Group 1: Report Overview - Report Title: Precious Metals Data Daily Report [4] - Date: August 11, 2025 [5] - Author: Baishuna from the Macro - Financial Research Center of Guomao Futures Research Institute [5] Group 2: Price and Position Data Price Data - On August 8, 2025, COMEX silver was at $3394.74, London gold spot at $787.80, London silver spot at $38.57, COMEX gold at $9278.00, AG (T + D) at $783.43, AU (T + D) at $9238.00, AU2510 at $3499.20, and AG2510 at $38.30. Compared with August 7, the price increases were 0.2%, 0.5%, 1.2%, 0.6%, 0.2%, 0.4%, 0.2%, and 0.3% respectively [5]. - The price differences and their increases or decreases between different markets and varieties are also presented, such as the gold internal - external market (TD - London) spread, COMEX gold - silver ratio, etc. For example, the gold internal - external market (TD - London) spread on August 8 was - 4.37 yuan/gram, with a 5.1% increase from the previous day [5]. Position Data - COMEX gold and silver non - commercial long and short positions, gold and silver ETF holdings, and their changes are provided. For example, COMEX gold non - commercial long positions on August 8 were 237050, a - 11.50% change from the previous day [5]. Group 3: Inventory and Market Index Data Inventory Data - COMEX and SHFE gold and silver inventories and their changes are given. For example, COMEX silver inventory on August 8 was 506492427 troy ounces, a - 0.22% change from the previous day [5]. Market Index Data - Data on US Treasury yields, the US dollar/Chinese yuan exchange rate, the S&P 500, NYMEX crude oil, the US dollar index, and VIX are presented, along with their changes. For example, the 2 - year US Treasury yield on August 8 was 7.14, a - 8.57% change from the previous day [5]. Group 4: Market News - US President Trump announced on August 8 that he will meet with Russian President Putin in Alaska on August 15, stating that the Ukraine situation may be resolved soon [5]. - Trump nominated Stephen Milan as a Federal Reserve governor, and the St. Louis Fed President supported the decision to keep interest rates unchanged last week [5]. - The US Customs and Border Protection initially ruled that 1 - kilogram and 100 - ounce gold bars should be taxed, but the Trump administration will issue a new policy clarifying that gold bar imports should not be taxed [5]. - The Israeli government approved a plan to occupy the Gaza Strip after a 10 - hour discussion [5]. Group 5: Market Analysis Short - term Logic - On August 8, the main contract of Shanghai gold futures rose 0.56% to 787.8 yuan/gram, and the main contract of Shanghai silver futures rose 0.84% to 9278 yuan/kilogram [5]. - Short - term factors affecting precious metal prices include potential additional US tariffs on countries buying Russian oil, nominations of Federal Reserve officials, China's central bank's continuous gold purchases for 9 months, upcoming US - Russia leader meetings, and the clarification of gold bar import tariffs. The short - term upward momentum of gold prices may be limited, but the Fed's high probability of cutting interest rates in August and tariff uncertainties are expected to support gold prices at a high level. Silver prices may continue to be strong in the short - term but should be cautious about the upside in the medium - term [5]. Medium - and Long - term Logic - The Fed still has a certain probability of cutting interest rates this year. With continuous global geopolitical uncertainties, intensified major - power games, and the trend of de - dollarization, central bank gold purchases are expected to continue, and the medium - and long - term center of gold prices is likely to move up [5].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On August 4, the main contract of Shanghai gold futures closed up 1.36% to 781.42 yuan/gram, and the main contract of Shanghai silver futures closed up 1.3% to 9039 yuan/kilogram [4]. - The significantly lower-than-expected non - farm payrolls in the US in July, along with the revised reduction of 258,000 jobs in May and June, highlight the sharp slowdown risk in the US labor market. Coupled with the July ISM manufacturing PMI being lower than expected and in the contraction range for five consecutive months, it triggers new concerns about a US economic recession, leading to a sudden increase in the expectation of a Fed rate cut. The market currently expects an 80% probability of a Fed rate cut in September, which drives the strong rebound of precious metal prices. Additionally, Trump's new round of tariffs on multiple countries and the poor US economic data boost market risk - aversion demand, supporting precious metal prices. The Fed is likely to cut interest rates in September, which may continue to support the strong performance of gold prices. Silver generally follows gold but may perform weaker under the new economic recession concerns [4]. - In the medium - to - long - term, there is still a certain probability of a Fed rate cut this year. With continuous global geopolitical uncertainties, intensified major - power games, and the wave of de - dollarization, central bank gold purchases continue, so the medium - to - long - term center of gold prices is likely to continue to move up [4]. 3. Summary by Related Catalogs Price Tracking - **Precious Metal Prices**: On August 4, 2025, London gold spot was at $3360.20 per ounce, London silver spot at $37.22 per ounce, COMEX gold at $3413.10 per ounce, and COMEX silver at $37.26 per ounce. Compared with August 1, 2025, the price increases were 2.1%, 1.7%, 2.1%, and 1.6% respectively. The prices of domestic gold and silver futures and spot also showed varying degrees of increase, with increases ranging from 1.3% to 1.4% [3]. - **Price Spreads and Ratios**: As of August 4, 2025, the spread between gold TD and SHFE active price was - 4.32 yuan/gram, and the spread between silver TD and SHFE active price was - 31 yuan/kilogram. Compared with August 1, 2025, the spreads had different degrees of change, with increases of 12.5% and 24.0% respectively [3]. Position Data - As of August 1, 2025, the gold ETF - SPDR was 953.08 tons, and the silver ETF - SLV was 15056.66493 tons. Compared with July 31, 2025, they decreased by 0.15% and 0.04% respectively. The non - commercial long and short positions of COMEX gold and silver also showed different degrees of decline [3]. Inventory Data - On August 4, 2025, the SHFE gold inventory was 35889.00 kilograms, an increase of 0.40% compared with August 1, 2025. The SHFE silver inventory was 1174273.00 kilograms, a decrease of 0.82% compared with August 1, 2025. The COMEX gold and silver inventories also showed slight increases [3]. Other Market Data - As of August 4, 2025, the 10 - year US Treasury yield was 3.69%, the 2 - year US Treasury yield was 4.23%, the US dollar index was 98.69, and the US dollar/Chinese yuan central parity rate was 7.14. Compared with August 1, 2025, they had different degrees of change, with the US dollar index decreasing by 0.14%, the 10 - year US Treasury yield decreasing by 3.20%, and the 2 - year US Treasury yield increasing by 21.89% [4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short - term, due to the resumption of Sino - US economic and trade meetings, mild market risk - aversion demand, unexpectedly strong growth of the US Q2 GDP, rebound of core PCE, and the largest increase in ADP employment in July since March, the US dollar index and Treasury yields are boosted, suppressing precious metal prices. Gold has fallen below the $3300/ounce mark since July 1st. As the tariff situation becomes clear and a series of important US data are released, for gold, it is advisable to gradually buy at low prices and lay out long - term positions; for silver, affected by the fading of the commodity rally sentiment, it may fluctuate in the short - term and it is recommended to wait and see [3]. - In the long - term, there is still a certain probability of the Fed cutting interest rates this year. With continuous global geopolitical uncertainties, intensifying major - power games, and the trend of de - dollarization, central banks' gold purchases continue, so the medium - and long - term center of gold prices is likely to continue to rise [3]. Summary by Relevant Catalogs Price Tracking - **Spot and Futures Prices**: On July 30, 2025, compared with July 29, London gold spot rose 0.3% to $3326.07/ounce, London silver spot fell 0.1% to $38.04/ounce, COMEX gold rose 2.0% to $3380.50/ounce, COMEX silver fell 0.2% to $38.15/ounce, AU2510 rose 0.3% to 773.78 yuan/gram, AG2510 remained unchanged at 9192 yuan/kilogram, AU (T + D) rose 0.2% to 769.42 yuan/gram, and AG (T + D) fell 0.1% to 9158 yuan/kilogram [3]. - **Spread and Ratio**: On July 30, 2025, compared with July 29, the spread of gold between domestic and foreign markets (TD - London) was - 4.36 yuan/gram (up 13.0%), the spread of silver between domestic and foreign markets (TD - London) was - 34 yuan/kilogram (up 25.9%), the spread of gold TD - SHFE active price was 5.46 yuan/gram (up 11.4%), the spread of silver TD - SHFE active price was - 634 yuan/kilogram (down 0.7%), the SHFE gold - silver ratio was 84.18 (up 0.3%), the COMEX gold - silver ratio was 88.61 (up 2.2%), AU2512 - 2510 was 1.98 yuan/gram (down 8.3%), and AG2512 - 2510 was 21 yuan/kilogram (up 5.0%) [3]. Position Data - As of July 22, 2025 (weekly data), compared with July 28, on July 29, the gold ETF - SPDR remained unchanged at 956.23 tons, the silver ETF - SLV rose 0.09% to 15173.91673 tons, the non - commercial long positions of COMEX gold rose 15.44% to 311949 contracts, the non - commercial short positions rose 3.15% to 58911 contracts, the non - commercial net long positions rose 18.73% to 253038 contracts, the non - commercial long positions of COMEX silver rose 0.77% to 85678 contracts, the non - commercial short positions fell 2.02% to 25058 contracts, and the non - commercial net long positions rose 1.97% to 60620 contracts [3]. Inventory Data - On July 30, 2025, compared with July 29, SHFE gold inventory rose 7.03% to 33462 kilograms, SHFE silver inventory rose 0.27% to 1208094 kilograms, COMEX gold inventory rose 0.35% to 38166532 ounces, and COMEX silver inventory rose 0.12% to 502296559 ounces [3]. Interest Rates, Exchange Rates, and Stock Market Data - On July 30, 2025, compared with July 29, the US dollar/CNY central parity rate fell 0.10% to 7.14, the US dollar index rose 0.26% to 98.92, the 2 - year US Treasury yield fell 1.28% to 3.86%, the 10 - year US Treasury yield fell 1.81% to 4.34%, the VIX rose 6.32% to 15.98, the S&P 500 fell 0.30% to 6370.86, and NYMEX crude oil rose 3.39% to 69.25 [3]. Important News - Sino - US economic and trade talks are held in Stockholm, Sweden, and both sides will continue to promote the extension of the suspended 24% reciprocal tariffs and China's counter - measures [3]. - The preliminary value of the Eurozone's Q2 GDP increased 1.4% year - on - year, higher than the expected 1.2% [3]. - The US ADP employment in July increased by 104,000, the largest increase since March, exceeding the market expectation of 75,000 [3]. - Trump said that India will pay 25% tariffs and fines starting from August 1st due to its procurement from Russia [3]. - The preliminary annualized quarterly rate of the US Q2 real GDP was 3.6%, higher than the expected 2.4%; the preliminary annualized quarterly rate of the core PCE price index was 2.5%, higher than the expected 2.3%; the preliminary rate of real personal consumption expenditure was 1.4%, lower than the expected 1.5% [3]. - The Bank of Canada kept the benchmark interest rate unchanged at 2.75% for the third consecutive time, in line with market expectations [3].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the short - term, the market's risk - aversion demand has declined due to progress in tariff negotiations and the ECB's reduction of the September interest - rate cut expectation, as well as the Fed's likely on - hold stance in July, which suppresses precious metal prices. However, due to the uncertainty of tariff policies and the Fed's possible rate cut in August, precious metal prices may not continue to fall. Silver may run bearishly in the short - term due to the general decline in commodity sentiment, and it is recommended to wait and see [3]. - In the long - term, against the backdrop of the trade war, the Fed still has a certain probability of cutting interest rates within the year. With global geopolitical uncertainties, intensified great - power games, and the wave of de - dollarization, the central banks' gold purchases continue, so the long - term center of gravity of gold is likely to continue to move up [3]. 3. Summary by Related Contents 3.1 Price and Spread Information - **Price**: On July 25, 2025, London gold spot was 3358.72, London silver spot was 774.70, AU (T + D) was 3360.30, COMEX silver was 9368.00, AG (T + D) was 773.17, COMEX gold was 9365.00, AU2508 was 39.30, and AG2508 was 39.08. Compared with July 24, the price changes were - 0.2%, - 0.2%, 0.1%, - 0.5%, - 0.1%, - 0.6%, 0.1%, - 0.2% respectively [3]. - **Spread**: On July 25, 2025, the gold internal - external spread (TD - London) was - 1.53, the silver internal - external spread (TD - London) was 1.95, the gold TD - SHFE active spread was 82.70, and the silver TD - SHFE active spread was - 3. Compared with July 24, the spread changes were - 1.3%, - 1.7%, - 0.3%, - 2.1% respectively [3]. 3.2 Position and Inventory Information - **Position**: As of July 25, 2025, COMEX gold non - commercial net long positions, non - commercial short positions, and non - commercial long positions were 15230.42858, 253038, 957.09 respectively; COMEX silver non - commercial net long positions, non - commercial short positions, and non - commercial long positions were 311949, 58911, 85678 respectively. The gold ETF - SPDR position was 25058, and the silver ETF - SLV position was 60620 [3]. - **Inventory**: On July 25, 2025, SHFE silver inventory was 500320749 kg, SHFE gold inventory was 37762394 kg, COMEX silver inventory was 30258.00 ounces, and COMEX gold inventory was 1187254.00 ounces. Compared with July 24, the inventory changes were 0.39%, 0.51%, - 0.12%, 3.07% respectively [3]. 3.3 Macroeconomic Data - The US July Markit manufacturing PMI preliminary value dropped to 49.5, the lowest since December 2024 and the first contraction since then, far below the expected 52.7 and the previous value of 62.9. The new orders index preliminary value dropped to 49.7, the lowest since December last year. However, the US July Markit services PMI preliminary value was 5.2, far exceeding expectations and the previous value, and the employment sub - index preliminary value rose to 52.6 [3]. - The US June durable goods orders preliminary month - on - month value was + 9.3%, higher than the expected - 0.7% [3]. 3.4 Other News - Trump said he thought Powell would cut interest rates, had a good talk with Powell about interest rates, and that the economic situation was good [3]. - On July 26, the border conflict between Thailand and Cambodia entered the third day, causing hundreds of casualties [3]. - Trump said he would issue nearly 200 tariff letters with tariff rates of 10% or 15%, was unclear about the prospects of a US - EU agreement, and might impose tariffs on Canada directly. He also said more fine - tuning would be done on the US - UK trade agreement, but there was little room for negotiation on steel and aluminum [3]. 3.5 Market Performance - On July 25, the main contract of Shanghai gold futures closed down 0.88% to 777.32 yuan/gram, and the main contract of Shanghai silver futures closed down 0.31% to 9392 yuan/kg [3].

Market Overview - The recent fluctuations in the precious metals market have been significant, with gold prices experiencing volatility influenced by the U.S. CPI data [1][3] - The U.S. June CPI rose by 2.7% year-on-year, marking the highest increase since February, while core CPI increased by 2.9% [3][4] - The market is currently facing a "inflation rebound + pressure on gold and silver" scenario, testing investors' risk management capabilities [3] Economic Indicators - The June CPI data showed a structural divergence, with energy prices rising by 0.9% month-on-month, while prices for core items like used cars and airline tickets fell [3] - The Federal Reserve's monetary policy faces a dual challenge of managing delayed inflation pressures from tariffs and preventing economic slowdown risks [3][4] - Market expectations for a 25 basis point rate cut in September remain high, with a 62% probability, despite the Fed's current stance on interest rates [4] Investment Strategies - In the current complex market environment, traditional investment strategies are under pressure, particularly for gold, which faces upward pressure on real interest rates despite long-term support from geopolitical risks and central bank purchases [4][6] - Investors are advised to adopt a "barbell strategy," allocating 30% to physical gold for inflation hedging while utilizing platforms like Jinsheng Precious Metals for capturing cross-market opportunities [5][6] - Jinsheng Precious Metals offers advantages such as low trading costs, rapid transaction execution, and robust fund security measures, enhancing the investment experience [5][6] Company Positioning - Jinsheng Precious Metals, as an AA-class member of the Hong Kong Gold Exchange, leverages three core advantages: cost optimization, rapid trading experience, and fund safety [5][6] - The company emphasizes a low-cost, high-transparency, and strong protection trading ecosystem, aligning with the evolving landscape of precious metal investments [6]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On July 14, the main contract of Shanghai gold futures closed up 1.06% to 781.4 yuan/gram, and the main contract of Shanghai silver futures closed up 2.11% to 9207 yuan/kg [5]. - Trump's "Reciprocal Tariffs 2.0" boosts the demand for precious metals and stimulates their prices. The silver price has risen strongly due to factors such as the technical breakthrough and the expected recovery of overseas manufacturing, with the COMEX silver breaking through $39 per ounce and the Shanghai silver main contract breaking through 9200 yuan/kg [5]. - In the short - term, tariff risks may support the precious metals prices to remain strong, especially silver. In the long - term, considering the background of trade war, the probability of the Fed's interest rate cut, global geopolitical uncertainties, and central bank gold purchases, the long - term upward trend of gold remains unchanged, and the strategy of buying on dips is recommended [5]. Group 3: Summary by Relevant Catalogs Price Data - **Spot and Futures Prices**: On July 14, 2025, London gold spot was $3367.33 per ounce, London silver spot was $38.90 per ounce, COMEX gold was $3380.10 per ounce, and COMEX silver was $39.31 per ounce. Compared with July 11, gold prices rose by about 1.1% and silver prices rose by 3.5% - 4.3%. The AU2508 contract was 778.98 yuan/gram, and the AG2508 contract was 9179 yuan/kg, with increases of 1.0% - 1.8% [5]. - **Price Spreads and Ratios**: The gold TD - SHFE active price spread on July 14 was - 2.18 yuan/gram, with a 18.5% change compared to July 11. The silver TD - SHFE active price spread was - 3 yuan/kg, with a - 40.0% change. The gold and silver price ratios also had corresponding changes [5]. Position Data - **ETF and COMEX Positions**: As of July 11, 2025, the gold ETF - SPDR held 947.64 tons, with a - 0.12% change compared to July 10. The silver ETF - SLV held 14758.51984 tons, with a - 0.88% change. COMEX non - commercial long and short positions of gold and silver also had different degrees of changes [5]. Inventory Data - **SHFE and COMEX Inventories**: On July 14, 2025, SHFE gold inventory was 28857 kg, a 17.38% increase compared to July 11. SHFE silver inventory was 1223982 kg, a - 6.11% decrease. COMEX gold and silver inventories also had slight decreases [5]. Interest Rate, Exchange Rate and Stock Market Data - **Exchange Rates and Indexes**: On July 14, 2025, the dollar/yuan central parity rate was 7.15, with a 0.02% change compared to July 11. The dollar index was 97.87, with a 0.29% increase. The yields of 2 - year and 10 - year US Treasuries also increased, and the VIX increased by 3.93% [5].

Core Viewpoint - The article discusses the escalating trade tensions between the U.S. and Russia, as well as the potential retaliatory measures from the EU against U.S. imports, highlighting the geopolitical implications on global trade dynamics [1][5]. Group 1: U.S.-Russia Relations - President Trump expressed significant dissatisfaction with Russia, threatening to impose a 100% tariff if an agreement to end the Ukraine conflict is not reached within 50 days [1]. - The potential tariff could have substantial economic implications, indicating a hardening stance from the U.S. in its foreign trade policy [1]. Group 2: EU's Response - The European Commission's trade commissioner stated that the EU is prepared to impose additional tariffs on U.S. imports valued at €72 billion (approximately $84 billion) if trade negotiations fail [1]. - This reflects the EU's readiness to retaliate against U.S. trade policies, suggesting a potential escalation in transatlantic trade tensions [1]. Group 3: Market Reactions - As of July 14, U.S. stock indices showed slight increases, indicating a mixed market response to the geopolitical developments [2]. - Gold and silver prices experienced a rapid decline, reflecting market volatility amid the ongoing trade tensions [3][4].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - In the short - term, the extension of the tariff suspension period by Trump and the expected meeting between US and Chinese officials have alleviated tariff concerns, improving market risk appetite, which is beneficial to silver and slightly negative to gold. However, due to the uncertainty of tariff policies and China's continuous gold - reserve increase, gold prices are unlikely to decline significantly. Thus, short - term precious metals are expected to maintain a volatile trend [4]. - In the long - term, considering the ongoing trade war, the probability of the Fed's interest - rate cut, global geopolitical uncertainties, intensified great - power competition, and the wave of de - dollarization, the long - term upward trend of gold remains unchanged. It is recommended to allocate gold on dips [4]. 3. Summary by Relevant Content a. Price Tracking of Precious Metals - **15 - point Prices of Domestic and Foreign Gold and Silver**: On July 8, 2025, the prices of London Gold Spot, London Silver Spot, COMEX Gold, and other indicators all showed increases compared to July 7, with daily price increases ranging from 0.6% to 0.9%. For example, the price of London Gold Spot rose from $3308.77 per ounce on July 7 to $3336.45 per ounce on July 8, an increase of 0.8% [3]. - **Price Difference and Ratio Tracking**: The price differences and ratios of precious metals also changed. For instance, the gold TD - SHFE active price difference decreased by 16.2% from July 7 to July 8, while the silver TD - SHFE active price difference decreased by 31.3% [3]. b. Position Data - **COMEX and ETF Positions**: As of July 7, 2025, the non - commercial net long positions of COMEX gold increased by 3.58% compared to July 3, while the non - commercial net long positions of COMEX silver decreased by 2.06%. The holdings of gold ETF - SPDR and silver ETF - SLV remained unchanged [3]. c. Inventory Data - **SHFE and COMEX Inventories**: On July 8, 2025, SHFE gold inventory increased by 0.48% compared to July 7, and SHFE silver inventory increased by 0.30%. COMEX gold inventory decreased by 0.19% from July 3 to July 7, and COMEX silver inventory decreased by 0.20% [3]. d. Other Market Data - **Exchange Rates, Yields, and Indexes**: The dollar - to - RMB central parity rate increased by 0.04% from July 7 to July 8. The dollar index, 2 - year and 10 - year US Treasury yields, VIX, and NYMEX crude oil prices also showed different degrees of change [4]. e. News and Market Analysis - **Tariff Policy News**: Trump extended the so - called "reciprocal tariff" suspension period from July 9 to August 1 and announced new tariff policies for multiple countries starting from August 1 [4]. - **Trade Negotiation News**: US Treasury Secretary Bessent said he expected to meet with Chinese officials in the next few weeks to promote trade and other topic negotiations [4].

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core View - Gold prices are expected to oscillate in the short - term and gradually increase in the long - term. Silver prices are generally strong but may not sustain a unilateral upward trend. It is recommended to allocate more on dips for gold in the long - run [3] 3. Summary by Relevant Catalogs Price Tracking - **Precious Metal Prices**: On July 4, 2025, London gold spot was at $3342.39/oz, London silver spot at $36.85/oz, COMEX gold at $3351.90/oz, and COMEX silver at $37.04/oz. Compared to July 3, gold prices decreased by about 0.6% while silver prices had a 0.2% increase in London spot and 0.0% in COMEX [3] - **Price Spreads and Ratios**: The gold TD - SHFE active price spread on July 4 was - 2.28 yuan/g with an 18.8% increase from July 3. The SHFE gold - silver ratio was 86.88, a - 0.2% change [3] Position Data - **COMEX Gold Positions**: As of July 3, non - commercial long positions were 256077 contracts, non - commercial short positions were 61073 contracts, and non - commercial net long positions were 195004 contracts. Compared to July 2, non - commercial long positions decreased by 1.73%, short positions increased by 1.89%, and net long positions decreased by 2.81% [3] - **COMEX Silver Positions**: Non - commercial long positions on July 3 were 84491 contracts, short positions were 21544 contracts, and net long positions were 62947 contracts. Compared to July 2, long positions decreased by 5.06%, short positions decreased by 1.26%, and net long positions decreased by 6.29% [3] - **ETF Holdings**: Gold ETF - SPDR held 947.66 tons and silver ETF - SLV held 14868.73549 tons on July 3, with a 0.00% change in gold and a 0.15% increase in silver compared to July 2 [3] Inventory Data - **SHFE Inventories**: On July 4, SHFE gold inventory was 21456.00 kg, a 16.25% increase from July 3, and SHFE silver inventory was 1339746.00 kg, a - 0.08% change [3] - **COMEX Inventories**: COMEX gold inventory on July 3 was 36785583 troy ounces, a - 0.71% change, and COMEX silver inventory was 499281076 troy ounces, a - 0.18% change [3] Interest Rates/Exchange Rates/Stock Market - **Exchange Rates**: The USD/CNY central parity rate on July 4 was 7.15, a 0.02% change from July 3 [3] - **Interest Rates and Stock Market**: The US dollar index on July 3 was 97.12, a 0.35% increase from July 2. The 2 - year US Treasury yield was 3.88%, a 2.65% increase, and the 10 - year US Treasury yield was 4.35%, a 1.16% increase [3] Market News and Analysis - **Market News**: The US House of Representatives passed the "Great Beautiful" tax and spending bill, and President Trump signed it into law on July 4. China and the US are implementing the outcomes of the London economic and trade talks. India plans to impose retaliatory tariffs on the US, and the EU - US trade negotiation will continue [3] - **Market Analysis**: On July 4, the Shanghai gold futures main contract closed down 0.22% at 777.06 yuan/g, and the Shanghai silver futures main contract closed up 0.59% at 8919 yuan/kg. Short - term gold prices are pressured by strong US non - farm data and improved risk appetite, but supported by tariff uncertainties. Silver prices are strong but may not sustain an upward trend due to factors like slowed demand [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - In the short - term, gold prices are restricted by improved market risk appetite due to trade agreements and export restrictions relief. However, due to tariff policy uncertainties and the potential passage of the Trump administration's bill, gold prices are expected to oscillate. Silver prices break through the $87 per ounce mark but may not continue unilateral upward movement because of the impact on interest - rate cut expectations. In the long - term, considering the trade war background, possible Fed rate cuts, global geopolitical uncertainties, and central bank gold purchases, the long - term upward trend of gold remains unchanged, and the strategy is to buy on dips [5]. 3. Summary by Relevant Catalogs Price Data - **内外盘金/银15点价格**: On July 3, 2025, London gold spot was $3362.28 per ounce, London silver spot was $36.76 per ounce, COMEX gold was $3372.80 per ounce, and COMEX silver was $37.03 per ounce. Compared with July 2, gold prices rose by about 0.9% and silver prices by about 2.2% - 2.4%. Domestic gold and silver futures and spot prices also showed varying degrees of increase [5]. - **价差/比价跟踪**: As of July 3, 2025, the gold TD - SHFE active spread was -$1.92 per gram, and the silver TD - SHFE active spread was -$20 per kilogram. Compared with July 2, the gold spread decreased by 19.0% and the silver spread increased by 53.8%. The gold and silver price ratios also changed to different extents [5]. Position Data - **COMEX and ETF Positions**: As of July 2, 2025, the gold ETF - SPDR was 947.66 tons, and the silver ETF - SLV was 14846.12421 tons. COMEX gold and silver non - commercial long and short positions also changed compared with July 1, with some positions showing a decline [5]. Inventory Data - **SHFE and COMEX Inventories**: On July 3, 2025, SHFE gold inventory was 18456.00 kilograms, showing no change compared with July 2, and SHFE silver inventory was 1340792.00 kilograms, up 0.16%. COMEX gold inventory remained unchanged, and COMEX silver inventory decreased by 0.20% [5]. Interest Rate/Exchange Rate/Stock Market Data - **Rates and Indexes**: On July 3, 2025, the dollar/yuan central parity rate was 7.15, down 0.03% compared with July 2. The dollar index was 96.78, up 0.14%. Other rates such as the 2 - year and 10 - year US Treasury yields, VIX, S&P 500, and NYMEX crude oil also showed different percentage changes [5]. Market News - **Trade and Policy News**: Trump announced a trade agreement between the US and Vietnam, with Vietnam imposing tariffs on exports to the US and opening its market. The US lifted export restrictions on Chinese chip design software and removed a restrictive license requirement for ethane exports to China. The Trump administration's "big and beautiful" bill advanced in the House of Representatives. US economic data such as non - farm payrolls, manufacturing PMI, and factory orders were released, and the US Treasury Secretary hinted at possible Fed rate cuts [5].