贵金属日评：欧元区经济增长预期表现良好，欧洲央行表示通胀目标2%已达成-20250902

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The Fed Chair Powell signaled a September rate - cut expectation due to weak employment supply and demand, combined with Trump's continuous pressure or potential replacement of Fed officials, and central banks of many countries around the world continuously buying gold, which may make precious metal prices prone to rise and difficult to fall. It is recommended that investors mainly lay out long positions when prices decline, and pay attention to specific support and pressure levels for different precious metals [1]. 3. Summary by Relevant Catalogs Precious Metal Market Data - Shanghai Gold: The closing price was 781.70 yuan/gram, with a change of 12.78 compared to a previous value, and the trading volume, open interest, inventory, and price differences (near - month vs. far - month, spot - to - futures) are also presented [1]. - Spot Shanghai Gold T + D: The trading volume was 37,086.00, and the open interest was 11,070.00, with corresponding changes compared to previous values [1]. - Shanghai Silver: The closing price of the futures active contract was 9775.00 yuan/ten - gram, with details on trading volume, open interest, inventory, and price differences [1]. - Spot Shanghai Silver T + D: The trading volume was 271,534.00, and the open interest was 3,508,944.00, along with corresponding changes [1]. - COMEX Gold Futures: The closing price was 3516.10, with information on trading volume, open interest, and inventory in gold - troy ounces [1]. - International Gold: The London gold spot price was 3429.15 dollars/ounce, and there were data on SPDR and iShare gold ETF holdings [1]. - COMEX Silver Futures: The closing price was 40.75 dollars/ounce, with trading volume, open interest, and inventory data [1]. - International Silver: The London silver spot price was 38.80 dollars/ounce, and there were data on US iShare and Canadian PSLV silver ETF holdings [1]. Price Ratios - The ratios of gold to silver prices such as Shanghai futures gold to Shanghai futures silver, New York futures gold to New York futures silver, and London gold spot to London silver spot are provided, along with their changes [1]. Other Commodities and Financial Indicators - Commodities: There are closing prices, trading volumes, and changes for INE crude oil, ICE Brent crude oil, NYMEX crude oil, Shanghai copper futures, LME copper spot, Shanghai rebar, and Dalian iron ore [1]. - Interest Rates: Shanghai Inter - Bank Offered Rates (SHIBOR) overnight and one - year, US 10 - year Treasury nominal yield, TIPS yield, and break - even inflation rate are presented [1]. - Exchange Rates: The US dollar index, US dollar - to - RMB central parity rate, and euro - to - RMB central parity rate are included [1]. - Stock Indexes: The Shanghai Composite Index, S&P 500, UK FTSE 100, French CAC40, German DAX, Nikkei 225, and South Korean Composite Index are shown with their closing prices and changes [1]. Macroeconomic and Policy Information - Eurozone: In August, the factory output growth reached the strongest level since March 2022, and the new order index expanded at the fastest pace in nearly three and a half years. The German manufacturing FMI final value rose to 49.8, and the French manufacturing PMI rose to 50.4. The ECB President Lagarde said the 2% inflation target has been achieved, and the ECB may cut interest rates at most once before the end of 2025 [1]. - US: Import tariffs pushed up commodity prices, causing an increase in the US July PPI and core CPI year - on - year rates. Fed Chair Powell signaled a September rate - cut expectation due to weak employment supply and demand, but attention should be paid to the US August non - farm payrolls and CPI on September 5th and 11th [1]. - UK: The Bank of England cut the key interest rate by 25 basis points to 4.0% in August, continued to reduce 100 billion pounds of government bonds from October 2024 to September 2025, and may slow down the balance - sheet reduction. It may cut interest 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 reduce the quarterly government bond purchase scale from 400 billion to 200 billion yen starting from April 2026. There is still an expectation of an interest - rate hike before the end of 2025, possibly as early as October [1].