受美联储降息预期与美债收益率回落推动，??徘徊在3700美元/盎司历

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - Gold is hovering near the historical high of $3,700 per ounce due to the expectation of the Fed's upcoming interest - rate cut and the decline of US Treasury yields [1][3] - The first interest - rate cut is about to happen, and attention should be paid to the guidance on the subsequent path from the quarterly end interest - rate meeting. There can be a moderate optimism about the subsequent interest - rate cut space at the beginning of the interest - rate cut cycle [3] 3) Summary by Relevant Catalogs a) Key Information - The US and China have reached a framework agreement on TikTok's ownership transfer to US control, to be confirmed in a call between US President Trump and Chinese leaders on Friday [2] - The Trump administration is taking actions to weaken China's global port network and place more strategic docks under Western control [2] - The central bank and the General Administration of Customs have optimized the "non - one - batch - one - certificate" policy for gold imports, expanding applicable customs from 10 to 15, extending the license validity period to 9 months and allowing multiple declarations within the validity period, which is beneficial to the gold trade [2] - Chinese leaders proposed a global governance initiative at the "SCO+" meeting, aiming to promote the multipolarization of the international monetary system and improve the global financial governance system [2] b) Price Logic - In the European session on Tuesday, gold hovered near the historical high of $3,700 per ounce. Market bets on the Fed's upcoming interest - rate cut continued to suppress the US dollar, driving up non - yielding assets. The market focus is on the Fed's policy meeting this week [3] - US economic data in August showed that retail sales and industrial output both exceeded expectations, causing short - term pressure on gold and silver. Meanwhile, the unexpected decline of Canada's CPI strengthened the interest - rate cut expectation, and the probability of a rate cut this week in the swap market rose to 93% [3] c) Index Information - The comprehensive index of CITICS Futures commodities includes special indices (Commodity Index, Commodity 20 Index, Industrial Products Index, PPI Commodity Index) with corresponding increases of +0.62%, +0.79%, +0.67%, and +0.39% respectively on September 16, 2025 [44] - The precious metals index on September 16, 2025, had a daily increase of +1.15%, a 5 - day increase of +1.69%, a 1 - month increase of +9.09%, and a year - to - date increase of +33.31% [45]