Group 1: Report Information - Report Name: Precious Metals Data Daily [4] - Report Date: June 3, 2025 [5] - Research Institution: ITC Guomao Futures [3] - Researcher: Baishuna from the Macroeconomic and Financial Research Center [5] Group 2: Price and Performance Price Tracking - On May 30, 2025, the prices of London Gold Spot, London Silver Spot, COMEX Gold, COMEX Silver, AU2508, AG2508, AU (T+D), and AG (T+D) were $3298.75/oz, $33.13/oz, $3322.40/oz, $33.25/oz, 771.80 yuan/g, 8218 yuan/kg, 767.80 yuan/g, and 8187 yuan/kg respectively [5]. - Compared with May 29, 2025, the price changes were 0.8%, -0.1%, 0.8%, -0.2%, 1.0%, -0.1%, 0.9%, and 0.0% respectively [5]. Spread and Ratio - On May 30, 2025, the spreads and ratios such as gold TD - SHFE active price, silver TD - SHFE active price, gold and silver internal - external spreads, SHFE and COMEX gold - silver ratios, etc. are presented in the report [5]. - The changes compared with May 29, 2025 varied, with the largest increase of 30.6% in the gold internal - external (TD - London) spread and the largest decrease of 19.14% in COMEX gold non - commercial short positions [5]. Group 3: Position Data Non - commercial Positions - As of May 27, 2025 (weekly data), the non - commercial long and short positions of COMEX gold and silver, and the positions of gold ETF - SPDR and silver ETF - SLV are provided [5]. - Compared with May 29, 2025, the changes in non - commercial positions of COMEX gold and silver ranged from - 19.14% to 6.22% [5]. Inventory Data - On May 30, 2025, the SHFE gold inventory was 17,247 kg, with no change compared to May 29, 2025; the SHFE silver inventory was 1,066,885 kg, a 2.99% increase [5]. - The COMEX gold inventory was 38,789,194 troy ounces, unchanged, and the COMEX silver inventory was 496,007,980 troy ounces, a 0.43% decrease [5]. Group 4: Interest Rates, Exchange Rates, and Stock Market - On May 30, 2025, the US dollar/Chinese yuan central parity rate was 7.18, a 0.08% decrease compared to May 29, 2025 [5]. - The US dollar index was 99.44, a 0.08% increase; the 2 - year US Treasury yield was 3.89%, a 0.77% decrease; the 10 - year US Treasury yield was 4.41%, a 0.45% decrease [5]. - The VIX was 18.57, a 3.18% decrease; the S&P 500 was 5911.69, a 0.01% decrease; NYWEX crude oil was $60.79, a 0.21% decrease [5]. Group 5: Market Analysis and Strategy Short - term Logic - Trump's decision to raise steel tariffs to 50% and the EU's response, along with the escalating geopolitical tensions in Europe, have led to a significant increase in market risk - aversion sentiment, boosting precious metal prices [5]. - The slowdown of US PCE in April and consumer inflation expectations in June have increased the market's expectation of the Fed's interest rate cut, and the weak operation of the US dollar index also supports precious metal prices [5]. - However, due to the uncertainty and recurrence of tariff negotiations, the driving force for precious metal prices may weaken if the negotiations ease [5]. Medium - and Long - term Logic - Against the backdrop of the trade war, the US economy still faces the risk of "stagflation," and the Fed still has a certain probability of cutting interest rates in the second half of the year [5]. - With the intensification of great - power competition and the de - dollarization trend, global central banks' gold purchases continue, strengthening the monetary attribute of gold, and the medium - and long - term upward trend remains unchanged [5]. - The strategy suggests continuous low - buying allocation [5].

Group 1 - International gold prices have rebounded, with spot gold closing up nearly 2% and COMEX gold also showing a similar increase, reaching $3317 per ounce [1][3] - Domestic gold brand prices have risen significantly, with major brands like Chow Tai Fook and Luk Fook Jewelry both quoting gold at 1008 CNY per gram, an increase of 26 CNY from the previous day [3] - The recent surge in gold prices has caught consumers off guard, with many expressing disappointment over the unexpected rise after anticipating further declines [3] Group 2 - The recent price adjustments in gold are attributed to a joint statement from the US and China following high-level economic talks, which boosted market risk appetite and put pressure on gold prices [4] - There has been a noticeable outflow from global gold ETFs since late April, influenced by trade conflicts, geopolitical tensions, and a cooling of expectations for Federal Reserve rate cuts [4] - Despite short-term fluctuations, the long-term outlook for gold remains positive due to declining dollar credibility, the onset of Federal Reserve rate cuts, and continued purchases by global central banks [4]