海通期货： 沪金沪银同步大涨 双双创下历史新高

Core Viewpoint - The recent movements in gold and silver futures indicate a strong upward trend, driven by the Federal Reserve's recent interest rate cut, which has increased market risk appetite [3]. Group 1: Gold Futures Performance - On September 23, the Shanghai gold futures contract reported a price of 852.67 CNY per gram, reflecting a 1.66% increase from the previous day [1]. - The opening price for the Shanghai gold futures was 847.50 CNY per gram, with a daily high of 855.62 CNY and a low of 845.04 CNY [1]. Group 2: Macro News - Federal Reserve Governor Milan advocates for significant interest rate cuts, while other officials express caution regarding further easing [2]. - The People's Bank of China indicates that its monetary policy adjustments will primarily depend on domestic factors, suggesting independence from the Fed's actions [2]. Group 3: Institutional Insights - On September 22, gold futures rose by 2.01% to 846.5 CNY per gram, while silver futures surged by 3.81% to 10,317 CNY per kilogram [3]. - The recent increase in precious metals is attributed to the Fed's 25 basis point rate cut, marking the beginning of a new easing cycle and boosting market risk appetite [3]. - Despite a brief pullback in the precious metals market, strong buying demand has been evident, with both gold and silver futures reaching historical highs [3]. - The outlook suggests that if market risk appetite remains high, silver is expected to outperform gold, with mid-term target prices set at 4,000 USD for COMEX gold and 50 USD for COMEX silver [3].