黄金期货周报：围绕9月美联储降息，金价波动-20250827

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The market during the week revolved around the expectations of Powell's speech at the Jackson Hole central bank symposium, and gold continued to fluctuate [1]. 3. Summary by Sections 3.1 Disk Situation - Gold fluctuated throughout the week, with the market moving in response to Powell's speech at the central bank symposium on Friday night. The Shanghai Gold main contract 2510 opened at 775.92 yuan/gram, reached a high of 777.84 yuan/gram, a low of 770.38 yuan/gram, and closed at 773.40 yuan/gram, showing a slight weekly decline of 2.4 yuan/gram (compared to the closing price of the last trading day of the previous week), a decrease of 0.31%. Gold prices were suppressed by the hawkish expectations of Powell's speech on Friday [2]. - The report also provides detailed trading data for different delivery months of gold futures contracts, including opening prices, high and low prices, closing prices, price changes, trading volumes, and trading amounts [3]. 3.2 Fundamental Analysis - The gold market during the week was influenced by Fed Chair Powell's speech at the Jackson Hole global central bank symposium and the conflict between Trump and the Fed. Trump called for Fed Governor Cook to resign, aiming to push for more pro - Trump individuals to enter the Fed and to pressure the Fed to start cutting interest rates earlier [8][9]. - The entire market in August has revolved around the Fed's interest - rate cut expectations. When events or data support a September rate cut, gold prices rise; when they are unfavorable, gold prices are suppressed [9]. - The market also paid attention to the meeting between some European leaders, Ukrainian President Zelensky, and Trump in the US to discuss a cease - fire in the Russia - Ukraine conflict. However, there were few meaningful results from these talks, suggesting that the war may continue for some time [9]. - Before Powell's speech on Friday, three Fed officials communicated with the market, creating an atmosphere that Powell's speech would be hawkish. But after Powell's speech, the market rallied, with risk assets, gold, Bitcoin, and US Treasuries rising, and the US dollar index falling sharply. The Fed later guided the market, stating that a September rate cut is possible but not the start of a new rate - cut cycle, and there is no consensus within the Fed on a September rate cut [10]. 3.3 Market Outlook - The market will continue to focus on the Fed's potential September interest - rate cut. Fed officials are interacting with the market to keep it rational and stable. As the rate - cut date approaches, gold prices are expected to become more volatile [11][12].