美国8月PPI通胀意外回落，美联储降息升温！黄金开启新一轮上行

Core Viewpoint - Gold prices experienced fluctuations after reaching a high, influenced by the disappointing U.S. August PPI data, which supported expectations for interest rate cuts [1] Economic Data Summary - U.S. August PPI year-on-year increased by 2.6%, below the expected 3.3% and the previous value of 3.3% - Month-on-month, PPI decreased by 0.1%, while the market anticipated an increase of 0.3% and the previous value was 0.9% - Core PPI year-on-year rose by 2.8%, compared to the expected 3.5% and the previous 3.7% - Month-on-month, core PPI also fell by 0.1%, against an expected rise of 0.3% and a previous increase of 0.9% [1][1][1] Market Sentiment and Recommendations - The disappointing PPI data led to a market shift towards more optimistic expectations for interest rate cuts, with a stronger likelihood of a 50 basis point cut by the Federal Reserve in September - Global long-term interest rates are rising, contributing to increased risk aversion in the market - Concerns regarding the independence of the Federal Reserve have emerged, prompting a breakout in the precious metals market from its consolidation phase, suggesting a new upward trend - Recommendations for market participants include buying on dips [1][1][1]