贵金属日评-20250822

Report Information - Report Name: Precious Metals Daily Review - Date: August 22, 2025 - Research Team: Macro Financial Research Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Investment Rating - The report does not mention the industry investment rating. Core View - Gold's safe - haven demand is boosted by Trump 2.0 new policies and concerns about US fiscal and financial discipline, with increased volatility but a good medium - term upward trend. London gold may trade in the range of $3120 - $3500 per ounce before rising again. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions. [4] - The restructuring of the international trade currency system and expectations of Fed rate cuts support the long - and medium - term bull markets of gold, but high price - to - earnings ratios increase price volatility. In the short term, London gold is expected to consolidate in the $3120 - $3500 per ounce range. Central bank easing expectations may support silver prices in the medium - to - short term. [5] Summary by Directory 1. Precious Metals Market Conditions and Outlook Intraday Market - Allegations of mortgage fraud against Fed Governor Lisa Cook by the head of the US Federal Housing Finance Agency and Trump's call for her resignation, along with concerns about US fiscal and financial discipline, drove up London gold prices to around $3340 per ounce. However, the Fed's July meeting minutes limited the price increase. Gold's safe - haven demand is boosted, and it is expected to trade in a wide range before rising again. [4] Medium - term Market - Since late April, London gold has been trading in the range of $3100 - $3500 per ounce. The decline in international trade uncertainty weakens gold's safe - haven demand, while the restructuring of the international trade currency system and Fed rate - cut expectations support the price. The ratio of London gold to silver has stabilized after a correction. Gold's long - and medium - term bull markets are supported, but price volatility is increasing. London gold is expected to continue to consolidate in the $3120 - $3500 per ounce range. Central bank easing expectations may support silver prices. [5] Domestic Precious Metals Market - The Shanghai Gold Index closed at 776.93, up 0.32%; the Shanghai Silver Index closed at 9182, up 1.31%; Gold T + D closed at 771.66, up 0.24%; Silver T + D closed at 9144, up 1.35%. [5] 2. Precious Metals Market - Related Charts - The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - to - silver ratio, and the correlation between London gold and other assets. [7][9][11] 3. Major Macroeconomic Events/Data - Trump called on Fed Governor Cook to resign, and Cook refused to resign under pressure. [17] - The Fed's July meeting minutes showed that almost all policymakers thought it appropriate to keep the federal funds rate target range at 4.25% - 4.50%. [17] - Russia expects to continue supplying oil to India, and hopes to hold a tripartite meeting with India and China soon. [17]