五矿期货贵金属日报-20250905

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The weak US employment data and dovish statements from Fed officials provide support for precious metal prices at high levels. The labor market in the US has shown signs of weakening, with the ADP employment number in August lower than expected and the initial jobless claims in the week ending August 30th higher than expected [2]. - New Fed Governor Milan's monetary policy views will be significantly influenced by Trump. New York Fed President Williams believes that the risks in the employment market are rising, and it will be appropriate to cut interest rates over time [3]. - The non - farm payrolls data to be released tonight is expected to show a slight increase above the expected 75,000. Precious metal prices will wait for further economic data and monetary policy statements, maintaining a high - level sideways movement in the short term. In the interest - rate cut cycle, gold and silver prices will rise significantly. It is recommended to buy on dips, with the reference range for the main contract of Shanghai gold being 801 - 836 yuan/gram and that for Shanghai silver being 9526 - 10300 yuan/kilogram [3]. 3. Summary by Related Content Market Quotes - Gold: COMEX gold closed at $3597.10 per ounce, down 0.27%; Shanghai gold (Au(T + D)) closed at 809 yuan/gram, down 0.12%. The price of London gold was $3546.30 per ounce, down 0.28%. The SPDR Gold ETF holdings decreased by 2.29 tons to 981.97 tons, a decline of 0.23% [2][4]. - Silver: COMEX silver closed at $41.25 per ounce, down 0.40%; Shanghai silver (Ag(T + D)) closed at 9770 yuan/kilogram, down 0.10%. The price of London silver was $40.97 per ounce, up 0.26%. The SLV silver ETF holdings decreased by 50.83 tons to 15230.57 tons, a decline of 0.33% [2][4]. - Other Related Indicators: The US 10 - year Treasury yield was 4.17%, and the US dollar index was 98.29. The major stock indices in the US and other countries generally rose, with the Dow Jones index up 0.77%, the S&P 500 up 0.83%, and the Nasdaq index up 0.98% [2][4]. Key Data of Gold and Silver - Gold: On September 4, 2025, the closing price of COMEX gold was $3602.40 per ounce, down 0.48% from the previous day; the trading volume was 230,000 lots, up 6.59%; the open interest was 443,800 lots, up 1.19%. The inventory remained unchanged at 1212 tons. The closing price of SHFE gold was 812.98 yuan/gram, down 0.23%; the trading volume was 475,000 lots, up 13.86%; the open interest was 439,900 lots, down 0.46%. The inventory increased by 7.46% to 43.25 tons [6]. - Silver: On September 4, 2025, the closing price of COMEX silver was $41.32 per ounce, down 1.18% from the previous day; the open interest was 158,600 lots, up 0.10%. The inventory increased by 0.26% to 16093 tons. The closing price of SHFE silver was 9773 yuan/kilogram, down 0.48%; the trading volume was 1,537,400 lots, up 36.19%; the open interest was 838,100 lots, down 1.51%. The inventory increased by 2.68% to 1259.95 tons [6]. Price and Spread Analysis - Gold: The SHFE - COMEX spread was - 7.43 yuan/gram, and the SGE - LBMA spread was - 3.21 yuan/gram on September 4, 2025 [55]. - Silver: The SHFE - COMEX spread was 359.92 yuan/kilogram, and the SGE - LBMA spread was 441.51 yuan/kilogram on September 4, 2025 [55].