Core Viewpoint - The global precious metals market is experiencing significant volatility driven by geopolitical risks in Washington and the Middle East, as well as escalating trade tensions between the US and Europe [1] Geopolitical Risks - The turmoil in the Middle East, particularly the Houthi attacks on Iraqi oil fields, has led to a daily drop in oil production by 140,000 to 150,000 barrels, impacting the global energy market [4] - The issuance of missile safety alerts by the US Embassy in Israel has heightened risk-averse sentiment among investors [4] Federal Reserve Policy Divergence - Internal disagreements within the Federal Reserve are causing market fluctuations, with hawkish member Kugler opposing rate cuts while dovish member Waller advocates for a 25 basis point cut in July [2][5] - Market expectations for a July rate cut have risen from 28% to 30%, while the probability of a September cut remains at 54% [2] Trade Tensions - The escalation of the US-EU trade war, including a 40% tariff on EU steel starting August 1, has begun to impact the precious metals supply chain [6] - A factory owner in Dongguan reported a 50% drop in orders for 18K gold necklaces destined for the US, resulting in significant inventory losses [6] Market Volatility - A rumor regarding former President Trump's consideration to fire Fed Chair Powell caused gold prices to spike by $50 to a three-week high of $3,377 before dropping back down, illustrating the extreme volatility in the gold market [8] - Gold has experienced nine instances of daily fluctuations exceeding $35 since July [8] Precious Metals Price Movements - Platinum prices have surged to a two-month high of $1,408, driven by miner strikes in South Africa and the booming hydrogen vehicle market, while silver prices have declined due to weak global factory orders [8] - Domestic gold prices in Shanghai opened at 771.2 yuan per gram, slightly down from the previous day, while retail prices for gold jewelry are significantly higher due to additional costs [9] Central Bank Gold Purchases - Central banks globally are increasing their gold reserves, purchasing between 37 to 39 tons monthly, with China's central bank being the most aggressive, raising its reserves to 2,298 tons over the past eight months [9] - Some Nordic pension funds have increased their gold allocations to 14%, indicating a shift towards gold as a hedge against currency devaluation [9]

Group 1: Market Overview - The US dollar index is trading around 98.26, while spot gold opened at $3430.30 per ounce and is currently trading at approximately $3439.01 per ounce [1] - The previous trading day saw the US dollar index rise by 0.28% to 98.14, and spot gold increased by 1.38% to $3431.99 per ounce [1] - Other precious metals experienced declines, with spot silver down 0.12% to $36.29 per ounce, platinum down 5.25% to $1228.33 per ounce, and palladium down 3.18% to $1028.20 per ounce [1] Group 2: Inventory Data - As of June 13, COMEX gold inventory remains unchanged at 1175.39 tons, while COMEX silver inventory increased by 8.07 tons to 15503.85 tons [2] - SPDR gold ETF holdings increased by 2.58 tons to 940.49 tons, whereas SLV silver ETF holdings decreased by 53.72 tons to 14675.36 tons [2] Group 3: Geopolitical Events - Israel and Iran engaged in mutual attacks over the weekend, resulting in multiple casualties [4] - Israeli authorities reported at least 10 fatalities, including children, while Iran claimed that at least 138 people have died in Israeli attacks since last Friday, with a significant number being children [5] - Reports indicate that at least 14 Iranian nuclear scientists were killed in the Israeli strikes [6]

Group 1: Price Performance - The latest price of London Gold is 3391.40 with a change of 61.70 [1] - The latest price of London Silver is 36.18 with a change of -0.02 [1] - The latest price of London Platinum is 1269.00 with a change of 51.00 [1] - The latest price of London Palladium is 1072.00 with a change of 10.00 [1] - The latest price of LME Copper is 9680.00 with a change of -97.50 [1] Group 2: Trading Data - The latest trading data for certain items are - (not specified), 1226.15, 937.91, 14729.08, 1347.54, 2, 2 respectively [1] - The changes in trading data are - (not specified), -3.67, 3.72, 0.00, 0.00, 1.00, 0.00 respectively [1] Group 3: Precious Metal Ratios and Related Information - Information about COMEX silver inventory,上期所白银库存, gold ETF持仓, silver ETF持仓, 上金所白银库存, 上金所黄金递延费支付方向, 上金所白银递延费支付方向 is presented but specific values are not fully shown [1] - The report also mentions升贴水、库存、ETF持仓变化 [2] Group 4: Data Source - The data in the report is sourced from Bloomberg, Yong'an Yuandian Information, and Wind [3]

Market Overview - The Shanghai Composite Index is struggling to maintain the 3400-point level, with significant support from major financial institutions such as banks, brokerages, and insurance companies [1] - Market sentiment remains cautious, with trading volumes not keeping pace, leading to increased volatility and sector rotation among hot sectors like innovative drugs, CPO, IP economy, precious metals, rare earth permanent magnets, and automotive parts [1] Key News - Ant Group concept stocks surged in Hong Kong, with Yunfeng Financial rising by 100% at one point and closing up approximately 60%, following news that Ant Group plans to apply for stablecoin licenses in Singapore and Hong Kong [2] - The innovative drug sector continues to rise, with stock prices increasing while price-to-earnings ratios are decreasing, indicating a potential value reassessment as corporate earnings growth outpaces stock price increases [2][4] Precious Metals - Gold stocks in A-shares experienced a sudden surge, with Hengbang Co. and Chaohongji both hitting the daily limit, driven by heightened demand for gold as a safe haven amid escalating geopolitical tensions in the Middle East [4] - Platinum and silver have also seen significant price increases, with platinum rising nearly 40% this year, surpassing gold's performance, and silver reaching a 13-year high above $36 per ounce [4][5] Demand and Supply Dynamics - The demand structure for platinum shows that 40% is used in automotive catalysts, 25% in jewelry, 20% for industrial purposes, and 9% for investment [6] - Silver's demand structure indicates that industrial demand accounts for 58.5%, jewelry for 17.9%, investment for 16.4%, and other uses for the remainder [7] - The supply-demand gap for platinum is expected to widen, with the World Platinum Investment Council projecting the lowest total supply in five years by 2025, while investment demand is significantly increasing [8] - The global industrial demand for silver is anticipated to exceed 55% by the end of 2025, with a projected supply gap of 8,800 tons, driven by the energy revolution and technological advancements [8] Investment Implications - The rise of white metals like silver and platinum is expected to boost the precious metals sector, with companies involved in the silver and platinum supply chain likely to benefit from this trend [8]

Core Viewpoint - Chinese investors are cautious about the rapid rise in gold prices, while platinum prices have not seen a significant increase, indicating a potential shift in investment demand towards platinum [1][2]. Group 1: Market Dynamics - The U.S. tariff policies negatively impact consumer sentiment, particularly in the automotive sector, where a 1% increase in car prices could lead to a 0.5% decrease in platinum demand due to reduced automotive demand [1]. - Despite the downward pressure on the global economy from tariffs, there is a trend of capital flowing from risk assets to safe-haven assets, benefiting the gold market and potentially increasing investment demand for platinum as well [1]. Group 2: Investment Demand - Investment demand for platinum is expected to grow as it has not experienced the same level of price increase as gold, which has risen nearly 30% since the end of 2024, compared to platinum's 20% increase [1]. - Chinese investors are leading the investment demand for platinum, attracted by its relatively lower risk of sharp declines and greater potential for price increases compared to gold [1]. Group 3: Jewelry Demand - China's jewelry demand, which had been slowing until last year, saw a significant increase of 26% in the first quarter of 2025, driven by a shift from gold to platinum jewelry due to high gold prices [2]. - The overall trend indicates that while automotive demand may decrease, the increase in investment and jewelry demand could offset this decline [2].