贵金属日报-20250922

Report Industry Investment Ratings - Gold: ★☆☆, indicating a bullish bias but with limited operability in the market [1] - Silver: ★☆★, with the white star suggesting a relatively balanced short - term trend and poor operability, advising to wait and see [1] 2. Core Viewpoints - Today, precious metals continued to perform strongly. After the Fed cut interest rates by 25 basis points last week, the short - term driving force for gold has eased after the decline of interest - rate cut trading, and there may be a phased adjustment at the historical high. However, in the medium term, factors such as stable central bank gold purchases, strong global gold ETF demand, a weakening US economy, challenges to the Fed's independence, geopolitical risks, and the US government shutdown crisis still support the upward movement of the gold's medium - term center of gravity. The upside target for silver is set at the 2011 high. This week, focus on the US August PCE data [1] 3. Summary by Related Information Fed Interest - Rate Policy - The Fed cut interest rates by 25 basis points last week. Powell said the risk in the labor market is on the downside, and this rate cut can be seen as a risk - management measure. The dot - plot implies a total of 3 rate cuts this year and 1 next year. Fed理事米兰 called for rapid rate cuts but didn't get support from other officials. Overall, the Fed's attitude is cautious, and the rate - cut path is relatively moderate [1] - Fed Governor Milan believes there will be continued rate cuts in the next few months and will try to persuade other policymakers to cut rates faster. Minneapolis Fed President Kashkari thinks two more rate cuts this year are appropriate [2] US Political Situation - The Republican appropriation bill passed by the US House of Representatives failed in the Senate. To avoid a government shutdown, the Democratic leader in Congress requested an immediate meeting with Trump. Trump said the government "is likely to shut down for some time" and blamed the Democrats. The 2019 government shutdown led to a significant increase in gold prices [1][2] Other News - The US Chief Justice asked Fed Governor Cook to respond to Trump by September 25 [2] - US media reported that Trump will meet with Arab leaders on Tuesday to discuss a cease - fire in Gaza [2]