黄金：下修非农就业，白银：突破上行

Report Title - Research on precious metals futures including gold and silver [1] Core View - The report focuses on the price, trading volume, position, ETF holdings, inventory, spreads, and trend strength of gold and silver futures, as well as related macro and industry news [1][2][5] Key Points by Section 1. Precious Metals Fundamental Data - Price: - Gold: Shanghai Gold 2510 closed at 834.22 with a daily increase of 0.41%, and its night - session closed at 834.00 with a 0.39% increase; Comex Gold 2510 closed at 3680.70 with a 0.20% increase; London Gold Spot closed at 3642.37 with a 0.30% increase [2] - Silver: Shanghai Silver 2510 closed at 10035 with a 2.42% increase, and its night - session closed at 10051.00 with a 1.22% increase; Comex Silver 2510 closed at 42.680 with a 1.46% increase; London Silver Spot closed at 42.165 with a 1.56% increase [2] - Trading Volume and Position: - Gold: Shanghai Gold 2510 contract trading volume was 170,217, an increase of 4,857 from the previous day, and the position was 109,267, a decrease of 5,156; Comex Gold 2510 trading volume was 147,566, a decrease of 59,573, and the position was 385,713, an increase of 230 [2] - Silver: Shanghai Silver 2510 trading volume was 628,438, an increase of 326,453, and the position was 219,328, an increase of 15,985; Comex Silver 2510 trading volume was 70,339, an increase of 11,255, and the position was 133,690, unchanged [2] - ETF Holdings: - SPDR Gold ETF holdings were 974.80, a decrease of 3; SLV Silver ETF holdings (the day before yesterday) were 15,059.74, a decrease of 8 [2] - Inventory: - Gold: Shanghai Gold inventory was 52,950 kg, an increase of 2,799; Comex Gold inventory (the day before yesterday) was 38,912,305 troy ounces, unchanged [2] - Silver: Shanghai Silver inventory was 1,246,569 kg, an increase of 6382; Comex Silver inventory (the day before yesterday) was 524,513,404 troy ounces, an increase of 1,384,668 [2] - Spreads: - Gold: The spread between Gold T + D and AU251 was - 3.88, unchanged; the cost of the spread arbitrage of buying December and selling June of Shanghai Gold was 4.77, a decrease of 0.87; the spread between Gold T + D and London Gold was 449.67, a decrease of 5.61 [2] - Silver: The spread between Silver T + D and AG2510 was 26, an increase of 14; the cost of the spread arbitrage of buying December and selling June of Shanghai Silver was 73.41, a decrease of 11.3; the spread between Silver T + D and London Silver was 5,155, a decrease of 973 [2] - Exchange Rates: - The exchange rate of the US dollar against the offshore RMB was 7.12, a decrease of 0.01%; the exchange rate of the euro against the US dollar was 1.17, unchanged; the exchange rate of the US dollar against the Japanese yen was 147.86, an increase of 0.05; the exchange rate of the British pound against the US dollar was 1.21, unchanged [2] 2. Macro and Industry News - China and the US held talks on economic and trade issues in Spain, emphasizing the importance of equality and mutual benefit [2][4] - China's Ministry of Commerce launched an anti - discrimination investigation into US measures in the integrated circuit field [6] - China's new social financing in August was 2.57 trillion yuan, new loans were 590 billion yuan, the new lending rate for enterprises remained at a historical low, and the M2 - M1 gap hit a four - year low [6] - Multiple central banks, including the Fed, Canada, the UK, and Japan, will announce interest rate decisions [6] - US consumer confidence hit a four - month low, strengthening the expectation of a Fed rate cut this week [6] - The US government is facing a "shutdown" crisis [6] - The UK and the US will sign a "breakthrough" technology agreement [6] 3. Trend Strength - Gold trend strength is 0, indicating a neutral view; silver trend strength is also 0, indicating a neutral view [5]