Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The weakening of US economic data and Trump's stance on the new Fed Chair candidate led to a short - term rebound in precious metal prices [2] - With Trump's pressure on the Fed's monetary policy independence and significantly lower - than - expected employment data, the Fed is likely to implement further loose monetary policies. It is recommended to buy precious metals on dips, with the reference operating range for the main contract of Shanghai Gold being 777 - 801 yuan/gram and that for Shanghai Silver being 8885 - 9390 yuan/kilogram [3] Group 3: Summary of Key Data Gold - **Futures Prices**: COMEX gold closed at $3434.10 per ounce, down 0.02%; Shanghai gold (Au(T + D)) closed at 779.92 yuan/gram, up 0.56% [2][4] - **ETF Holdings**: SPDR Gold ETF holdings increased by 1.14 tons to 955.94 tons, up 0.12% [4] - **Market Activity**: COMEX gold trading volume was 15.01 million lots, up 12.93%; open interest was 44.53 million lots, down 9.02% [6] Silver - **Futures Prices**: COMEX silver closed at $37.82 per ounce, down 0.02%; Shanghai silver (Ag(T + D)) closed at 9052 yuan/kilogram, up 0.59% [2][4] - **ETF Holdings**: SLV silver ETF holdings increased by 22.60 tons to 15044.47 tons, up 0.15% [4] - **Market Activity**: COMEX silver trading volume was 45.51 million lots, down 37.61%; open interest was 17.03 million lots, down 1.93% [6] Group 4: Market Factors - **US Economic Data**: The US ISM non - manufacturing PMI in July was 50.1, lower than the expected 51.5 and the previous value of 50.8 [2] - **Trump's Stance**: Trump criticized Powell for not cutting interest rates and said he would soon announce a new Fed Chair candidate, excluding the current Treasury Secretary [2] Group 5: Charts and Their Implications - **Price - Related Charts**: Graphs show the relationship between COMEX gold and silver prices, dollar index, real interest rates, etc., which help analyze the influence of macro - factors on precious metal prices [8][11][12] - **Market Activity Charts**: Charts display the trading volume and open interest of COMEX and Shanghai gold and silver, reflecting market activity [6][9][10][24][27][29] - **Spread Charts**: Tables and graphs present the internal and external price spreads of gold and silver, which are useful for cross - market analysis [54][55][56]

Group 1: Market Performance - Shanghai gold futures (Au) dropped 0.29% to 785.02 yuan/gram, while Shanghai silver futures (Ag) rose 0.12% to 8,226.00 yuan/kilogram. COMEX gold fell 0.21% to $3,326.70 per ounce, and COMEX silver dropped 1.15% to $33.19 per ounce [2]. - The US 10 - year Treasury yield was reported at 4.19%, and the US dollar index was at 99.15 [2]. - The closing prices, trading volumes, and positions of various gold and silver contracts (such as Au(T + D), Ag(T + D), COMEX gold, COMEX silver, etc.) showed different changes compared to the previous trading day [2][4][6]. Group 2: Economic Data and Policy - US economic data released last night further weakened. The number of JOLTS job openings in March was 7.192 million, significantly lower than the expected 7.48 million. The US consumer confidence index in April was 86, lower than the expected 87.5 and the previous value of 93.9, reaching the lowest level since May 2020 [2]. - US President Trump expressed dissatisfaction with the current monetary policy this morning but did not deny the Fed's independence. He also took a tough stance on tariffs, indicating that the tariff war has not really started [3]. Group 3: Investment Strategy - Given the expansion of the US fiscal deficit, the expected marginal easing of the Fed's monetary policy, and the continuous overseas economic risks, a medium - term long - position strategy for gold and silver prices is recommended [3]. - Gold prices have significantly declined after a sharp rise, and the current price trend is generally weak. Attention should be paid to the support level of 747 yuan/gram for the main contract, with a reference operating range of 747 - 808 yuan/gram for the Shanghai gold main contract [3]. - Silver requires a clear easing monetary policy statement from the Fed to have a significant upward drive. Currently, a wait - and - see strategy is recommended, with a reference operating range of 7,804 - 8,545 yuan/kilogram for the Shanghai silver main contract [3]. Group 4: Market Risks - The US non - farm payroll data for April to be released on Friday may cause significant fluctuations in gold and silver prices. Investors should adjust their positions appropriately [3]. - The domestic precious metals futures will enter the Labor Day holiday closure period starting tonight, while the overseas gold and silver futures will continue to trade [3].

Group 1 - The core point of the article is that the net long positions in COMEX silver futures increased by 845 contracts to a total of 26,174 contracts as of the week ending April 22 [1]