Sou Hu Cai Jing·2025-09-01 16:00Market Overview - Last week, spot gold opened at $3368.96/oz, peaked at $3453.63/oz, and closed at $3447.57/oz, with a weekly increase of 2.31% [3] - Spot silver opened at $38.918/oz, reached a high of $39.967/oz, and closed at $39.669/oz, marking a weekly rise of 2.24% [3] - The increase in gold prices was driven by heightened safe-haven demand due to concerns over the independence of the Federal Reserve, political instability in France, and cooling expectations for Russia-Ukraine talks [3] - Gold prices rose 4.7% month-on-month, while silver prices increased by 8.3% [3] ETF Holdings - As of August 29, 2025, SPDR Gold Trust's holdings increased by 20.91 tons to a total of 977.68 tons [3] - iShares Silver ETF's silver holdings rose by 21.18 tons to 15,310 tons [5] CFTC Positions - There was a net increase in gold positions while silver saw a net decrease, indicating a strengthening of both investment and speculative demand for gold [10] - The report suggests investors should participate with light positions and be flexible in their trading strategies [10] Futures Market - Gold futures basis remained stable, closing at 5.45 yuan/gram, with a peak of 5.66 yuan/gram [10] - Silver futures basis declined, closing at 48 yuan/kilogram, with a high of 56 yuan/kilogram [12] Domestic and International Price Differences - The domestic and international price difference for gold fluctuated, closing at -0.10 yuan/gram [12] - The silver price difference increased, closing at 399 yuan/kilogram [13] Delivery and Inventory - Both gold and silver showed a bearish trend in deferred delivery, suggesting a focus on potential shifts in market sentiment [13]