Market Performance - On September 26, the Shanghai gold futures contract reported a price of 862.50 CNY per gram, with an increase of 0.88% from the previous day [1][2] - The opening price for the day was 857.70 CNY per gram, with a high of 865.28 CNY and a low of 857.38 CNY [1][2] Macroeconomic Insights - The U.S. Federal Reserve officials expressed differing views on interest rate policies, indicating ongoing internal divisions regarding the need for further rate cuts [3] - Recent economic data showed an increase in U.S. personal consumption expenditures and GDP growth, leading to a reduced necessity for rate cuts by the Fed [4] - The U.S. manufacturing PMI for September was recorded at 50.2, remaining above the growth threshold, while the Eurozone's PMI showed a decline [4] Fiscal and Monetary Conditions - The U.S. banking system's reserves fell below $3 trillion for the first time since January 1, indicating tightening liquidity conditions [5] - The U.S. fiscal deficit for August was reported at $344.79 billion, driven by increased spending and weaker corporate tax revenues [5] - The rising fiscal deficit and national debt, now at $37 trillion, continue to support precious metals [5] Political Developments - Significant political events have heightened global sensitivity, with the U.S. imposing new tariffs on pharmaceutical products and other goods, potentially benefiting gold in the long term [6] Precious Metals Market Dynamics - Precious metals, particularly silver, have seen notable price increases, driven by rising leasing rates in the silver market [7] - Short-term fluctuations in precious metals are influenced by the U.S. dollar index and Treasury yields, with recent liquidity releases leading to recoveries in gold, silver, and equities [7] - Long-term support for precious metals remains strong due to global debt and geopolitical factors, although caution is advised for short-term trading volatility [7]
混沌天成期货： 贵金属动能按下“快进键” 波动率同步攀升
Jin Tou Wang·2025-09-28 07:45