贵金属日报-20250820

Group 1: Report Industry Investment Rating - The investment rating for precious metals is three red stars, indicating a clearer long - trend and a relatively appropriate current investment opportunity [1][5] Group 2: Core Viewpoints of the Report - Overnight, precious metals rose and then fell. After the recent US - Russia talks made progress, all parties continued to promote a meeting between the leaders of Russia and Ukraine, putting pressure on market risk - aversion sentiment. Precious metals continued to fluctuate and adjust, and investors should patiently wait for the callback to find a layout position [2] - For silver, after the recent repair of the gold - silver ratio, there is a lack of one - way driving force. The overall market risk preference remains strong, and the Russia - Ukraine talks continue to suppress the market's interest in investing in precious metals. There is a short - term need for a correction [3] - The recently released July Producer Price Index (PPI) was higher than expected, showing that although the transmission effect of trade tariffs is limited, inflation pressure still exists. Traders once reduced their bets on a September interest rate cut. However, federal funds futures still show an 83% probability of a September interest rate cut, reflecting the market's persistent expectation of the Fed's loose policy [3] Group 3: Other Key Points - Trump met with Russian President Putin last Friday and then quickly turned to dialogue with Ukrainian President Zelensky and leaders of many European countries on Monday. He clearly stated that the US will "help" Europe provide security guarantees for Ukraine as part of an agreement to end the war. He also launched the preparatory work for the "Putin - Zelensky meeting" and planned a subsequent three - party summit including the US [3]