Macro News - The meeting between US and Russian leaders did not yield substantial progress, but Trump described the talks as "very smooth" and indicated that further sanctions on Russia would not be implemented for now [1] - US inflation data exceeded expectations, with July PPI rising 0.9% month-on-month and 3.3% year-on-year, marking a five-month high, which dampened rate cut expectations [1] - July CPI increased by 2.7% year-on-year, slightly below expectations, while core CPI was at 3.1%, indicating no acceleration in inflation [1] Market Sentiment - Concerns over Swiss tariffs on gold were alleviated after Trump stated that gold would not be taxed [2] - The job market showed signs of weakness, leading to increased sensitivity to data revisions, which supported gold and silver prices [2] - The Federal Reserve's July meeting maintained rates, but internal divisions were noted, influenced by Trump's appointments [2] Institutional Views - Wall Street anticipates a hawkish tone from Powell's speech at the global central bank meeting, with the probability of a September rate cut dropping from 100% to around 80% [2] - Gold prices are expected to remain in a high volatility range, with potential for a downward test of support levels [2] - The macro environment is generally favorable for silver prices, with a high probability of a September rate cut still in play [2]
兴业期货：黄金价格高位震荡 白银维持多头格局
Jin Tou Wang·2025-08-19 04:05