贵金属日评：关税政策仍待美国最高法院裁决，特朗普家族WLFI币9月1日交易-20250901

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The Fed Chair Powell's indication of a potential policy adjustment due to the employment supply - demand imbalance makes a September rate cut by the Fed almost certain. Coupled with Trump's continuous pressure and the global central banks' continuous gold purchases, precious metal prices are likely to rise and difficult to fall. It is recommended that investors mainly lay out long positions when prices decline [1]. 3. Summary by Relevant Information Precious Metal Market Data - Gold: Shanghai gold's closing price was 781.70 yuan/gram, with a change of 1.84 yuan compared to the previous day and 6.36 yuan compared to last week. For international gold, the London gold spot price was 3407.65 dollars/ounce, and the SPDR gold ETF holding was 967.94 tons [1]. - Silver: Shanghai silver's closing price was 9377.00 yuan/kilogram. The trading volume of spot Shanghai silver T + D was 454162.00, and the position was 3296160.00 [1]. - Price Ratios: The ratio of Shanghai gold futures to Shanghai silver futures was 83.53, and the ratio of London gold spot to London silver spot was 87.52 [1]. Important Information - US Economy: The US 1 - month core PCE price index rose to 2.9% year - on - year, and the tariff impact is still controllable. The import tariffs have pushed up inflation rates in July, but the Fed's possible policy adjustment due to employment conditions makes a September rate cut highly likely [1]. - Central Bank Policies: The European Central Bank may cut interest rates at most once before the end of 2025. The Bank of England cut the key interest rate by 25 basis points in August and may slow down the balance - sheet reduction. The Bank of Japan may raise interest rates before the end of 2025, with the earliest possible time in October [1]. Trading Strategies Investors are advised to mainly lay out long positions when precious metal prices decline. For London gold, pay attention to the support level around 3200 - 3300 and the resistance level around 3450 - 3500. For Shanghai gold, focus on the support level around 760 - 770 and the resistance level around 800 - 810. For London silver, note the support level around 34 - 36 and the resistance level around 37 - 40. For Shanghai silver, pay attention to the support level around 8500 - 8700 and the resistance level around 9100 - 9500 [1].