美国JOLTS职缺不及预期，?价再创历史新

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - On September 3, the spot gold price reached $3,560 per ounce, hitting a new historical high, and the spot silver price rose to $41 per ounce, a 14 - year high [2][4]. - Fed officials' speeches and economic data on Wednesday evening strengthened the market's expectation of interest rate cuts. The U.S. July JOLTs job openings dropped to 7.181 million, far lower than expected, and factory orders were - 1.3%, still in the contraction range, indicating weak economic momentum [4]. - Looking ahead, the Fed's interest - rate cut cycle and political intervention risks will remain the core contradictions in the market. Technically, gold's next target is $3,900 - $4,000, and silver may challenge the historical high of $49 - $50 [4]. - The weekly range for London gold spot is [3350, 3600], and for London silver spot is [38, 42] [4]. 3. Summary According to Related Content Key Information - Trump called for "substantial" interest rate cuts from the Fed [3]. - The federal appellate court ruled that most of Trump's comprehensive tariff measures were illegal, and the tariff case may go to the Supreme Court [3]. - Russia expects to continue negotiations with Ukraine but requires recognition of "new territorial realities" and the establishment of a new security system [3]. Price Logic - The speeches of Fed officials and economic data on Wednesday evening strengthened the market's expectation of interest rate cuts. The decline in JOLTs job openings and the contraction of factory orders indicated a weakening economy, supporting the interest - rate cut expectation [4]. - The Fed's interest - rate cut cycle and political intervention risks are the core contradictions in the market. Technically, gold has an upward target, and silver may reach a historical high. Attention should be paid to potential fluctuations [4]. Market Outlook - The weekly range for London gold spot is [3350, 3600], and for London silver spot is [38, 42] [4]. Index Information - On September 3, 2025, the comprehensive index, commodity 20 index, and industrial products index of the CITIC Futures Commodity Index increased by 0.17%, 0.29%, and 0.05% respectively [42]. - The precious metals index rose 0.90% on September 3, 2025, 4.26% in the past 5 days, 4.89% in the past month, and 29.14% since the beginning of the year [44].