五矿期货贵金属日报-20250826

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - Powell's speech at the Jackson Hole central bank annual meeting indicates the start of a new round of interest - rate cut cycles by the Fed, setting the tone for a rate cut in the September interest - rate meeting [2] - Given the current weak employment data in the US and the limited increase in the consumer price index, there is a possibility of an unexpected 75 - basis - point interest - rate cut by the Fed this year [3] - In the context of the Fed's loose monetary policy expectations, the increase in silver prices will be significantly greater than that of gold, and the gold - silver ratio will be further downwardly adjusted. It is recommended to go long on silver on dips, with the reference operating range for the Shanghai Gold main contract being 770 - 794 yuan/gram and that for the Shanghai Silver main contract being 9135 - 10000 yuan/kilogram [3] Group 3: Summary According to Related Catalogs 1. Market Price and Index Data - Shanghai gold rose 0.13% to 779.92 yuan/gram, Shanghai silver rose 0.04% to 9348.00 yuan/kilogram; COMEX gold fell 0.25% to 3409.00 dollars/ounce, COMEX silver fell 0.41% to 38.55 dollars/ounce; the US 10 - year Treasury yield was 4.28%, and the US dollar index was 98.44 [2] - Various precious - metal related prices, yields, and index data, such as the prices of Au(T + D), London gold, etc., and changes in bond yields, stock indices, and currency exchange rates are presented in detail in the table [4] 2. Key Data of Gold and Silver - A detailed summary of key gold and silver data, including closing prices, trading volumes, open interests, inventories, and their daily changes and historical quantiles for COMEX, LBMA, SHFE, and other markets, is provided [7] 3. Charts and Their Analysis - Multiple charts show the relationships between precious - metal prices and other factors, such as the relationship between COMEX gold prices and the US dollar index, real interest rates, trading volumes, and open interests, as well as the near - far - month structure and internal - external price differences of gold and silver [9][12][17][23][42][54]