Spot silver climbed above $65/oz, up 0.53% intraday.

从实际收益率视角来看，黄金的通胀预期价值仍有攀升余地，与此同时，多头资金加速入场，基金空头头寸降至周期新低；期权压力微乎其微的白银也已轻装上阵……

Japan's Q2 real GDP preliminary rose 0.3% QoQ (annualized 1.1%), missing forecasts of 0.5% QoQ (2.0% annualized), data showed on Monday. The shortfall complicates the Bank of Japan's path to further tightening: private consumption was flat and business investment contracted sharply, signalling private-sector caution that could prompt a more cautious BOJ stance at the next meeting despite elevated PPI and CPI that keep pressure on policymakers. A weaker growth profile raises downside risk for the yen if markets scale back September hike odds, and could push JGB yields lower as near-term tightening expectations fade; external demand partly offset the weakness but is unlikely to reverse the overall soft momentum.