Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The mid - to long - term outlook for precious metals is bullish, and in the short - term, although the multi - short game is intense, the bulls are mainly in control. Precious metal prices are expected to stop falling and rebound. The support for London gold is 3340, with resistance at 3400 and 3450; the support for London silver is 37, with resistance at 38. It is recommended to buy on dips [4]. 3) Summary by Relevant Catalogs [行情回顾] - On Monday, the precious metal market stopped falling and rebounded. The SHFE gold 2510 main contract closed at 781.42 yuan/gram, up 1.36%; the SHFE silver 2510 contract closed at 9039 yuan/kilogram, up 1.3%. The main reason for the price increase was the rising expectation of a Fed rate cut in September [2]. [本周关注] - This week's data is light. Pay attention to the US ISM Services PMI and import - export data on Tuesday night. Regarding events, on Thursday at 03:10, 2027 FOMC voter and San Francisco Fed President Daly will speak; at 22:00, 2027 FOMC voter and Atlanta Fed President Bostic will participate in a fireside chat on monetary policy; on Friday at 22:20, 2025 FOMC voter and St. Louis Fed President Musalem will speak. On Thursday at 19:00, the Bank of England will announce its interest rate decision, meeting minutes, and monetary policy report [3]. [南华观点] - The mid - to long - term trend of precious metals may be bullish. In the short - term, the multi - short game is fierce, but the bulls control the rhythm. The precious metal prices are expected to stop falling and rise. For London gold, the support level is 3340, and the resistance levels are 3400 and 3450; for London silver, the support level is 37, and the resistance level is 38. The operation strategy is to buy on dips [4]. [贵金属期现价格表] - SHFE gold main continuous contract: 781.42 yuan/gram, up 10.7 yuan, or 1.39%. SGX gold TD: 775.55 yuan/gram, up 8.37 yuan, or 1.09%. CME gold main contract: 3428.6 dollars/ounce, up 12.6 dollars, or 0.37%. SHFE silver main continuous contract: 9039 yuan/kilogram, up 121 yuan, or 1.36%. SGX silver TD: 8999 yuan/kilogram, up 111 yuan, or 1.25%. CME silver main contract: 37.445 dollars/ounce, up 0.34 dollars, or 0.92%. SHFE - TD gold: 5.87 yuan/gram, up 2.33 yuan, or 65.82%. SHFE - TD silver: 40 yuan/kilogram, up 10 yuan, or - 37.5%. CME gold - silver ratio: 91.5636, down 0.4995, or - 0.54% [5]. [库存持仓表] - SHFE gold inventory: 35889 kilograms, up 144 kilograms, or 0.4%. CME gold inventory: 1206.6166 tons, up 2.426 tons, or 0.2%. SHFE gold position: 217696 lots, down 1072 lots, or - 0.49%. SPDR gold position: 954.8 tons, up 1.72 tons, or 0.18%. SHFE silver inventory: 1174.273 tons, down 9.684 tons, or - 0.82%. CME silver inventory: 15757.0987 tons, down 1.8489 tons, or - 0.01%. SGX silver inventory: 1368.435 tons, up 56.415 tons, or 4.3%. SHFE silver position: 371051 lots, up 5858 lots, or 1.6%. SLV silver position: 15021.873699 tons, down 34.7912 tons, or - 0.23% [14]. [股债商汇总览] - US Dollar Index: 98.757, up 0.0664, or 0.07%. US Dollar to Chinese Yuan: 7.1842, down 0.0093, or - 0.13%. Dow Jones Industrial Average: 44173.64 points, up 585.06 points, or 1.34%. WTI crude oil spot: 67.33 dollars/barrel, down 1.93 dollars, or - 2.79%. LmeS copper 03: 9708.5 dollars/ton, up 75.5 dollars, or 0.78%. 10 - year US Treasury yield: 4.22%, down 0.01%, or - 0.24%. 10 - year US real interest rate: 1.85%, down 0.05%, or - 2.63%. 10 - 2 year US Treasury yield spread: 0.54%, up 0.11%, or 25.58% [17].

Report Industry Investment Rating No relevant information provided. Core View of the Report - The medium- to long-term trend of precious metals may be bullish. In the short term, the volatility of London gold has increased. Given the upcoming significant events and data this week, market fluctuations may intensify. For London gold, the support level is at the 3300 mark, and resistance levels are at 3350, 3370, and 3400. For London silver, the support range is 37.8 - 38, and resistance levels are at 38.3, 38.7, 39, and 39.5. The operation strategy is to buy on dips [4]. Summary by Related Catalogs Market Review - On Tuesday, the precious metals market stopped falling and fluctuated. The US dollar index rose, the yield of the 10Y US Treasury bond dropped significantly, the US stock market pulled back, the European stock market rose, the Chinese stock market was relatively strong, Bitcoin fluctuated, and crude oil prices rose due to the US threat to impose tariffs on Russia if the cease - fire agreement deadline is advanced to August 8. The COMEX gold 2512 contract closed at $3383 per ounce, up 0.48%; the US silver 2509 contract closed at $38.385 per ounce, up 0.43%. The SHFE gold 2510 main contract was at 771.44 yuan per gram, down 0.24%; the SHFE silver 2510 contract was at 9195 yuan per kilogram, down 0.33% [2]. Interest Rate Cut Expectations and Fund Holdings - Interest rate cut expectations fluctuated slightly. According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged in July was 97.4%, and the probability of a 25 - basis - point cut was 2.6%. In September, the probability of unchanged rates was 34.6%, the probability of a cumulative 25 - basis - point cut was 63.7%, and the probability of a cumulative 50 - basis - point cut was 1.7%. In October, the probability of unchanged rates was 15.7%, the probability of a cumulative 25 - basis - point cut was 47.9%, the probability of a cumulative 50 - basis - point cut was 35.5%, and the probability of a cumulative 75 - basis - point cut was 0.9%. The SPDR Gold ETF holdings remained at 956.23 tons, and the iShares Silver ETF holdings increased by 14.13 tons to 15173.92 tons. SHFE silver inventory decreased by 3.4 tons to 1204.9 tons, and SGX silver inventory increased by 56.4 tons to 1368.4 tons in the week ending July 25 [3]. This Week's Focus - This week has a dense schedule of data, including end - of - month and beginning - of - month important US PCE, non - farm payroll reports, ISM manufacturing PMI, etc. In terms of events, the Bank of Canada will announce its interest rate decision and monetary policy report at 21:45 on Wednesday. The Fed FOMC will announce its interest rate decision at 02:00 on Thursday, and Fed Chairman Powell will hold a monetary policy press conference at 02:30. The Bank of Japan will announce its interest rate decision and economic outlook report on Thursday afternoon [4]. Price and Spread Data - SHFE gold main - continuous contract was at 771.44 yuan per gram, down 0.43%; SGX gold TD was at 767.19 yuan per gram, down 0.57%; CME gold main contract was at $3325.3 per ounce, up 0.34%. SHFE silver main - continuous contract was at 9195 yuan per kilogram, down 0.18%; SGX silver TD was at 9163 yuan per kilogram, down 0.25%; CME silver main contract was at $38.385 per ounce, up 0.14%. The SHFE - TD gold spread was 4.25 yuan per gram, up 32.81%; the SHFE - TD silver spread was 32 yuan per kilogram, up 30%. The CME gold - silver ratio was 86.6302, up 0.2% [5][6]. Inventory and Position Data - SHFE gold inventory was 31263 kilograms, up 3.32%; CME gold inventory was 1187.1127 tons, up 0.35%; SHFE gold position was 212407 lots, up 1.3%; SPDR gold position was 956.23 tons, unchanged. SHFE silver inventory was 1204.866 tons, down 0.28%; CME silver inventory was 15623.181 tons, up 0.12%; SGX silver inventory was 1368.435 tons, up 4.3%; SHFE silver position was 392743 lots, down 1.43%; SLV silver position was 15173.916734 tons, up 0.09% [11]. Stock, Bond, and Commodity Overview - The US dollar index was 98.9021, up 0.25%; the US dollar against the Chinese yuan was 7.1812, unchanged. The Dow Jones Industrial Average was 44632.99 points, down 0.46%; WTI crude oil spot was $69.21 per barrel, up 3.75%; LmeS copper 03 was $9803 per ton, up 0.41%. The 10Y US Treasury bond yield was 4.34%, down 1.81%; the 10Y US real interest rate was 1.91%, down 3.54%; the 10 - 2Y US Treasury bond yield spread was 0.48%, down 5.88% [15].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View - The medium - to long - term trend of precious metals may be bullish. Since late April, London gold has been in a range - bound oscillation, but the short - term trend has strengthened. The support level for London gold is 3330, with a key support at 3300, and resistance levels at 3365 and then 3400. The support for London silver has moved up to 36.2, and the resistance is in the range of 36.6 - 36.8. The operation strategy is to buy on dips [6]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Wednesday, the precious metals market was generally strong. Peripheral assets such as US stocks, US bonds, the US dollar index, Bitcoin, crude oil, and the Nanhua Non - ferrous Metals Index all performed well. COMEX gold 2508 contract closed at $3368.7 per ounce, up 0.56%; US silver 2509 contract closed at $36.79 per ounce, up 1.08%. SHFE gold 2508 main contract closed at 776.04 yuan per gram, up 0.7%; SHFE silver 2508 contract closed at 8747 yuan per kilogram, up 0.09%. Trump's "Great Beautiful" bill was blocked in the House of Representatives, and the infighting within the Republican Party escalated. The US "small non - farm" ADP employment data released on Wednesday evening was unexpectedly poor, with a decrease of 33,000, turning negative for the first time in more than three years, slightly increasing the market's expectation of a Fed rate cut this year [2]. 3.2 Interest Rate Cut Expectations and Fund Holdings - According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged in July is 74.7%, and the probability of a 25 - basis - point rate cut is 25.3%. In September, the probability of keeping interest rates unchanged is 7.6%, the probability of a cumulative 25 - basis - point rate cut is 69.7%, and the probability of a cumulative 50 - basis - point rate cut is 22.8%. In October, the probability of keeping interest rates unchanged is 2.7%, the probability of a cumulative 25 - basis - point rate cut is 29.8%, the probability of a cumulative 50 - basis - point rate cut is 52.8%, and the probability of a cumulative 75 - basis - point rate cut is 14.6%. The SPDR Gold ETF's holdings decreased by 0.57 tons to 947.66 tons, and the iShares Silver ETF's holdings increased by 42.4 tons to 14896.01 tons. SHFE silver inventory decreased by 0.1 tons to 1338.8 tons, and SGX silver inventory decreased by 34.6 tons to 1323.2 tons in the week ending June 27 [3]. 3.3 This Week's Focus - This week, the main data to focus on is the US non - farm payrolls report on Thursday night. In terms of events, attention should be paid to the progress of the US House of Representatives' vote on Trump's "Great Beautiful" bill. Also, due to the US Independence Day holiday on Friday, COMEX precious metals trading will end early at 01:00 Beijing time on the 5th [4]. 3.4 Price and Inventory Tables - **Precious Metal Futures and Spot Prices**: SHFE gold main - continuous contract was at 776.04 yuan per gram, down 0.01%; SGX gold TD was at 770.33 yuan per gram, down 0.22%; CME gold main contract was at $3368.7 per ounce, up 0.56%. SHFE silver main - continuous contract was at 8747 yuan per kilogram, down 0.72%; SGX silver TD was at 8737 yuan per kilogram, down 0.77%; CME silver main contract was at $36.79 per ounce, up 1.5%. SHFE - TD gold was at 5.71 yuan per gram, up 40.64%; SHFE - TD silver was at 10 yuan per kilogram, down 85.29%; CME gold - silver ratio was 91.5656, down 0.93% [7]. - **Inventory and Holdings**: SHFE gold inventory was 18,456 kilograms, up 0.02%; CME gold inventory was 1152.3287 tons, unchanged; SHFE gold holdings were 168,596 lots, up 0.68%; SPDR gold holdings were 947.66 tons, down 0.06%. SHFE silver inventory was 1338.659 tons, down 0.01%; CME silver inventory was 15,557.4558 tons, down 0.2%; SGX silver inventory was 1323.225 tons, down 2.55%; SHFE silver holdings were 249,023 lots, down 5.93%; SLV silver holdings were 14,869.009712 tons, up 0.29% [17][18]. 3.5 Stock, Bond, and Commodity Overview - The US dollar index was 96.7751, up 0.12%; the US dollar against the Chinese yuan was 7.1634, down 0.01%. The Dow Jones Industrial Average was 44,484.42 points, down 0.02%. WTI crude oil spot was at $67.45 per barrel, up 3.06%. LmeS copper 03 was at $10,010 per ton, up 0.67%. The 10 - year US Treasury yield was 4.3%, up 0.94%; the 10 - year US real interest rate was 2%, up 1.52%; the 10 - 2 year US Treasury yield spread was 0.52%, up 8.33% [23].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The medium - to long - term trend of precious metals may be bullish, while in the short - term, they are expected to remain in a high - level oscillation under the circumstances of eased geopolitical risks and non - sensitive trade tariff negotiations. Short - term corrections are regarded as medium - to long - term buying opportunities. The key support for London gold is at 3300, and for London silver is in the 34.8 - 35 area [5]. 3. Summary by Related Catalogs 3.1 Market Review - On Thursday, the precious metals market showed a pattern of strong silver and volatile gold. Bitcoin maintained an oscillation, the US dollar index fell below 98, crude oil oscillated, and the strong US stock market also suppressed the safe - haven demand for precious metals. The abnormal copper price drove the relatively strong trend of silver. COMEX gold 2508 contract closed at $3341.6 per ounce, down 0.04%; US silver 2509 contract closed at $36.885 per ounce, up 1.22%. SHFE gold 2508 main contract closed at 775.28 yuan per gram, up 0.69%; SHFE silver 2508 contract closed at 8796 yuan per kilogram, up 1.7% [2]. - US economic data strengthened the expectation of two interest rate cuts by the Fed this year. The final value of US GDP in 25Q1 was revised down to - 0.5%, and personal consumption showed the weakest performance since the pandemic. Although the number of initial jobless claims in the US last week was lower than expected, the number of continued jobless claims jumped to the highest level since November 2021. The preliminary value of the month - on - month change in US durable goods orders in May was 16.4%, the largest increase since July 2014 [2]. 3.2 Interest Rate Cut Expectations and Fund Holdings - According to CME's "FedWatch" data, the probability that the Fed will keep interest rates unchanged in July is 79.3%, and the probability of a 25 - basis - point rate cut is 20.7%. In September, the probability of unchanged rates is 6%, the probability of a cumulative 25 - basis - point cut is 74.9%, and the probability of a cumulative 50 - basis - point cut is 19.1%. In October, the probability of unchanged rates is 1.8%, the probability of a cumulative 25 - basis - point cut is 26.3%, the probability of a cumulative 50 - basis - point cut is 58.5%, and the probability of a cumulative 75 - basis - point cut is 13.5% [3]. - In terms of long - term funds, the holdings of SPDR Gold ETF remained at 953.39 tons; the holdings of iShares Silver ETF decreased by 50.88 tons to 14866.19 tons. SHFE silver inventory decreased by 6 tons to 1270.8 tons daily, and SGX silver inventory decreased by 21 tons to 1357.8 tons in the week ending June 20 [3]. 3.3 This Week's Focus - This week, the main data to focus on is the US PCE data on Friday night. In terms of events, attention should be paid to changes in the Middle East geopolitical situation, progress in trade tariff negotiations, and changes in the Fed's interest rate cut expectations. At 19:30 on Friday, FOMC permanent voter and New York Fed President Williams will chair a meeting at the 24th BIS Annual Meeting [4]. 3.4 Precious Metals Price and Inventory Data - **Precious Metals Price Table**: The table shows the latest prices, daily changes, and daily change rates of SHFE and SGX gold and silver futures, as well as the CME gold - silver ratio [6]. - **Inventory and Holdings Table**: It includes the latest values, daily changes, and daily change rates of SHFE and CME gold and silver inventories, as well as the holdings of gold and silver ETFs [17][18]. - **Stock, Bond, and Commodity Summary**: It presents the latest values, daily changes, and daily change rates of the US dollar index, US dollar - RMB exchange rate, Dow Jones Industrial Average, WTI crude oil spot price, LmeS copper 03 price, 10 - year US Treasury yield, 10 - year US real interest rate, and 10 - 2 year US Treasury yield spread [24].