贝森特发声催促降息，美欧关税协议敲定

Group 1: Market Analysis - US Treasury Secretary Bessent publicly expressed dissatisfaction with Fed Chairman Powell, criticizing the lack of a clear agenda for interest rate cuts and urging a 100 - 150 basis - point cut by the end of the year [1] - US new home sales in August reached an annualized total of 800,000, far exceeding the expected 650,000, with a month - on - month increase of 20.5%, and the inventory of new homes for sale dropped to 490,000 [1] - The US and the EU finalized a tariff agreement, imposing a 15% tariff on EU cars and parts since August 1, and exempting EU pharmaceuticals, aircraft and parts, generic drugs and raw materials, and some metals and ores from tariffs since September 1 [1] Group 2: Futures Quotes and Volumes - On September 24, 2025, the Shanghai Gold main contract opened at 861.34 yuan/gram, closed at 860.00 yuan/gram, with a 0.53% change from the previous trading day's close; the overnight session closed at 853.06 yuan/gram, down 0.81% from the afternoon close [2] - On September 24, 2025, the Shanghai Silver main contract opened at 10,442.00 yuan/kilogram, closed at 10,397.00 yuan/kilogram, with a 0.46% change from the previous trading day's close; the overnight session closed at 10,349 yuan/kilogram, down 0.46% from the afternoon close [2] Group 3: US Treasury Yield and Spread Monitoring - On September 24, 2025, the US 10 - year Treasury yield closed at 4.147%, down 0.19 BP from the previous trading day; the 10 - year and 2 - year spread was 0.541%, up 0.01 BP from the previous trading day [3] Group 4: Position and Volume Changes of Gold and Silver on SHFE - On September 24, 2025, on the Au2508 contract, long positions changed by 35 hands and short positions by 202 hands; the total trading volume of gold contracts was 451,118 hands, with a 13.19% change from the previous trading day [4] - On the Ag2508 contract, long positions changed by 2 hands and short positions by - 2 hands; the total trading volume of silver contracts was 1,293,850 hands, with a - 2.87% change from the previous trading day [4] Group 5: Precious Metals ETF Position Tracking - The gold ETF position increased by 2.29 tons to 996.85 tons, and the silver ETF position increased by 100.22 tons to 15,469.12 tons [5] Group 6: Precious Metals Arbitrage Tracking - On September 24, 2025, the domestic premium for gold was - 13.06 yuan/gram and for silver was - 966.68 yuan/kilogram; the price ratio of the main gold and silver contracts on SHFE was about 82.72, with a 0.07% change from the previous trading day, and the overseas price ratio was 85.46, with a 0.45% change [6] Group 7: Fundamental Data - On September 24, 2025, the trading volume of gold on the Shanghai Gold Exchange T + d market was 48,028 kilograms, down 9.65% from the previous trading day; the silver trading volume was 631,748 kilograms, up 15.21% from the previous trading day [7] - The gold delivery volume was 16,124 kilograms and the silver delivery volume was 48,870 kilograms [7] Group 8: Investment Strategies - Gold: Cautiously bullish. Short - term price may fluctuate, but the long - term logic of being a substitute for US dollar assets remains. The Au2512 contract may fluctuate between 840 yuan/gram and 870 yuan/gram [8] - Silver: Cautiously bullish. Similar macro - logic to gold, and the gold - silver ratio is expected to narrow with the recovery of heavy - industry demand in the easing cycle. The Ag2512 contract may fluctuate between 10,250 yuan/kilogram and 10,650 yuan/kilogram [8][9] - Arbitrage: Short the gold - silver ratio at high levels - Options: Postpone