贵金属日评：全球多国长期国债收益率走高特朗普因数字服务法或制裁欧盟-20250827

Report Industry Investment Rating - Not provided in the report Core View of the Report - The dovish remarks from Fed Chairman Powell due to weak employment supply and demand, along with Trump's continuous pressure and potential replacement of Fed officials, and the continuous gold - buying by global central banks may make precious metal prices more likely to rise than fall. It is recommended that investors mainly lay out long positions when prices decline [1]. Summary by Relevant Catalogs 1. Market Data of Precious Metals - Shanghai Gold Futures: The closing price on August 26, 2025, was 776.83 yuan/gram, up 1.49 yuan from the previous day and 7.00 yuan from last week. The trading volume was 118,442.00, and the open interest was 174,588.00 [1]. - Spot Shanghai Gold T+D: The trading volume was 27,558.00, a decrease of 4,378.00 from the previous day. The open interest was 195,710.00 [1]. - COMEX Gold Futures: The closing price on August 26, 2025, was 3,443.20, up 32.50 from the previous day and 65.20 from last week. The trading volume was 168,954.00, and the open interest was 330,660.00 [1]. - International Gold: The London gold spot price was 3,367.10 dollars/ounce, up 32.85 from the previous day and 34.70 from last week. The SPDR Gold ETF holdings were 959.92 tons [1]. - Shanghai Silver Futures: The closing price on August 26, 2025, was 9,311.00 yuan/kg. The trading volume was 295,939.00, and the open interest was 322,774.00 [1]. - COMEX Silver Futures: The closing price on August 26, 2025, was 38.70. The trading volume was 55,047.00, and the open interest was 37,000.00 [1]. - International Silver: The London silver spot price was 38.42 dollars/ounce. The US iShare Silver ETF holdings were - 14.12 [1]. 2. Price Ratios - Gold - to - Silver Price Ratio: The ratio of Shanghai gold futures to Shanghai silver futures was 83.51; the ratio of London gold spot to London silver spot was 87.64 [1]. 3. Macroeconomic Information - US: Import tariffs pushed up commodity prices, leading to an increase in the US July producer - price inflation PPI annual rate and consumer - price inflation core CPI annual rate. Fed Chairman Powell said that the change in the risk balance point may require policy adjustment due to weak employment supply and demand, which increased the expectation of a Fed rate cut in September. Attention should be paid to the US August non - farm payrolls and CPI on September 6th and 11th [1]. - Europe: The European Central Bank paused rate cuts in July, keeping the deposit facility rate at 2%. The eurozone (Germany) July CPI annual rate was 2% (1.8%), higher than expected but the same as the previous value. The August manufacturing PMIs of Germany, France were higher than expected and the previous value, so the ECB may cut rates at most once before the end of 2025 [1]. - UK: The Bank of England cut the key interest rate by 25 basis points to 4.0% in August. It continued to reduce 100 billion pounds of government bonds from October 2024 to September 2025 and may slow down the balance - sheet reduction later. The UK July CPI (core CPI) annual rate was 3.8% (3.8%), and the GDP monthly rate was 0.4%, both higher than expected and the previous value. The August S&P manufacturing (services) PMI was 47.3 (53.6), lower (higher) than expected and the previous value, so the BoE may cut rates at most once before the end of 2025 [1]. - Japan: The Bank of Japan kept the benchmark interest rate unchanged at 0.5% in July and will start to reduce the quarterly government bond purchase scale from 400 billion yen to 200 billion yen in April 2026. The Japan (Tokyo) July CPI (CPI) annual rate was 3.1% (3.1%), in line with expectations but lower than the previous value. The Q2 GDP quarterly rate was 0.3%, higher than expected and the previous value. US Treasury Secretary Yellen urged the BoJ to raise interest rates, so there is still an expectation of a rate hike before the end of 2025, with the earliest possible time being October [1]. 4. Important News - Trump announced to "fire" the current Fed governor, and the governor Cook will sue the dismissal decision. The Fed stated that the president can only remove a governor for "just cause", and the Fed will abide by any court decision [1]. - The trade conflict between the US and Europe reignited. Trump criticized the digital tax again and threatened to retaliate with tariffs and export controls. The EU reviewed its right to formulate digital rules and refuted the US accusations. The US plans to impose a 50% tariff on India starting Wednesday. German media reported that Trump called the Indian prime minister at least four times recently but was rejected each time [1].