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贵金属数据日报-20250902
Guo Mao Qi Huo·2025-09-02 05:41

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - In the short - term, precious metal prices are expected to continue to run on the high side. With the US July PC data in line with expectations, indicating that the impact of tariffs on inflation is controllable, and the decline of the August Michigan consumer confidence index, the expectation of the Fed's September interest rate cut is further strengthened. Coupled with geopolitical tensions and the ruling that most of the US government's global tariff policies are illegal, the precious metal prices have strongly rebounded. Silver has performed much stronger than gold, and multi - orders can continue to be held or go long on dips [5]. - In the medium - to - long - term, due to the Fed's interest rate cut expectation, continuous global geopolitical uncertainties, intensifying great - power games, and the wave of de - dollarization, the central banks' gold purchases continue, and the medium - to - long - term center of gold prices is likely to continue to move up [5]. Group 3: Summary by Related Catalogs Price Tracking - On September 1, 2025, compared with August 29, 2025, London gold spot rose 2.0% to $3478.93 per ounce, London silver spot rose 4.4% to $40.52 per ounce, COMEX gold rose 2.2% to $3546.90 per ounce, and COMEX silver rose 4.8% to $41.37 per ounce. In the domestic market, AU2510 rose 2.0% to 800.56 yuan per gram, and AG2510 rose 4.1% to 9775 yuan per kilogram [5]. - Regarding price differences, the spread between domestic and foreign gold (TD - London) was - 3.91 yuan per gram on September 1, 2025, with a 27.4% increase; the spread between domestic and foreign silver (TD - London) was - 28 yuan per kilogram, with a - 3.4% decrease [5]. Position Data - As of August 29, 2025, compared with August 28, 2025, the gold ETF - SPDR was 977.68 tons, up 1.01%; the silver ETF - SLV was 15309.99769 tons, down 0.15%. For COMEX gold non - commercial positions, the long positions increased 0.18%, the short positions decreased 1.96%, and the net long positions increased 0.81%. For COMEX silver non - commercial positions, the long positions increased 0.97%, the short positions decreased 0.18%, and the net long positions increased [5]. Inventory Data - From August 28 to August 29, 2025, the COMEX gold inventory increased 0.42% to 38925853 troy ounces, and the COMEX silver inventory increased 0.20% to 518232360 troy ounces. Data for SHFE gold and silver inventories were not available [5]. Interest Rates/Exchange Rates/Stock Market - On September 1, 2025, compared with August 29, 2025, the US dollar/Chinese yuan central parity rate rose 0.06% to 7.11. The US dollar index fell 0.02% to 97.85, the 2 - year US Treasury yield fell 0.83% to 3.59%, the 10 - year US Treasury yield rose 0.24% to 4.23%, the VIX rose 6.44% to 15.36, the S&P 500 fell 0.64% to 6460.26, and NYMEX crude oil fell 0.48% to $64.01 [5]. Economic Data and Events - The US July core PCE price index annual rate was 2.9%, the highest since February, in line with expectations; the July PCE price index annual rate was 2.6%, in line with expectations; the July core PCE price index monthly rate was 0.3%, in line with expectations; the July PCE price index monthly rate was 0.2%, in line with expectations; the July personal spending monthly rate was 0.5%, the highest since September, in line with expectations; the July personal income monthly rate was 0.4%, in line with expectations [5]. - On August 29, the US Court of Appeals ruled that most of the US government's global tariff policies were illegal, and these tariff - increasing measures could be maintained until October 14 for the US government to appeal to the Supreme Court. The Chinese Ministry of Commerce's international trade negotiation representative and deputy minister visited the US and held talks with relevant US government officials and business representatives [5].