美联储降息落地，金银维持强势运行

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Last week, precious metal prices continued their strong performance, with international gold and silver prices reaching new highs. After the Fed's interest rate cut of 25 basis points, some investment funds took profits, causing precious metal prices to briefly pull back before rebounding strongly on Friday [2][5]. - Fed Chair Powell defined the rate cut as a "risk management" measure, mainly to address the weakening labor market, but he indicated that the Fed is not in a hurry to initiate large - scale easing. The market's mixed interpretation of his remarks led to some capital outflows and a price correction [2][6]. - Although the Fed's rate cut was finalized, Powell's speech was seen as "releasing uncertainty signals", triggering some investors to take profits. However, recent geopolitical tensions in the Russia - Ukraine conflict and the Israel - Palestine situation have enhanced gold's safe - haven appeal. The significant increase in gold ETF holdings and central banks' continuous gold purchases support the gold price, while silver's price has reached new highs due to its industrial properties and catch - up effect. Precious metal prices are expected to continue an upward trend [2][6]. Summary by Relevant Catalogs 1. Last Week's Trading Data - Gold: SHFE gold closed at 830.56 yuan/gram, down 3.66 yuan (-0.44%); Shanghai Gold T + D closed at 826.00 yuan/gram, down 2.03 yuan (-0.25%); COMEX gold closed at 3719.40 dollars/ounce, up 38.70 dollars (1.05%) [3]. - Silver: SHFE silver closed at 9971 yuan/kilogram, down 64 yuan (-0.64%); Shanghai Silver T + D closed at 9940 yuan/kilogram, down 54 yuan (-0.54%); COMEX silver closed at 43.37 dollars/ounce, up 0.69 dollars (1.60%) [3]. 2. Market Analysis and Outlook - The Fed cut interest rates by 25 basis points, lowering the federal funds rate to 4.00% - 4.25%, the first cut this year and the first in 9 months. The FOMC statement recognized the weakening labor market and rising inflation. The dot - plot shows two more cuts this year and one next year. Powell said employment growth has slowed, and inflation is still slightly high [5]. - Powell's "risk management" statement and the mixed market interpretation led to some capital outflows and price corrections. Geopolitical tensions, increased gold ETF holdings, and central bank purchases support the upward trend of precious metal prices [2][6]. 3. Important Data Information - US Economic Data: The US September New York Fed Manufacturing Index dropped 21 points to - 8.7; August retail sales rose 0.6% month - on - month; new home starts in August decreased from 1.429 million to 1.307 million; building permits decreased from 1.362 million to 1.312 million; the MBA 30 - year mortgage rate dropped 10 basis points to 6.39%; initial jobless claims fell to 231,000 [8]. - Central Bank Policies: The Bank of Canada cut interest rates by 25 basis points to 2.5%; the Bank of England maintained the interest rate at 4% and reduced the quantitative tightening scale; the Bank of Japan maintained the benchmark interest rate at 0.5% [9]. 4. Related Data Charts - ETF Holdings: As of September 19, 2025, the total gold ETF holdings were 994.56 tons, an increase of 19.76 tons from the previous week; the iShare silver holdings were 15,205.14 tons, an increase of 145.40 tons from the previous week [10]. - CFTC Non - commercial Positions: For gold futures on September 16, 2025, non - commercial net long positions were 266,410, an increase of 4,670 from the previous week; for silver futures, non - commercial net long positions were 51,538, a decrease of 2,399 from the previous week [11][12].