贵金属2025年6月月度投资策略：关税地缘双重博弈，黄金高位宽幅震荡

HTTP://WWW.QH168.COM.CN2025年6月3日分析师：明道雨：从业资格证号：F03092124投资咨询证号：Z0018827电话：021-68758786邮箱：mingdy@qh168.com.cn联系人：郭泽洋从业资格证号：F03136719电话：021-68758786邮箱：guozy@qh168.com.cn[Table_Report] 2/15正文目录1.行情回顾.........................................................................................42.宏观分析.........................................................................................52.1.美国经济数据..............................................................................................52.2.美国通胀指标..............................................................................................62.3.美元指数&美债收益率.................................................................................72.4.美联储政策.................................................................................................83.供需分析.........................................................................................93.1.黄金供需情况..............................................................................................93.2.投资端分析...............................................................................................104.市场分析.......................................................................................114.1.资金分析....................................................................................................114.2.持仓量&成交量...........................................................................................124.3.金银比.......................................................................................................135.结论与操作建议............................................................................13 HTTP://WWW.QH168.COM.CN请务必仔细阅读正文后免责申明 3/15图表目录图1黄金价格.................................................................................................................................4图2白银价格.................................................................................................................................4图3美国新增非农就业人数...........................................................................................................5图4美国职位空缺数......................................................................................................................5图5美国当周初次申请失业金人数................................................................................................5图6美国失业率.............................................................................................................................5图7美国制造业PMI.......................................................................................................................6图8美国服务业PMI.......................................................................................................................6图9美国CPI指标..........................................................................................................................7图10美国PCE指标........................................................................................................................7图11美国PPI指标........................................................................................................................7图12美国密歇根一年通胀预期......................................................................................................7图13美元指数...............................................................................................................................8图14美债利差...............................................................................................................................8图15美债收益率...........................................................................................................................8图16十年美债实际收益率.............................................................................................................8图17美国联邦基金目标利率.........................................................................................................9图18CMEFEDWATCH概率分布图.....................................................................................................9图19中国官方储备黄金...............................................................................................................10图20央行增持与黄金走势对比....................................................................................................10图21黄金SPDR持仓量................................................................................................................10图22白银SLV净持仓量...............................................................................................................10图23黄金非商净多头持仓...........................................................................................................11图24白银非商净多头持仓...........................................................................................................11图25上期所黄金仓单..................................................................................................................11图26上期所白银仓单..................................................................................................................11图27COMEX黄金库存...........................................