Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The medium - to long - term outlook for precious metals is potentially bullish, but short - term fluctuations in London gold have intensified. London gold has fallen below the 3300 mark, with key support at 3250 and resistance levels at 3300, 3350, 3370, and 3400. London silver has broken below the 37 area support, showing short - term weakness, and the support has shifted down to 36. The operation strategy remains to buy on dips [4]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday, the precious metals market continued its weakness. After the better - than - expected US small non - farm payrolls and Q2 GDP on Wednesday and Powell's hawkish speech, the better - than - expected US PCE and lower - than - expected weekly initial jobless claims on Thursday further cooled the September interest - rate cut expectations. The US dollar index rose above 100, which was negative for precious metals. Additionally, the US "exemption" of refined copper tariffs caused a sharp drop in US copper prices, dragging down silver prices. COMEX gold 2512 contract closed at $3342.3 per ounce, down 0.31%; US silver 2509 contract closed at $36.79 per ounce, down 2.51%. SHFE gold 2510 main contract was at 770.28 yuan per gram, down 0.37%; SHFE silver 2510 contract was at 9008 yuan per kilogram, down 2.21% [2]. - Trump said that the US - Mexico tariff agreement would be extended by 90 days and threatened to impose a 25% tariff on Indian goods imported into the US starting from August 1st. The US core PCE price index in June was 2.8% year - on - year, reaching a four - month high [2]. 3.2 Interest - Rate Cut Expectations and Fund Holdings - Interest - rate cut expectations have cooled. According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged in September is 61.8%, and the probability of a 25 - basis - point cut is 38.2%. For October, the probability of keeping rates unchanged is 39.4%, the probability of a cumulative 25 - basis - point cut is 46.8%, and the probability of a cumulative 50 - basis - point cut is 13.6%. For December, the probability of keeping rates unchanged is 17.1%, the probability of a cumulative 25 - basis - point cut is 42.6%, the probability of a cumulative 50 - basis - point cut is 32.5%, and the probability of a cumulative 75 - basis - point cut is 7.9% [3]. - In terms of long - term funds, the SPDR Gold ETF holdings decreased by 0.86 tons to 954.51 tons; the iShares Silver ETF holdings decreased by 87.58 tons to 15062.32 tons. SHFE silver inventory decreased by 0.06 tons to 1208 tons, and the SGX silver inventory in the week ending July 25th increased by 56.4 tons to 1368.4 tons [3]. 3.3 This Week's Focus - This week is data - intensive. On Friday, focus on the US July non - farm payrolls report at 20:30 and the ISM manufacturing PMI at 22:00 [4]. 3.4 Precious Metals Futures and Spot Price Table - Data shows the latest prices, daily changes, and daily change rates of SHFE gold main - continuous, SGX gold TD, CME gold main, SHFE silver main - continuous, SGX silver TD, CME silver main, SHFE - TD gold, SHFE - TD silver, and CME gold - silver ratio [4][5]. 3.5 Inventory and Position Table - Data presents the latest values, daily changes, and daily change rates of SHFE gold inventory, CME gold inventory, SHFE gold position, SPDR gold position, SHFE silver inventory, CME silver inventory, SGX silver inventory, SHFE silver position, and SLV silver position [15]. 3.6 Stock, Bond, and Commodity Summary - Data includes the latest values, daily changes, and daily change rates of the US dollar index, US dollar against the Chinese yuan, Dow Jones Industrial Average, WTI crude oil spot, LmeS copper 03, 10 - year US Treasury yield, 10 - year US real interest rate, and 10 - 2 - year US Treasury yield spread [19].