金荣中国：美PPI数据低于市场预期，金价震荡回落陷入高位整理

Market Overview - International gold prices experienced a rebound on September 10, opening at $3645.53 per ounce, reaching a high of $3657.50, a low of $3618.74, and closing at $3644.43 [1] Economic Data - The U.S. Producer Price Index (PPI) for August recorded a month-on-month decrease of 0.1%, below the market expectation of 0.3%, and a previous value of 0.7% [2] - The year-on-year PPI for August was 2.6%, also below the market expectation of 3.3% and the previous value of 3.1% [2] - The data indicates a significant reduction in inflationary pressures, leading traders to speculate on potential interest rate cuts by the Federal Reserve [4] Federal Reserve Insights - Following the lower-than-expected PPI, market expectations have shifted towards the Federal Reserve initiating a series of interest rate cuts, starting with a 25 basis point reduction in the upcoming meeting [4] - The market is pricing in a 92% probability of a 25 basis point cut in September, with an 8% chance of a 50 basis point cut [10] - The core PPI, excluding food and energy, saw its largest month-on-month decline in a decade [4] Inventory Data - The U.S. wholesale inventory for July increased by 0.1%, revised from a previous value of 0.2%, while durable goods inventories fell by 0.2% [5] - Non-durable goods inventories rose significantly by 0.7%, with notable increases in pharmaceuticals (1.8%), clothing (1.9%), and grocery items (2.0%) [5] - The inventory-to-sales ratio decreased to 1.28 from 1.29 in June, indicating a healthier sales environment [5] Political Developments - The Trump administration is appealing a federal judge's ruling that temporarily blocks the dismissal of Federal Reserve Governor Cook, which could impact the Fed's independence in setting interest rates [6] - The Senate Banking Committee has voted along party lines to support the nomination of Stephen Milan as a short-term Federal Reserve governor, aiming for confirmation before the next interest rate decision [7] Trade and Geopolitical Issues - President Trump has reportedly requested the EU to impose tariffs of up to 100% on India and China as a strategy to pressure Russia regarding the Ukraine conflict [8] - Tensions between the U.S. and Israel have surfaced, with Trump expressing disappointment over Israel's actions against Hamas in Qatar, indicating potential strains in U.S.-Israel relations [9]