贵金属日报-20250926

Report Industry Investment Rating - Gold: ★☆★, indicating a short - term multi/empty trend in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] - Silver: ★☆★, similar to gold, a short - term multi/empty trend in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] Core Viewpoint - The medium - term bullish trend of precious metals remains unchanged, but short - term fluctuations have intensified, so it is recommended to stay on the sidelines. Attention should be paid to tonight's PCE inflation data and the progress of resolving the US government shutdown [1] Summary by Related Content US Economic Data - The US second - quarter GDP was significantly revised up to a 3.8% increase, the highest in two years, with the previous value at 3.3%. The number of initial jobless claims in the week ending September 20th was 218,000, the lowest since the week of July 19, 2025, and the previous value was revised from 231,000 to 232,000 [1] Fed Officials' Speeches - Fed Governor Bowman believes that the focus should now shift to employment rather than inflation. This year's voting member, Kansas City Fed President Schmid, thinks the more the balance sheet shrinks, the better. Chicago Fed President Goolsbee is a bit worried about excessive early rate cuts based on the slowdown in employment data and is still confirming whether inflation has peaked. San Francisco Fed President Daly also believes that it is too risky to completely shift to a neutral stance [2]