appeal and hedging properties against economic fluctuations [1] - The rise of online trading platforms has created challenges for investors in finding legitimate platforms that meet their needs [1] Group 1: Overview of Recommended Platforms - **Wanzhou Gold**: Licensed by the Hong Kong Gold Exchange, offers eight trading products with low trading costs, including a minimum spread of $20 and a slippage rate of 0.02% [2] - **Jinrong China**: Also licensed by the Hong Kong Gold Exchange, utilizes a zero-commission model with a spread as low as $0.2 per ounce, and offers a minimum deposit of $70 [4] - **Rongsheng Gold**: Known for fast execution speeds and low slippage, supports various leverage options and flexible account management [5] - **Lingfeng Precious Metals**: Licensed by the Hong Kong Gold and Silver Exchange, offers fixed spreads and an average daily trading volume exceeding 800,000 lots [6] - **Chuangfu International**: Features a rapid trading system with a transaction speed of 0.3 seconds and a 30% reduction in exchange rate friction costs [7] Group 2: Selection Criteria for Trading Platforms - **Regulatory Compliance**: Platforms should hold AA-class licenses from the Hong Kong Gold Exchange, ensuring a minimum capital requirement of 5 million HKD and annual audits [9] - **Trading Costs and Execution Efficiency**: Key metrics include spreads, slippage rates, and order execution speed, with industry-leading examples like Jinrong China's $20 spread and Wanzhou Gold's 0.02% slippage rate [10] - **Fund Security and Risk Management**: Client funds should be stored separately in regulated banks, and some platforms offer risk assurance funds for extreme market conditions [11] - **User Experience**: New investors should consider platforms with demo accounts and efficient deposit/withdrawal processes, with instant deposits and withdrawals processed within two hours [12]

Group 1 - The Shanghai Gold Exchange's gold T+D closed at 773.2 yuan per gram on July 25, down by 0.6% [1] - The Shanghai Gold Exchange's silver T+D closed at 9372.0 yuan per kilogram on July 25, up by 0.25% [1]

上海黄金交易所黄金T+D 7月25日（周五）早盘盘初下跌0.39%报774.8元/克； 上海黄金交易所白银T+D 7月25日（周五）早盘盘初上涨0.13%报9361.0元/千克。 黄金延期 白银延期 ...