黄金时间·一周金市回顾：8月金价大涨收官 9月或有望突破历史新高

Group 1: Gold Market Performance - International spot gold prices surged over 2% last week, closing above $3400 per ounce, marking the second consecutive week of gains [1] - In August, spot gold accumulated a rise of $157.77, achieving a 4.8% increase, the best monthly performance since April [1] - The upcoming U.S. non-farm payroll data for August is anticipated to further influence gold prices following a weak report in July [1] Group 2: Federal Reserve's Interest Rate Outlook - Despite some positive U.S. economic data, dovish sentiments within the Federal Reserve have increased, strengthening expectations for a rate cut in September [2] - The U.S. GDP growth rate for Q2 2025 was revised up to 3.3%, and initial jobless claims decreased to 229,000, indicating resilience in the labor market [3] - The core PCE price index for July recorded a year-on-year increase of 2.9%, aligning with market expectations, which has further solidified the anticipation of a rate cut [3] Group 3: Federal Reserve Independence Concerns - The recent dismissal of Federal Reserve Governor Lisa Cook by President Trump has raised questions about the Fed's independence, contributing to bullish sentiment in the gold market [6] - Trump's potential influence over the Fed's board could lead to a majority of positions being filled by his appointees, further challenging the Fed's autonomy [6] - Cook's lawsuit against her dismissal has somewhat eased market volatility, but concerns about the Fed's independence persist [7] Group 4: Market Sentiment and Positioning - Gold prices have been steadily rising, with increased bullish sentiment reflected in rising positions; CME gold open interest rose by 39,208 contracts to 478,014 [8] - Speculative net long positions in COMEX gold futures increased by 6,364 contracts to 148,122 [8] - The largest gold ETF, SPDR GOLD TRUST, saw its holdings increase by 20.91 tons, reaching a total of 977.68 tons [8]