黄金：下修非农就业，白银：金银比上行

Report Overview - Report Date: September 10, 2025 [1] - Report Title: Gold: Revised Down Non-Farm Payrolls; Silver: Rising Gold-Silver Ratio [1] - Analysts: Wang Rong, Liu Yuxuan [2] 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The U.S. non-farm annual revision is worse than expected, with a downward adjustment of 911,000, increasing the pressure on the Fed to cut interest rates [2] - Israel's attack on the Hamas leadership in the Qatari capital has escalated Middle East risks [6] - Macron appointed the 5th French Prime Minister, Defense Minister Le Cornu, aged 39 [6] - The U.S. Supreme Court will quickly hear Trump's tariff case [6] - Apple released the A19 chip for the iPhone 17, with the thinnest iPhone starting at $999, the Pro version seeing its first price increase in eight years, and the iPhone 17 Air's domestic version starting at 7,999 yuan [6] 3. Summary by Directory 3.1 Fundamental Tracking 3.1.1 Price - Gold: The closing prices of Shanghai Gold 2510, Gold T+D, and Comex Gold 2510 were 822.86, 820.77, and 3,677.60 respectively, with daily increases of 0.89%, 1.12%, and 1.04% [2] - Silver: The closing prices of Shanghai Silver 2510, Silver T+D, and Comex Silver 2510 were 9,813, 9,798, and 41.940 respectively, with daily increases of 0.01%, 0.10%, and 1.04% [2] 3.1.2 Trading Volume and Open Interest - Gold: The trading volume of Shanghai Gold 2510 was 258,829, an increase of 75,510 from the previous day, and the open interest was 129,838, a decrease of 3,147 [2] - Silver: The trading volume of Shanghai Silver 2510 was 702,009, an increase of 238,006 from the previous day, and the open interest was 232,496, a decrease of 8,618 [2] 3.1.3 ETF and Inventory - ETF: The SPDR Gold ETF's open interest was 981.97, unchanged from the previous day; the SLV Silver ETF's open interest (the day before yesterday) was 15,193.85, a decrease of 37 [2] - Inventory: The Shanghai Gold inventory was 43,335 kg, an increase of 81 kg from the previous day; the Comex Gold inventory (the day before yesterday) was 38,957,798 troy ounces, unchanged [2] 3.1.4 Spread - Gold: The spread between Gold T+D and AU251 was -2.09, unchanged from the previous day; the cost of the long December Shanghai Gold and short June cross - period arbitrage was 4.77, a decrease of 0.87 from the previous day [2] - Silver: The spread between Silver T+D and AG2510 was 24, an increase of 21 from the previous day; the spread between Shanghai Silver 2510 and 2512 was -9,016, a decrease of 38 from the previous day [2] 3.2 Trend Intensity - Gold trend intensity: 1; Silver trend intensity: 1. The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [5]