白银或维持高位震荡以等待新的驱动

Group 1 - Recent trade and geopolitical tensions have eased, leading to a decrease in market risk aversion [1] - The U.S. labor market is showing signs of cooling, and inflation has rebounded moderately, with the market pricing in a 25 basis point rate cut by the Federal Reserve in September [1][2] - The upcoming U.S. inflation and non-farm employment reports for August are critical for further clarity on Federal Reserve policy expectations [1][4] Group 2 - U.S. inflation has remained moderate, with July CPI increasing by 0.2% month-on-month and 2.7% year-on-year, while core CPI rose by 0.3% month-on-month and 3.1% year-on-year, indicating a mixed inflationary environment [2] - The labor market has shown resilience, but there are concerns about potential downward pressure due to immigration policies and government layoffs, suggesting a weak employment market in Q3 [2] - Concerns over the independence of the Federal Reserve have intensified, particularly with Trump's criticism of Fed Chair Powell, which may increase market uncertainty [3] Group 3 - The uncertainty surrounding tariffs has decreased, leading to a rebound in market risk appetite, although silver prices may experience greater volatility compared to gold due to domestic macroeconomic policy disturbances [4] - The Federal Reserve remains in a loose monetary policy cycle, supporting the financial attributes of precious metals [4]