Group 1: Report Overview - Report Title: Gold, Silver Futures Weekly Report [2] - Report Period: July 21 - July 25, 2025 [1] Group 2: Gold Futures 1. Mid - term Market Analysis - Mid - term Trend: The overall trend of Shanghai Gold futures is in an upward channel, possibly at the end of the trend [7] - Trend Logic: Last week, short - term safe - haven sentiment pushed up prices, while the rebound of the US dollar index and the decline of COMEX gold futures suppressed prices. The increasing market expectation of the Fed's interest rate cut provided support. Volume and open interest changes reflected the game between bulls and bears. In the short term, gold prices are suppressed by the rebound of the US dollar index and strong US economic data, but geopolitical risks and safe - haven demand provide support. In the medium term, gold will maintain a volatile pattern, and the Fed's policy and the US dollar trend need to be closely monitored [7] - Mid - term Strategy: It is recommended to wait and see [8] 2. Variety Trading Strategy - Last Week's Strategy Review: The gold main contract 2510 was expected to run in a volatile manner, and grid trading was recommended in the range of 760 - 782 [11] - This Week's Strategy Recommendation: The gold main contract 2510 is expected to run in a volatile manner, and grid trading is recommended in the range of 760 - 785 [12] 3. Relevant Data - The report provides data on Shanghai Gold futures and COMEX gold futures price trends, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yields, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai Gold basis, and gold internal - external price difference [19][21][23] Group 3: Silver Futures 1. Mid - term Market Analysis - Mid - term Trend: The overall trend of Shanghai Silver futures is steadily rising, currently at the end of the trend [32] - Trend Logic: The silver main contract 2510 was volatile and strong last week. The main reason was that the Fed's dovish statement strengthened the expectation of a 25 - basis - point interest rate cut in July, Trump's intervention intensified the easing sentiment, and the strengthening of the US dollar was partially suppressed but dominated. The slight decline in warehouse receipts indicated low delivery pressure. In the next week, the core driver is the Fed's interest - rate meeting (expected to cut interest rates by 25 basis points. If it exceeds expectations or PCE data shows inflation cooling, it will boost silver prices). Geopolitical risks and the decline of the US dollar may support safe - haven demand. Silver is more sensitive to interest rates than gold [32] - Mid - term Strategy: It is recommended to wait and see [33] 2. Variety Trading Strategy - Last Week's Strategy Review: The silver contract 2510 was expected to run strongly, with the lower support range at 8800 - 8900 and the upper pressure range at 9200 - 9300 [35] - This Week's Strategy Recommendation: The silver contract 2510 is expected to run strongly, with the lower support range at 8800 - 8900 [35] 3. Relevant Data - The report provides data on Shanghai Silver futures and COMEX silver futures price trends, SLV silver ETF holdings, COMEX silver inventory, Shanghai Silver basis, and silver internal - external price difference [42][44][46]